Original Medicare Leaves You Exposed to Steep Out-of-Pocket Costs; Here’s How to Stay Protected
Here’s what they’re not telling you about Medicare: It’s not enough to pay for your health care in retirement.
I’ve seen it far too often: Hardworking Americans reaching 65 and assuming that their health needs will be met by Medicare. And why not? After all, they’ve been paying into the program for decades. Why shouldn’t their expenses be covered?
The truth is, the US Medicare program falls drastically short when it comes to covering our health needs. But with affordable, stand-alone supplementary coverage, it’s possible to “fill the gaps” of your Medicare plan.
Here’s what you need to know:
Medicare has no out-of-pocket limit
The most important thing to know about your Medicare Part A and Part B? There is NO out of pocket limit.
Think of what that means. If you fall ill or become injured and require an extended hospital stay, there’s no cap to how much you will be charged. Nada. Zilch. You’re totally on your own. Maybe that’s why a quarter of Medicare recipients spend 20% of their annual income on out-of-pocket costs.
Your hospital stay is only free for a while (And $724 / day after that!)
Most people don’t know it, but Medicare Hospital Insurance (Part A) only covers the first 60 days of hospitalization. While many hospital stays are a lot shorter than that, some more complicated health issues might extend that, especially for older patients.
Consider this: Days 61-90 of your hospital stay will cost you $352 per day. Days 91 and beyond will go up to $704 per day.
Medicare Supplement and Medicare Advantage plans are the only way to avoid these ridiculous (and potentially ruinous) costs.
No dental, no hearing, and no vision
Original Medicare does nothing to protect your teeth, your ears, or your eyes. Considering how we tend to use these things on a pretty regular basis, it’s a smart idea to get them covered.
Both Medigap plans and Medicare Advantage Plans can be used to add dental and vision to your plan. Even if you don’t enroll in specific coverage for these things, most plan options include big discounts for eyeglasses, vision tests, and dental services.
80% of Medicare beneficiaries use some form of supplemental coverage
When you add up everything that isn’t covered by Medicare, it’s no surprise that 80% of Medicare beneficiaries rely on supplemental coverage.
When it comes to supplementing your Medicare insurance, there are two primary routes.
Medicare Supplement Plans (Medigap) offer stand-alone coverage for things like dental, vision, or prescription drugs. Most Medigap plans also cover Medicare deductibles, as well as medical costs incurred outside the United States.
Medicare Advantage Plans are privately operated insurance plans designed to cover everything that your Part A and Part B coverage would, with some valuable additions.
Medigap plans can:
Increase your coverage for hospital stays and skilled nursing care
Cover the cost of most prescription drugs
Medicare Advantage plans can:
Cover everything your Part A and Part B Medicare insurance does
Add coverage for vision, dental, hearing, and mor
Cap your annual out-of-pocket costs at $7550 (in-network)
Original Medicare is simply not enough … Call your Personal Benefits Manager to find an affordable Medicare supplement option
We get it … Medicare is complicated enough. The idea of adding Medigap or Medicare Advantage to the mix can be a bit overwhelming to say the least.
Your Personal Benefits Manager is well-versed in the world of Medicare Supplements. They can give you the kind of straight-shot info that you’re looking for when it comes to Medicare. If there is a plan that is going to save you money in the long run, they’ll tell you about it. And if the plan you’re interested in is not a good deal, they’ll tell you that too.
With a quick, no-cost consultation, you’ll be well on your way to stronger, more reliable Medicare.
Call 800-913-3416 to schedule an appointment, or click the link below to run an instant quote.
Misty Berryman is one of your Personal Benefits Managers at Medigap Advisors. She loves working for Medigap Advisors for many reasons, including being part of the solution to one of life’s most important healthcare challenges: choosing the right Medicare plan. Read more about Misty on her Bio page.