Medicare consists of many different facets and can be a confusing path to navigate. For the Hospital and Medical portion of Medicare (Parts A & B) there are three options:
1. Keep original Medicare
2. Keep original Medicare and purchase a Medicare Supplement (sometimes referred to as Medigap) to assist with costs that Medicare doesn’t cover.
3. Get a Medicare Advantage plan that replaces original Medicare. Advantage plans include all benefits and services covered under Part A & B, may or may not include drug coverage, and may include extra benefits.
Part D (Prescription Drug Coverage) is another piece of the Medicare puzzle. Part D is not required, however, if you do not sign-up when you first become eligible and you do not have any other creditable drug coverage you will likely have to pay a late enrollment penalty if you join later.
