Medicare has been around for a while. Established by President Johnson back in 1965, Medicare serves millions of people aged 65+ who worked and paid every year of their working time to qualify. Since its inception there have been a few major changes to the available options within Medicare. Now you can receive government-funded Medicare and Medicare services through private insurance agencies.

 

Besides the government funded Medicare programs, such as the Medicare Part B insurance plan, you have the option of including private insurance agencies to subsidize your government Medicare or to give you full coverage altogether. One of these options is Medicare Supplement Insurance or Medigap. Medigap insurance coverage provides you with additional support for costs that government Medicare does not cover. For instance, a Medigap insurance plan can cover your insurance while you travel abroad if you happen to need it. Since it supplements your Medicare, you need to be enrolled in both Medicare Part A and Medicare Part B insurance plans. Your monthly payments would go not only to government Medicare but also to privately funded Medigap.

 

There are still some services that government Medicare does not provide such as dental, vision and hearing care, and wellness programs. For these you have another option, the Medicare Advantage Plan. Through this program you can choose one private insurance plan that includes not only the government Medicare services but also powerful additional features. You would then make a single payment, to the private insurance, to manage your coverage.