Questioning the NEED for additional insurance with Medicare

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5. We pay into Medicare through our Social Security taxes and are able to collect when we turn 65.

That coverage is for Medicare Part A. Medicare Part B coverage is essentially for outpatient coverage, and the premium for that starts at 107/month/person. However, coverage is not 100%. It is usually 80%, unless the provider takes Medicare assignment as payment in full. For the services NOT covered, the 20%, that is why people buy a supplemental policy which also requires a premium. Depending on how comprehensive and flexible coverage one wants, a supplemental premium can cost anywhere from 100, 200, and up per month, per person.

Then depending, a prescription drug plan will include an additional premium.

The coverage for Medicare supplemental plans and what they cover and the out of pocket expenses are identified by letters A, B, .... F etc. An F Medicare supplemental is the most comprehensive. Little to no out of pocket expenses or deductibles, and more comprehensive.

In lieu of a Supplemental Plan, there are also Medicare Advantage Plans, which are usually less expensive premiums, cover more services that Medicare does not cover.

Medi-Gap or supplemental policies sold after January 1, 2006, do not include prescription drug coverage. Before that, there were supplemental policies that did include some drug coverage. If you want prescription drug coverage today, you need to sign up for Medicare Part D.

For those that need Part D, the premiums for Part D depend on one's AGI

Medicare Advantage Plans usually bundles things together and sometimes include things that Medicare does not cover, such as drugs, vision, and dental., but Medicare Advantage plans can limit where you can go, or what services are covered, and have more restrictions than standard Medicare Supplemental Plan such as A, B, C........F etc. The most comprehensive supplemental plan would be F.

The 107 dollars that you pay is for Part B, but if you elect not to go with a supplemental or a Medicare Advantage plan, you might be responsible for 20% of the cost of outpatient services.

Everyone's situation is different.

https://www.medicare.gov/your-medicare-costs/costs-at-a-glance/costs-at-glance.html#collapse-4811