Original Medicare (Parts A and B) can cover a lot, from hospital stays to doctor visits and outpatient care. But it doesn’t cover everything. Most prescription drugs, dental care, vision, and hearing are often left out. That’s why a significant number of Americans have additional insurance beyond traditional Medicare.

In this week’s Money Wisdom Question Series, Heath Grossman, CFP® explains how you can help bridge the gap in coverage.

Medicare Advantage (Part C)

One option beyond Original Medicare is Medicare Part C, also called Medicare Advantage. This is Medicare-approved private insurance that bundles coverage into one plan. Medicare Advantage includes Parts A and B and may also offer prescription drug coverage (Part D), dental, vision, and hearing.

Medicare Advantage plans often have lower monthly premiums than Original Medicare, but they usually come with network restrictions. While they cover all services included in Original Medicare, you may have less flexibility in choosing providers and could face higher out-of-pocket costs for some services.

Supplemental Insurance (Medigap)

Another option is to purchase a Medicare supplement policy, in addition to Parts A and B. Also known as Medigap, this private insurance covers some of or all the costs not covered by Parts A and B. Essentially, it helps fill the gaps—hence the name Medigap.

Medigap does not cover prescription drugs, however. That’s why most people with a Medicare supplement also enroll in Part D, which is private insurance that helps cover prescription costs.

Other Ways to Supplement Medicare

Other ways to supplement Medicare include job-based or retiree health insurance that may be available to you. Veterans may also have access to VA health care. And depending on your income, you may qualify for additional assistance through Medicaid.

When discussing your Medicare options, it’s crucial to understand the range of choices available. Consulting a Medicare professional can help ensure your plan matches your health needs and financial situation.