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Original Medicare —comprised of Part A and Part B—is managed by the federal government. Medicare Part A  helps pay for hospital costs and inpatient care, while Medicare Part B helps pay for doctor visits and outpatient care.  An important thing to remember about Original Medicare, is that it does not cover all costs and does not cover prescription drugs. Many people choose additional coverage from the following Medicare‑related plans that are provided by private companies.

Medicare supplement insurance can help with some of the out-of-pocket costs not paid by Original Medicare (Part A and Part B).  If you have a Medicare Advantage plan, you cannot have a Medicare supplement insurance plan.

Medicare Advantage (Part C) combines Medicare Part A and Part B in one plan.  Most Medicare Advantage plans also include prescription drug coverage and additional benefits such as dental, vision and hearing.  Private insurance companies approved by the federal government offer Medicare Advantage plans, so coverage and costs may vary from plan to plan.

Medicare Part D plans help pay for your prescription drugs. You can buy a separate or stand-alone policy just for a prescription drug plan (PDP), or you can buy a Medicare Advantage plan that includes prescription drug coverage (MAPD).

Timing matters when you’re joining Medicare.  When you turn 65, or otherwise become eligible for Medicare, enrollment windows open – but some of them will close quickly. If you wait too late to enroll, you may face late enrollment penalties.