@Bustin Stones is pretty accurate re: Medicare Parts A & B.
I'm far from Medicare age so I can't speak to the ease of signing up but I do work in Medical Administration and deal with insurance companies all day so I can give some advice regarding Medicare, Advantage plans, Secondary/Supplements, and HMOs (which are on the rise again).
I HIGHLY recommend getting and keeping the red, white, and blue card at all costs. You definitely want Part B but Part A can help you big time if a hospital stay or inpatient procedure is required. The deductible for Part A is $1240/yr; Part B is $214/yr.
And yes, Rx costs are included in that deductible (although there's that weird "donut hole" provision where Medicare pays up to a point, then you pay, then Medicare kicks in again. It's an odd W-era "political compromise" that helps no one realistically".
Both Plans A & B are 80/20 plans for coinsurance once you've hit your deductible. You pay 20% out of pocket for anything else the remainder of the year, Medicare pays 80%.
PLUS, with "traditional" Medicare you need almost no prior-authorizations for procedures, surgeries, Rx's, etc. All that's required is 72hrs between office visit and procedure so Dr's don't get too "cut happy" and allows for proper charting/documentation/prevents funny business. That is NOT the case with Medicare Advantage plans, which often do make you play "mother may I?" and request prior-authorization and that can take weeks and are often handled by an outsourced nincompoop. There is also a Nationwide standardization with Medicare you don't necessarily get with an Advantage plan (like if you live in NY, but break a leg in Maine, everyone knows what the reimbursements are and care provisions with the red, white, and blue card whereas that might not be the case if you have Humana Medicare).
Medicare does NOT, though, cover medical supplies like compression hose or equipment like crutches. (Frankly no insurance pays for that stuff unless you have an HSA.)
It's fine to see what the Medicare brokers have to sell you so you know your options, but be aware they get paid by commission from the insurance companies themselves. If you need to have a Medicare/Medicaid combination plan, however, those brokers can be a big help in that situation,
You SHOULD definitely get a secondary insurance, because if picks up that 20% coinsurance and just really simplifies your budgeting. Plus, they all follow Medicare rules, so once again you're in good shape regarding coordination of benefits and not needing pre-auth for procedures. Good Secondary (supplemental) insurances are Mutual of Omaha, Anthem, and AARP.
OK, thanks for coming to my TED Talk on Medicare usage and recommendations. It's as boring as it sounds
but it's important for elder-care budgeting and, most importantly, staying healthy--so you hopefully won't need to use much health insurance! Insurance companies are not your friends and want you to be an uneducated, unhealthy liability because that keeps them earning profits.
Medicare doesn't "operate" (bad pun) that way and they actually help keep costs down for everybody without sacrificing quality of or access to healthcare. Don't give up your red, white, and blue card if at possible because it's extremely hard to get it back if you relinquish it in favor of an Advantage Plan.
