Many people would agree that Medicare is a maze of information. When you turn 65 or are starting Medicare you will find a barrage of information coming to you in regards to Medicare Supplement Plans, Medigap Plans, Medicare Advantage Plans and Part D of Medicare. So lets breakdown what all of these are and what might make sense for you.

Medicare Supplement are designed to cover the gaps in Medicare, as you might or will soon be aware Medicare has gap in its coverage like deductibles, and co-insurance. These plans in there different forms will cover these gaps (co-insurance) and also deductibles depending on the plan that you may choose. Knowing all of this information will help you make an educated decision when it comes to your health care, having the wrong plan can lead to large costs, So typically it is recommended to have a Medicare Supplement Plan.

Medigap Plans-The Medicare Supplement Plans that you might be interested are the same as Medigap Plans, Medigap is just a different terminology.

Medicare Advantage Plans-These plans are also referred to as Part C of Medicare, you can not have a Medicare Supplement Plan and a Medicare Advantage Plan. Medicare Advantage plans are essentially H.M.O. programs that are administered through private insurance companies. The cost is usually less expensive than a Medicare Supplement Plan however they do have considerable potential out of pocket costs, which the Medicare Supplement plan does not.

Choose wisely. Medicare Part D can make or break you. Part D is the prescription portion of Medicare. The reason why it is important to choose wisely is because there is not a one size fits all. it is dependent on your current medication. You have the ability to choose any Part D plan available in your state with a Medicare Supplement Plan. With a Medicare Advantage Plan a Part D plan is chosen for you which could lead to more out of pocket expenses.