What You Need to Know About Medicare

In addition to the deductibles that you will be liable for, there are co-payments that will be your responsibility, such as the fee for your share of the daily costs of hospital care once your stay reaches 60 days.

In some cases where a physician does not accept Medicare, you might find that the fees exceed those approved by Medicare, and you might be liable for more than you would otherwise.

Finally, there are payments that are simply not included under Medicare, such as hearing aids or treatment abroad.

Medicare Advantage

The other way to receive Medicare benefits is through private insurers that operate health plans, known as Medicare Advantage plans. These private insurers receive funding from the government to provide you Medicare Parts A and B, and some additional coverage. Medicare Advantage, "Part C" of the Medicare program, represents one-stop shopping.

These offerings come in different designs, with the "Advantage" being that the insurer provides you additional hospitalization and medical coverage above what Medicare mandates, such as hearing aids or coverage abroad, at little or no extra cost. The plans can include dental and vision services at a price more competitive than Medigap. (See below for more on Medigap.)

Although you might be restricted in your choice of medical providers, you will most likely be limited to the plan's network, and referrals might be required for specialists, but you will not need to file forms for reimbursement with Medicare Advantage.

If you decide to go with Medicare Advantage, make sure you understand the plan that you're signing on for, and that it provides what you need.