Why do I need to purchase insurance with Original Medicare?
Medicare does not cover all your medical needs at 100% and does not cover everything. It also does not have a max out of pocket with your coverage and private insurance plans can create consistency with your medical bills. Let’s break down the basics.
Part A & Part B of Medicare are considered “Original Medicare” and provides coverage for in-patient and out-patient services. With each service that you need from a physician, there is a out of pocket cost that you will need to pay. To learn more about out of pocket costs with Medicare, click here for our blog. Once deductibles are met with Original Medicare, you can expect to pay about 20% of the cost for your doctor visits and out-patient services.
What is the max I can spend on Medicare in a year?
Original Medicare does not provide any protection or “max” of what you can spend a year on medical services. Medicare does pay for most of the cost, however a year with multiple hospitalizations could be costly. Seeking additional coverage from a private insurance company with help provide you protection. Private insurance plans will provide you with a max out of pocket that will not exceed $8,300 (2023).
What does Medicare not cover?
Medicare does not provide coverage for the following:
- – Long-term care (also called Custodial care)
- – Most dental care
- – Eye exams related to prescribing corrective wear
- – Dentures
- – Cosmetic surgery
- – Acupuncture
- – Hearing aids and exams for fittings
- – Routine foot care
- For more information, visit Medicare.gov
Can I get coverage for these services outside of Medicare?
If you are wanting to purchase additional insurance to help off set the costs of these services, a Medicare Advantage Plan may suit you. A Medicare Advantage Plan will combine your coverage for Part A & B, and provide additional benefits like, dental care for fillings/cleanings, routine vision exams/eye glass reimbursements. Now it is important that your work with a Medicare expert.
Get assistance from local experts!
Schatz Benefit Group are your Medicare experts. They have over 25 years of combined experience of assisting individuals just like you! They will educate you on each component of Medicare so you can take those next steps with confidence and not feel overwhelmed when a new medical need arises in your life. Contact them today for a free, no obligation consultation to get the answers to your personal questions.