There are several different types of Medicare plans. The choices vary from the services covered to the type of administrators who manage the plan. People who are eligible for Medicare commonly choose the Original Medicare Plan or a Medicare Advantage Plan. The Original Medicare Plan is a fee-for-service plan managed by the federal government. Most people on the Original Medicare Plan have a combination of what is referred to as Part A and Part B benefits. Additionally, recipients of Original Medicare have the option of adding what’s called a Medicare Prescription Drug Plan (or Medicare Part D plan) and purchasing a Medigap or supplemental policy. Medicare Advantage plans are an HMO (Health Maintenance Organization) or PPO (Preferred Provider Organization) that can provide Parts A, B and D coverage. Let’s discuss the most common plans:
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January 2020
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