Medicare is the cornerstone of health coverage for Americans aged 65 and older, as well as for younger individuals with certain disabilities. Yet, while Medicare Parts A and B, often referred to as “Original Medicare,” provide essential coverage, they have limitations that are often overlooked. Here are the top three reasons why you need more than just Original Medicare to secure your health and financial stability.
No Out-of-Pocket Maximum
Unlike other insurance plans, Original Medicare does not cap your out-of-pocket expenses. This lack of a maximum out-of-pocket limit can lead to astronomical medical bills in the event of a serious health issue. For example, if you’re a beneficiary with a chronic condition or require frequent hospitalization, the cost of care can quickly become unmanageable without additional coverage.
Hospital Deductibles and Outpatient Services
The hospital deductible for Original Medicare can catch many by surprise. In 2024, Part A requires a deductible of $1,632 for each hospital stay. With Part B, you’re responsible for 20% of the costs for doctor and outpatient services. High costs from specialists, including surgeons and anesthesiologists, expose Medicare beneficiaries to significant financial risk.
Take Bob’s story as a stark example. Bob, who suffers from Crohn’s disease and faced treatments costing $7,000 monthly after Medicare’s 80% coverage, had to relocate just to access supplemental coverage that met his needs due to limitations under state law. Moving, however, shouldn’t be necessary to get the healthcare coverage you require. Additional comprehensive coverage can protect you from these unexpected costs.
Lack of Coverage for Prescription Drugs, Dental, Vision, or Hearing. 💊 🦷 👓 🦻
Medicare does not include outpatient prescription drug coverage, nor does it cover routine dental, vision, or hearing services. As we age, maintaining our oral health, eyesight, and hearing becomes more critical than ever. Without coverage, the costs for these services add up quickly, creating an unnecessary financial burden on seniors.
Medicare Part D, Medigap, and Medicare Advantage are all options that can provide the additional coverage you need. These plans offer various benefits, including prescription drug plans, and can help prevent unforeseen expenses that might otherwise catch you off guard.
What You Can Do
To ensure you’re fully protected, it’s important to understand all of your options. Whether it’s securing a Medigap policy to supplement Original Medicare or enrolling in a Medicare Advantage plan that offers additional perks and benefits, being informed is key.
If you’re feeling overwhelmed by the complexities of Medicare, you’re not alone. We’re here to help guide you through the process and find a plan that offers you peace of mind and financial security. It all starts with understanding your options and how they will best serve you. The best way to do that is start learning about Medicare basics part ABCD and this will enable you to pick the coverage type that is appropriate for your needs, budget & lifestyle.
Book a consultation with us today at Modern Medicare Agency to enhance your Medicare coverage. Our experts can answer your questions and help you navigate the ins and outs of modern Medicare solutions. Don’t let another day go by without the complete coverage you deserve.
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References
https://www.cms.gov/newsroom/fact-sheets/2024-medicare-parts-b-premiums-and-deductibles