Get Coverage For The Bills Medicare Doesn’t Pay
Here’s the problem…
Medicare deductibles, co-payments, limitations and exclusions can cost us hundreds or thousands of dollars every year, even if we don’t have any major health issues. Basic Medicare doesn’t cover healthcare expenses for prescription drugs, dentistry, vision care, hearing aids, routine physical exams, most immunizations, and custodial care even when it’s needed for recovery after surgery or hospitalization. We are also responsible for Medicare deductibles and co-payments as well as fees or charges by doctors and hospitals that exceed standard Medicare allowances.
Medicare expects us to pay for all of these expenses out of our retirement income or our retirement savings.
So how can we get coverage to pay for these limitations, exclusions, deductibles and co-payments with Medicare Advantage, also known as Medicare Part C?
Medicare Advantage is private health insurance contractually sanctioned by Medicare to provide all of your Medicare coverage for both hospital and medical benefits. With Medicare Advantage plan, you can also get lower deductibles or co-payments as well as higher maximums and additional coverage like prescription drugs, dentistry, vision care, or hearing aids. Which can save you hundreds or even thousands of dollars, every year.
So with a Medicare Advantage plan, you get all of the benefits covered under basic Medicare plus some provisions that Medicare doesn’t cover. Which is why more than twenty million retirees have chosen a Medicare Advantage plan to provide all of their healthcare coverage.
Here’s how it works…
Medicare enters into annual contracts only with approved insurance companies to offer Medicare Advantage plans in specific geographic areas. Medicare pays the insurance company a set amount each month and the insurance company provides the coverage for both your hospital and medical services. However, each insurance company can structure its Medicare Advantage plan with different deductibles, co-payments or coverage provisions as well as certain restrictions that may require you to receive all elective non-emergency services within a network of doctors and hospitals.
Medicare charges most of us for our Part B coverage, our medical benefits. So with a Medicare Advantage plan you must still pay your Part B monthly fee plus any fee for your Medicare Advantage plan.
Some Medicare Advantage plans do not charge any fee, those plans that do usually require lower co-payments or provide additional benefits. The cost will vary depending on where you live and the plan you select.
Medicare negotiates contracts with Medicare Advantage plans each year. So your plan provisions can change each year or even be discontinued in your community. If your plan is discontinued, you can either enroll in a different Medicare Advantage plan or simply switch to original Medicare.
It’s also important to know that a Medicare Advantage policy can only cover one person. So if you and your spouse both want coverage, you will need to apply for two separate policies. Making sense of Medicare benefits, limitations and exclusions, can be complicated. And understanding the pros and cons of Medicare Advantage plans can be confusing. There are other important decisions concerning your Medicare options that you must make before you reach age 65, especially if either you or your spouse will have insurance through an employer. Which is why you should meet with a qualified Medicare insurance specialist, who can explain your choices and compare your options including the cost of each plan available in your state.
So ask yourself this…
Knowing that Medicare does not cover or pay for all of your healthcare expenses and that those expenses can amount to thousands of dollars every year, does it make good sense to pay for all those expenses yourself? Out of your monthly retirement income? Or the money in your savings? Does it make better sense to purchase a Medicare Advantage plan with broader coverage and additional benefits as well as lower deductibles and co-payments? Isn’t it better to know that you’ve gotten the most coverage at the best price than to regret that you could have but didn’t?
This content is for informational purposes only. It does not reference, represent or recommend any specific product or company. References to interest rates, tax rates, growth rates or earnings assumptions are hypothetical, and all tax or legal implications should be verified by a qualified professional.