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Once people receive Medicare Parts A and B from the government, they have their choice of staying with original Medicare, purchasing an Advantage plan, a Supplement plan, or a Prescription Drug plan.


Original Medicare pays for 80% of covered procedures. The beneficiary is required to pay the remaining 20%. For example, if you went into the hospital for some type of procedure and your bill was $100,000 (not a shocking number these days), you would be responsible for $20,000.


Medicare Advantage Plans cover your Medicare Parts A and B, and some plans also cover your Part D. An Advantage plan must cover what original Medicare does and most plans do more. Some offer dental, vision, gym memberships and more. Many Advantage plans in Florida have a $0 monthly premium. Some offer cash back (Part B Refund) every month.


Medicare Supplement plans, also known as Medigap plans, are additional insurance plans that work with original Medicare. These plans can pick up some or all of the 20% not covered by Medicare.


Prescription Drug plans, commonly known as Part D plans, cover your prescription drugs. You can purchase one of these plans if you have original Medicare or a Medicare Supplement plan. You cannot, however, purchase a Part D plan if you have a Medicare Advantage plan. Not all drugs are covered, and each insurance company has their own formulary (list of drugs covered) and have different costs for monthly premiums and cost of medications.