At a high level, most people have two main options to consider when transitioning to full Medicare coverage.
OPTION #1 Original Medicare
- This option usually consists of the combination of:
- Original Medicare (Parts A and B)
- Plus a Medicare Supplement Plan (aka Medigap)
- Plus a Medicare Prescription Drug Plan (Part D).
- Most everyone pays a monthly rate for Part B (most people don’t have to pay anything for Part A).
- Supplement Plans and Prescription Drug Plans each charge you a monthly premium (in addition to your cost of Medicare Part B).
OPTION #2 Medicare Advantage Plan
- This is sometimes described as all-in-one Medicare Coverage.
- These plans bundle Parts A, B, and D into one plan (a supplement is not required).
- Most times these plans contain extra benefits over what original Medicare provides.
- And, many Medicare Advantage Plans have no additional monthly cost (you still pay Medicare for Part B).