First things first. Medicare does not cover all your expenses. You will share in some of the costs. Medicare has many moving parts which can be very confusing. Each year Medicare provides a book with a whopping 152 pages of information.
This blog will not cover every bit of those 152 pages, but will help clarify some areas.
What You Need To Know About Medicare
If you or your spouse contributed to the Social Security system for enough years, you receive at no cost. Part A is hospital insurance, so you’ll want to pay the for medical insurance. This provides coverage for doctor visits, lab work, scans, therapy, dialysis, chemo and other outpatient services.
Part A & Part B is better than no coverage at all, but you pay for what Medicare doesn’t cover. This is generally 20% of Part B expenses. You will also have to pay Part B and deductibles. A hospital stay can create financial stress. But it’s the Part B services that can create a financial burden. Many claims over $50,000 are due to outpatient services from Part B.
What does Medicare cover?
About 80% of your Medicare approved medical bills. You must pay the remainder (generally 20%). Dialysis, lab work, and chemotherapy can add up quickly and 20% of $50,000 is a big bill to pay.
What Medicare does NOT cover?
As a general rule, Medicare does not cover foreign travel health expenses. If you plan on traveling outside the country, you may want to add a plan that covers emergencies.
Medicareis not mandatory. However, you may be penalized for not buying a plan. Part D covers your outpatient prescription drug needs. Even if you don’t take any prescription medications, it’s wise to consider buying a plan. It’s no fun to be hit with the when you do decide to get a plan.
Speaking of health issues. Waiting to purchase a Medigap plan can be costly if you can’t qualify. If you apply for Medicare Supplement (Medigap) insurance outside of your Initial Enrollment Period, you’ll have to medically qualify. If you need assistance in determining what Medigap insurance plans are available to you, please complete the quote request.
Most people are pleased to know that quotes from reMedigap are not automatically generated. We take the time to review your information and email you a personalized quote. It’s our pleasure to communicate through email. However, you can always call us at 1-888-411-1329 if you prefer.
Additional Resources if you are still confused about Medicare coverage.