Medicare Simulator

The RetireGuide Medicare Simulator is designed to give you an idea of how the many different Medicare options may work on their own or together to cover your health care costs.

The simulator allows you to select various medical scenarios and compare how different combinations of Original Medicare, Medicare Advantage plans, Medigap and Medicare Part D prescription drug plans work in those situations.

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How To Use This Simulator

Medicare Simulator Explainer

Step 2

Your Medicare Coverage Options

There are two options for Medicare Coverage: Original Medicare or a Medicare Advantage plan.

Original Medicare

Foundational Coverage

Original Medicare – Medicare Part A hospital insurance and Part B medical insurance – is provided through the federal government. Original Medicare covers most basic health care services.

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Additional Coverage requires Medicare B

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Original Medicare still leaves you with out-of-pocket costs for hospitalization and medical services. It also does not cover your prescription drug costs. A Medicare Supplement insurance policy – also known as Medigap – can help you cover the out-of-pocket costs while a Medicare Part D drug plan can help with prescription medication costs.

Medicare Advantage

Medicare Advantage plans are sold by private insurers. They are required by law to cover everything Original Medicare covers. Additional benefits often include vision, hearing and dental care and prescription drug coverage.

Coverage varies from plan to plan. Medicare Advantage plans typically use a network of doctors, hospitals and other health care providers. It will cost you more each time you visit a provider who is not in the network.

You cannot add a Medigap plan to Medicare Advantage.

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Connect with a Medicare expert to find the health care plan that works best for your situation and budget.

Step 3

Add Additional Coverage (Optional)

You can cover many of Original Medicare’s out-of-pocket expenses through Medicare Supplement insurance – also called Medigap. These are private plans that fill in the “gaps” that Original Medicare doesn’t cover such as coinsurance, copayments and the Medicare Part A deductible.

Add Optional Medicare Supplement Insurance (Medigap)

There are 10 standardized Medigap plans sold through private insurers but not all are available through all insurers who sell Medigap. Massachusetts, Minnesota and Wisconsin have their own plans.

Plans vary in price and the amount of coverage. Comparing plans and shopping around can help you find the best combination of price and coverage for you.

    Add an Optional Drug Plan

    Neither Original Medicare nor Medigap covers prescription drugs. But you can purchase a Medicare Part D prescription drug plan. These private plans can cover some of the costs of your medications. The amount you still have to pay depends on your plan, whether that plan covers a particular drug and the level of the medication in your plan’s formulary.

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    Connect with a Medicare expert to find the health care plan that works best for your situation and budget.
    Out-of-pocket cost: $0
    Annual Premiums: $0
    Annual Deductibles: $0

    8 Cited Research Articles

    1. U.S. Centers for Medicare & Medicaid Services. (n.d.). Costs for Medicare Drug Coverage. Retrieved from https://www.medicare.gov/drug-coverage-part-d/costs-for-medicare-drug-coverage
    2. U.S. Centers for Medicare & Medicaid Services. (n.d.). https://www.medicare.gov/your-medicare-costs/medicare-costs-at-a-glance
    3. U.S. Centers for Medicare & Medicaid Services. (n.d.). Medicare Advantage Plans. Retrieved from https://www.medicare.gov/sign-up-change-plans/types-of-medicare-health-plans/medicare-advantage-plans
    4. U.S. Centers for Medicare & Medicaid Services. (n.d.). Medigap Costs. https://www.medicare.gov/supplements-other-insurance/whats-medicare-supplement-insurance-medigap/medigap-costs
    5. U.S. Centers for Medicare & Medicaid Services. (n.d.). What Medicare Part D Drug Plans Cover. Retrieved from https://www.medicare.gov/drug-coverage-part-d/what-medicare-part-d-drug-plans-cover
    6. U.S. Centers for Medicare & Medicaid Services. (n.d.). What Part A Covers. Retrieved from https://www.medicare.gov/what-medicare-covers/what-part-a-covers
    7. U.S. Centers for Medicare & Medicaid Services. (n.d.). What Part B Covers. Retrieved from https://www.medicare.gov/what-medicare-covers/what-part-b-covers
    8. U.S. Centers for Medicare & Medicaid Services. (n.d.). What’s Medicare Supplement Insurance (Medigap)? Retrieved from https://www.medicare.gov/supplements-other-insurance/whats-medicare-supplement-insurance-medigap