What you need to know about Traditional Medicare: Parts A, B and D.

• Also known as Original Medicare, this federal program delivers crucial healthcare benefits but there are enrollment requirements and stringent guidelines on what it will not cover.

What’s not covered by Traditional Medicare that you’ll need to pay for yourself.

• It’s important to understand that Medicare Parts A and B will only cover 80% of approved medical services. The other 20%, and any excluded care, will be an out-of-pocket expense.

What you need to know about Medigap insurance policies.

• Medigap policies are private insurance plans that provide supplemental healthcare coverage to help pay some of the out-of-pocket costs that are not covered by Traditional Medicare.

What you need to know about Medicare Advantage Plans

• Also known as Medicare Part C, Medicare Advantage Plans are private insurance policies that provide an alternative to Medicare Parts A and B plus some additional benefits.

How your Medicare Part B premiums are calculated based on your taxable income.

• When your income exceeds certain thresholds established each year, it can result in a surcharge that increases the Medicare Part B premium deducted from your Social Security.