Most Americans will qualify for Medicare when they turn age 65. Parts A&B are provided by the US Federal Government. Parts C&D are private health plans offered by insurance companies. Below is a short description of each. For a more detailed explanation, click here to download the Medicare and you book.
|Part||What it Covers||Notes|
|If you or your spouse paid into Medicare |
for at least 10 Years, Part A is provided
at no cost to you. Part A has an annual
deductible for each service and days of use.
|Part B has a Monthly Premium. Most |
Americans will pay $164.90 per month
for Part B in 2023. High income members
may pay more. Part B requires that you pay
a $226 annual deductible and 20% for services.
A,B & D
into one easy to use plan.
|Also know as a Medicare Advantage Plan (MA). |
Medicare Advantage plans can include Part D (MAPD).
MA and MAPD plans Cost as little as $0/month.
Many include Dental, Vision, and Hearing benefits.
|D||Prescription Drugs||Part D Plans cover your prescription costs with an additional monthly premium. Most have co-pays and deductibles.|
In addition to the 4 parts above Private insurance companies offer Supplement Plans (Medi-Gap). Supplements are regulated by the Center for Medicare & Medicaid Services and are the same coverage across all private insurance companies. Supplements are know by a letter like F,N,G. The purpose of a supplement is to pay for expenses that Part A and B do not pay for.
When you enroll in medicare you will have the ability to purchase a Medicare Advantage plan or a supplement with Part D.
Medigap and Medicare Advantage plans are two different options for enhancing your Medicare coverage. They serve distinct purposes and have their own set of advantages and disadvantages. Here’s a comparison of the two:
Medigap (Medicare Supplement Insurance):
Medicare Advantage (Part C) Plans:
In summary, the choice between Medigap and Medicare Advantage depends on your specific healthcare needs, budget, and preferences. Medigap plans provide more flexibility in terms of healthcare providers and have standardized coverage, while Medicare Advantage plans offer bundled coverage with extra benefits but may have network restrictions and annual changes. It’s crucial to carefully evaluate both options and select the one that aligns with your individual healthcare requirements.