The are a number of ways to protect yourself from these potentially high out-of-pocket costs. Medicare Supplements (MediGap) have been standardized since 1992 and one only needs to choose the plan type (A-L) and find the company providing the best value.

Medicare Advantage Plans include HMO, PPO, and PFFS (private fee for service). It is this newest plan, the PFFS that allows you to see any physician, hospital or other provider who is willing to bill the insurance company. You typically pay only a low copayment for services. Most, if not all of the premium is paid by Medicare. These plans are virtually guaranteed issue for all ages – poor health does not affect issuing the coverage.

The Part-D drug plan is not perfect, but it has saved literally millions of dollars in prescription drug costs. The proper plan for you depends on the type and amount of medication you use.