There is no single Medicare plan that covers everything. However, there are different types of Medicare plans that offer different levels of coverage. Here are the main options:
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Original Medicare: This includes Medicare Part A (Hospital Insurance) and Part B (Medical Insurance). You can use any doctor or hospital that takes Medicare, anywhere in the U.S. You can join a separate Medicare drug plan to get Medicare drug coverage (Part D). To help pay your out-of-pocket costs in Original Medicare (like your 20% coinsurance), you can also shop for and buy supplemental coverage, such as Medicare Supplement Insurance (Medigap) .
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Medicare Advantage: This is a Medicare-approved plan from a private company that offers an alternative to Original Medicare for your health and drug coverage. These “bundled” plans include Part A, Part B, and usually Part D. Most Medicare Advantage plans also offer extra benefits that Original Medicare doesnt cover, such as vision, hearing, and dental. However, you may be limited to using doctors and hospitals that are in the plans network. You usually pay a premium (monthly payment) for Part B, and if you choose to join a Medicare drug plan, you’ll pay a separate premium for your Medicare drug coverage (Part D). Theres no yearly limit on what you pay out of pocket, unless you have supplemental coverage–like Medicare Supplement Insurance (Medigap) .
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Medicare Supplement Insurance (Medigap): This is private insurance that helps pay for some of the costs that Original Medicare doesnt cover, such as deductibles, coinsurance, and copayments. Medigap policies are standardized and labeled with letters (A, B, C, D, F, G, K, L, M, and N), and each plan offers a different level of coverage. However, Medigap policies do not cover prescription drugs, so youll need to enroll in a separate Medicare drug plan (Part D) if you want drug coverage.
The best Medicare plan for you will depend on your individual needs and circumstances. You should consider factors such as your health status, budget, and prescription drug needs when choosing a plan. Its also a good idea to compare plans from different providers to find the one that offers the best coverage at the most affordable price.
