Shortly after the introduction of Medicare in 1965, private health insurance products were also introduced to help cover the cost-sharing that ‘traditional’ Medicare does not cover. As a result, the Medicare system has evolved over the last 50 years to include multiple private insurance options.
A key characteristic of the Medicare system is the reliance on private insurance enhancements and supplements to help with the costs that ‘traditional’ Medicare (Parts A and B) does not cover. This presentation examines the different kinds of private insurance coverage under the Medicare system, such as Medigaps, Part C Advantage plans, Part D drug coverage, and employer-sponsored coverage.
The presentation covers how each type of product works, their strengths and weaknesses, and how they coordinate with Parts A and B. Also discussed is how to compare and evaluate each option to get the most effective coverage.