Understanding how private insurance integrates with Medicare can be challenging, but it’s crucial for making the right choices for your healthcare coverage. In this episode of Elevate Wealth, Deanne Rosso, President of Elevate Wealth Advisory, sits down with Chuck Vickery, founder of Elevate Wealth, to explain the ins and outs of private insurance plans and how they interact with Medicare.

There’s a lot to consider when deciding how to combine private insurance with Medicare. If you’re looking for personalized advice, visit elevate-wealth.com and click “Let’s Talk.”

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Most people are aware that Medicare is a government program, but did you know that it also works with private insurance? Hey, there, I'm Deanne Rosso, and we'll explain this today on Elevate Wealth. I'm joined today by Chuck Vickery, our firm founder. Hello, Chuck. Hi, D. And so, Chuck, how does private insurance work together with Medicare? Well, earlier we talked about the four parts of Medicare: Part A and Part B are government programs. Okay. Part C is private insurance, and we recommend that you go with Part A and Part B and then add a supplemental policy...a metagap policy....it's called different things, but Medicare supplement, and a Medicare supplement comes from private insurance. Okay. So you've got government and private working hand in hand, and the supplemental policy simply fills in all the gaps where Medicare doesn't pay, and that's what I have, and I've been on it for 12 years, and I've never spent one penny out of pocket because the supplement has covered everything. Wow, that's pretty amazing. So if you buy a supplement, they have different forms, and it doesn't make any difference the company. They have form A Form B, form C, form G is the most comprehensive at this time. Okay. So the form is what's important, and then having a reputable company. And so you can check prices. You can check the reputation of companies, but they're all identical policies for that form. Got it. So the other private insurance that shows up is Part D, that's also through private. You can do a a Medicare Part C Advantage program, but you can never after one year go back to traditional. But with Part D, your drug coverage, you can change that every fall when there's open enrollment if your medications change and you want to modify your coverage there. So the two work together very nicely. Good. So public, private partnership for insurance to provide the Medicare coverage that all the Medicare recipients need. That's it. Okay, great. Well it sounds a little complicated, but you've made it a lot easier today, Chuck, to understand this, so thank you so much for joining me, and if you have questions about your Medicare choices or what might be right for you, feel free to visit us. You can take a look at our website elevate-wealth.com and click "let's talk." See you next time.

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