Which Medicare plan do you have?

Medicare Parts A and B do not cover all of your health-care expenses. For example, you'll still pay a $1,132 deductible for the first 60 days of a hospital stay, and 20 percent of the cost of Part B services such as doctor visits, outpatient treatments, and laboratory tests.

If you don't have retiree coverage from a former employer to fill in those gaps, you might consider buying a private Medicare supplement (Medigap) policy.