Medicare plans have a range of coverage options. You should compare the costs and coverage offered by each plan and pick one that works best for your health needs. 

Medicare Supplement Insurance Plans

These plans cover out-of-pocket expenses, including copayments, coinsurance, and deductibles. There are ten supplement insurance plans labeled A through N. You may only be able to buy a supplement insurance plan once in your life, so make your choice very carefully. All supplement insurance plans will generally cover at least 50% of Part B coinsurance or copayment, the first three pints of blood, and Part A hospice care coinsurance or copayment. It may not cover all or part of the skilled nursing facility care coinsurance, deductibles for Part A and Part B and excess charge for Part B, and foreign travel emergencies up to the plan limit.

Medicare Advantage Plans

These plans have to cover Part A and Part B, at least to the extent of Original Medicare. Many also provide prescription drug coverage. Some even have additional benefits like routine dental, routine vision, routine hearing, and fitness benefits. Some plans have a monthly premium as low as $0. Some have deductibles, while some do not. Copayments and coinsurance also vary widely. 

Stand-Alone Part D Prescription Drug Plans

Original Medicare part A and Part B generally don’t cover the prescription drugs you take at home. To cover this cost, you have two options, a stand-alone Part D prescription drug plan or a Medicare Advantage plan with prescription drug coverage. The stand-alone Medicare Part D plan has a list of covered prescription drugs. Medicare has mandated that Part D plans cover at least two prescription drugs per category, but the plan can choose which drugs to cover. So check your prescription to ensure that your drug is covered before signing up for a specific plan. The plan may also have copayment or coinsurance. 

Choose a Medicare plan that will keep you covered and happy for many years ahead. In case you have one and aren’t happy with it, you could possibly change it during the Medicare Fall Open Enrollment Period that happens annually between October 15 to December 7 or Medicare Advantage Open Enrollment from January to March.