You have asked a very complicated question. There is no simple answer, but I will try to give you an idea.
Medicare has 4 parts. Part A is hospital insurance and has no premium. Part B is your health insurance and pretty much covers everything covered by Medicare other than hospital costs and post hospital skilled nursing. The premium for that varies according your your income. For most people, it is currently $104.90 per month (2013) and if you are taking your Social Security, it is deducted from your monthly payment. Part A and B constitute Original Medicare.
Medicare Part C established Medicare Advantage plans, and Part D is prescription drug coverage.
If you select an advantage plan, your insurance will be provided by an insurance company. These usually take the form of an HMO or PPO and have generally the same restrictions and exposure as a non Medicare HMO or PPO. Most include prescription drug coverage so you won't need a Part D. However, make sure your particular prescriptions are covered.
If you select Original Medicare, you will probably want to choose a Medicare Supplement, or Medigap policy. These plans have a monthly premium, and don't cover prescription drugs, but do lower your exposure to big expenses. Most of the plans do not have copayments. You can choose a supplement that covers all of the things that are covered by Medicare and lower your risk to virtually zero. While the plans are standardized, the premiums will vary from state to state and from company to company.
If you choose a supplement, you will also need to pick a Part D prescription drug plan. The costs for these also vary and are influenced by the particular prescriptions you take.
You can learn more at the Centers for Medicare and Medicaid Services, www.cms.gov.
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Medicare has 4 parts. Part A is hospital insurance and has no premium. Part B is your health insurance and pretty much covers everything covered by Medicare other than hospital costs and post hospital skilled nursing. The premium for that varies according your your income. For most people, it is currently $104.90 per month (2013) and if you are taking your Social Security, it is deducted from your monthly payment. Part A and B constitute Original Medicare.
Medicare Part C established Medicare Advantage plans, and Part D is prescription drug coverage.
If you select an advantage plan, your insurance will be provided by an insurance company. These usually take the form of an HMO or PPO and have generally the same restrictions and exposure as a non Medicare HMO or PPO. Most include prescription drug coverage so you won't need a Part D. However, make sure your particular prescriptions are covered.
If you select Original Medicare, you will probably want to choose a Medicare Supplement, or Medigap policy. These plans have a monthly premium, and don't cover prescription drugs, but do lower your exposure to big expenses. Most of the plans do not have copayments. You can choose a supplement that covers all of the things that are covered by Medicare and lower your risk to virtually zero. While the plans are standardized, the premiums will vary from state to state and from company to company.
If you choose a supplement, you will also need to pick a Part D prescription drug plan. The costs for these also vary and are influenced by the particular prescriptions you take.
You can learn more at the Centers for Medicare and Medicaid Services, www.cms.gov.