MEDICARE PLANS MADE EASY

Medical insurance that covers certain doctors' services, outpatient care, medical supplies, and preventive services. Most people pay a standard monthly premium for Part B, which is typically deducted from their Social Security benefits.

An alternative to Original Medicare (Parts A and B) offered by private insurance companies approved by Medicare. Medicare Advantage plans typically include Part A, Part B, and usually Part D coverage, and may offer extra benefits not covered by Original Medicare.

Prescription drug coverage offered by private insurance companies to help cover the cost of prescription medications. You can get Part D coverage through a standalone Prescription Drug Plan or as part of a Medicare Advantage plan.

Private insurance policies that help pay some of the healthcare costs that Original Medicare doesn't cover, such as copayments, coinsurance, and deductibles. Medigap plans are standardized and labeled with letters (A through N).

The periodic payment you make to Medicare, an insurance company, or a healthcare plan for health or prescription drug coverage. For most Medicare plans, you pay the premium monthly.

The amount you must pay for healthcare or prescriptions before your Medicare plan begins to pay. Deductibles can vary by plan and may change annually.

A fixed amount you pay for a covered healthcare service or prescription, usually when you receive the service. For example, you might pay $20 for a doctor's visit or $10 for a prescription.

The percentage of costs you pay for a covered healthcare service after you've paid your deductible. For example, you might pay 20% of the Medicare-approved amount for a doctor's visit, with Medicare paying the remaining 80%.

A list of prescription drugs covered by a Medicare drug plan (Part D) or a Medicare Advantage plan with prescription drug coverage. Formularies can change each year and typically organize drugs into tiers with different costs.