Medicare is a federally funded medical plan that provides a “Basic Foundation of Health Care Benefits”.  However, Medicare does not pay 100 % of all medical bills nor does Medicare cover dental, vision, or hearing services.  Medicare is based on the “80/20” model of insurance – Medicare pays approximately 80%, you pay approximately 20% of your medical expenses.  You are responsible for premiums, deductibles, and coinsurance, all of which can be significant. 

 

Because of these significant costs, most folks need some kind of plan, insurance policy, or program to fill in the “gaps”.  Some folks are ex-military and have VA or Tri-Care as their primary or secondary insurance, some folks are on Medicaid or receive State Financial assistance with their medical cost.  And some folks have company retirement benefits that fill these “cost gaps”

 

However, for most of us, we have two options:

1) A Medicare Supplement Insurance Policy 

2) A Medicare Advantage Plan.