Take your time to learn the basics of Medicare. You will learn that there are three ways to cover yourself under Medicare:
* Original Medicare (Part A/hospital; Part B/outpatient) plus Part D/stand-alone drug plan. If you take this choice you will be responsible for all the co-pays medically that Medicare does not cover.
* You can partner your Part A and Part B with a Medicare supplement/Medigap policy defined by Medicare to help cover your medical expenses. You will also need a Part D stand-alone drug plan.
* Part C/Medicare Advantage Plan. This is a senior HMO that you can elect because you have Part A and B. It not only has medical coverage with copays, typically it also includes Part D drug coverage.
To make your choice you will want to consider whether all of your doctors are in the same medical group and take a Medicare Advantage plan that will effectively cover your medical and prescription drug needs. If not, then you may need to focus on getting a Medicare supplement plan and stand-alone drug plan.
* If you are still working, you may consider only enrolling onto Medicare Part A, delaying your Part B, and stay on your employer benefit plan. However, please be aware that whether you are on Part A and/or Part B, Medicare expects you to be on a comparable drug plan. Check with your employer health plan to make sure your drug coverage is comparable to Medicare so that you do not incur a future penalty.