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The Two Types of Medicare

Just to do a quick review of what we have learned so far, there are two types of Medicare. Much like with Thanksgiving Dinner when at the end of the meal you pick either pumpkin pie or pecan pie, with Medicare’s two types you pick either: Original Medicare with a Medigap Supplement (Usually Plan G) and a Standalone Prescription Drug Plan or Medicare Advantage which almost always includes your prescription drug coverage.

With the pie choice on Thanksgiving, you can have both pumpkin and pecan if you are so inclined, and many of us do request, “Cut me a slice of each.” With Medicare, though, you cannot have both Original and Medicare Advantage at the same time. You are not allowed to have a slice of pecan Medicare and a slice of pumpkin Medicare at the same time. You can, however, change from one type of Medicare to the other under certain rules and circumstances, such as during the yearly open enrollment period. This will be explained in the section on Plan Switches. 

In a bullet-point summary, here is the reason why you might choose one or the other: Original Medicare, or Medicare Advantage.

 

Why You Would Pick:  Medicare Advantage

 

Why You Would Pick:  Original Medicare (with a Medigap Supplement)   

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