Medicare, explained the way it should have been from the start

Medicare is the federal health insurance program for people 65 and older, and for certain younger people with disabilities or specific conditions. Original Medicare has two parts: Part A covers hospital stays, skilled nursing and hospice, and Part B covers doctor visits, outpatient care, labs and durable medical equipment.

Original Medicare alone doesn't cover everything. It has deductibles, coinsurance and no yearly limit on what you could pay out of pocket — and it doesn't include prescription drugs. That's where the private plan choices come in.

Who is eligible?

You may qualify for Medicare if you are:

• Age 65 or older
• Under 65 with a qualifying disability
• Under 65 and receiving Social Security disability benefits
• Living with permanent kidney failure requiring dialysis or a transplant (End-Stage Renal Disease)
• Diagnosed with ALS (Lou Gehrig's disease)

Medicare Advantage (Part C)

Advantage plans are offered by private insurance companies approved by Medicare. They bundle your Part A and Part B benefits into one plan, usually add prescription drug coverage, and often include extras like dental, vision, hearing and fitness benefits. They use provider networks and have a yearly out-of-pocket maximum, so checking that your doctors participate is essential.

Medicare Supplement (Medigap)

A Medigap policy works alongside Original Medicare and helps pay the deductibles and coinsurance Medicare leaves to you. Plans are standardized by letter, you can generally see any provider who accepts Medicare nationwide, and there's no network. Medigap does not include drug coverage, so it's usually paired with a standalone Part D plan.

Part D prescription drug coverage

Part D plans cover prescription medications. Each plan has its own list of covered drugs (a formulary), its own pharmacy network and its own pricing tiers — which is why the "cheapest" plan on paper is often not the cheapest for your specific prescriptions. We run your medication list through the options and show you the real annual cost.