Medicare is a Federal program to help older Americans and some disabled Americans pay for the high costs of health care. However, Medicare was never intended to cover all health care costs. So even if your covered by Medicare, you can still be responsible for a large portion of your health care costs.
WHAT MEDICARE DOESN’T COVER
Medicare coverage consists of Part A, which covers hospital and skilled nursing facility care; and Part B, which covers doctors bills and other medical expenses.
Even with Medicare part A & B you are responsible for some out of pocket expenses with can include but aren’t limited too:
- Part A Hospital deductible
- Co-payment for hospital stays over 60 days
- Care in a skilled nursing facility beyond 20 days
- Part B deductible
- 20% co-insurance for doctors bills and other medical expenses
* Without a medicare supplement your out of pocket costs could add up to more than $52,000 a year.
Supplementing Medicare
Private insurance offers Medicare supplement insurance to fill in where Medicare leaves off for hospital & medical expenses.
Medicare Supplements are legally standardized into twelve plans (Plan A – L), Which means Plan G from one company Must include the same benefits as plan G from another company. While the benefits must be the same, each company’s rates, reputation, membership features & quality of service can vary.
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