Abstract: A Combination Cup Sleeve and Plug Assembly is disclosed. Also disclosed is a combination that includes an insulating sleeve for disposable beverage containers, as well as a detachable plug for the dispensing aperture formed in the lid of the container and a lanyard interconnecting the two. The sleeve is provided in a variety of durable, aesthetically pleasing, non-disposable forms. The plug is configured to be insertible into the dispensing aperture of the cup and should be made either from semi-precious or low cost materials, depending upon the target market. The plug further has a portion for displaying trademarks and/or identifying indicia thereon. The sleeve may further include a holder for retaining the plug therein when the plug is not in use for plugging the dispensing aperture. The lanyard is a detachable member made from cord, chain or other material that interconnects the plug and the sleeve.