I Already Have Medicare
As a person already on Medicare you know plans and coverage can change from one year to the
next and it is always smart to compare your current Medicare coverage with other options to
see if there might be a better plan available. You are also probably well aware that Original
Medicare (Parts A & B only) does not pay for all of your health care costs. In most cases,
people with Original Medicare must pay 20 percent of their medical bills and 100 percent of the
cost of most prescription drugs. These expenses can add up quickly and without extra protection,
an unexpected illness or injury could put your savings at risk.
This is why most people get extra coverage and protection in addition to Original Medicare.
The three most common options are:
Join a Medicare Advantage Plan
A popular option is to join a Medicare Advantage plan. These plans cover all the things that Original
Medicare covers and most plans also include Part D Prescription drug coverage. They often include valuable
additional benefits such as Dental and Vision at no extra cost and have a built in “safety net” that put
a limit on the amount you will have to pay out of your own pocket each year.
Purchase a Part D drug plan
Some people purchase a separate Part D drug plan. This coverage option helps you with the costs of
prescription drugs, but does not help you with the medical costs that Original Medicare doesn’t cover.
The premiums you must pay with Part D plans can vary based on how much they cover.
Purchase a Part D drug plan and a Medicare Supplement
Some people purchase a separate Part D drug plan and then also add a Medicare Supplement policy to make
up for the things Medicare Parts A and B don’t cover. Medicare supplements can be expensive and their
premiums vary based on the type of policy you choose and your age and health condition when you sign up.
With a Medicare supplement you pay the same amount every month regardless if you see a doctor or visit the hospital.