The U.S. Medicare program provides guaranteed health insurance to Americans over the age of 65, as well as younger individuals who have certain types of disabilities. Medicare is a defined benefit program that focuses on providing hospital-based care (under “Part A”) as well as outpatient care (under “Part B”). There are also other elements to the program, including having to choose between traditional Medicare and a network plan. But Medicare doesn’t provide full coverage, so many retirees purchase Medicare Supplement Plans (also known as “Medigap” plans) to cover the various types of costs that are not covered by Medicare. Here is...

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