Medicare Supplement plans work alongside Original Medicare, covering expenses not included in Part A and Part B, like deductibles and copayments. On the other hand, Medicare Advantage plans replace Original Medicare with an all-in-one plan that typically includes Part A, Part B, and sometimes Part D coverage.

When deciding which type of plan is right for you, ask yourself these questions:

Do your important physicians participate in any Medicare Advantage plans or do they only accept Original Medicare?

What insurance is accepted by your preferred hospitals?

Do you travel out of the area frequently? If so, you might find that Original Medicare with a Medicare Supplement plan is a good fit for you, since it can be used for any doctor or hospital in the nation that accepts Medicare.

What is your risk tolerance? If you have a year of heavy health spending, do you have enough savings to spend the possible out-of-pocket maximum that a Medicare Advantage plan might require?

How about peace of mind? Are you someone who will sleep better at night knowing you have a lower premium and can just pay for services as you go? If so, then a Medicare Advantage plan might be right for you. However, if you tend to worry about unexpected expenses, a Medicare Supplement plan could give you the peace of mind of knowing exactly what medical spending you will incur regardless of your health.

There is no one-size-fits-all answer when it comes to choosing a Medicare plan type. Ultimately, the best way to decide is to weigh your options and choose the option that best meets your needs.