While Medicare covers most healthcare expenses, it doesn’t cover everything. Medicare beneficiaries are responsible for a number of co-payments and deductibles, which can easily add up to thousands of dollars. If all you have is Original Medicare, you’ll need to pay these costs out-of-pocket.
As a result, many Americans buy additional private insurance to cover these gaps in coverage. There are two main categories of private insurance on the market: Medicare Advantage and Medicare Supplement plans. While these programs offer similar health benefits, they also have some significant differences that you need to consider.