For many patients, Medicare is incredibly helpful. It reduces overall procedure costs, and it can lower prescription costs. However, specialized treatment, unaccounted for fees and hidden procedural requirements may add extra costs you weren’t expecting. If you are on Medicare, be sure to understand the hidden costs, and consider adding a Medicare Supplement policy to cover what Medicare doesn’t.
What is Medicare?
Medicare is the government’s health insurance program. It covers people over 65 years old, young people with disabilities and those with End-Stage Renal Disease. The Medicare program exists across four “parts”, titled Part A, Part B, Part C and Part D. Each part offers coverage for different costs, including:
- Hospital insurance
- Medical insurance
- Medicare Advantage Plans
- Prescription drug coverage
Unexpected Medicare Costs
While Medicare may seem comprehensive, its wide-ranging brackets fail to reveal several costs. In a recent article, U.S News Health revealed that Medicare Part A requires beneficiaries to pay the following expenses in the event of a hospital stay:
- $1,260 for their first 60 days of stay.
- Over $315 per day after two months of stay.
Additionally, Medicare’s Part B utilizes a payment regimen based upon monthly premiums, and many individuals may experience payments. If an individual’s income is lower than $85,000 per year, Part B premiums are instituted at approximately $147 per month.
What Doesn’t Medicare Cover?
Patients may be surprised to discover a variety of medical provisions not covered by Medicare. While the system does, in fact, cover many preventative and necessary procedures, visits and treatments, it doesn’t cover a slew other options.
In fact, supplemental coverage is vital to managing expenses where Medicare is considered. Those without supplemental coverage will end up paying expenses out of pocket, and they’ll pay full prices, even with Medicare’s attachments.
While Medicare can assist a patient’s procedures and costs, it doesn’t cover certain areas. Unfortunately, patients may be unaware of Medicare’s “coverage end-zone”. For example, the following medical provisions are not covered through Medicare Parts A through D, and must be covered separately:
- Eye exams
- Hearing aids
- Hearing exams
- Cosmetic surgery
- Dental care
Additionally, several routine procedures aren’t covered by Medicare provisions. In essence, Medicare serves public patients through intensive treatments, prescription insurance, and hospital stays. However, diagnostic treatments, remedial therapy, and even hospital-based amenities may not be covered.
Does Medicare Supplement Insurance Help With Uncovered Balances?
Yes. In fact, Medicare Supplement Insurance is commonly called “Medigap” by private companies because it fills the “gap” in coverage that Medicare leaves. It helps with coinsurance, copayments, deductibles and other healthcare costs. Many people experience difficulties with full Medicare coverage, but Medicare Supplement Insurance can help.
If you’re eligible for Medicare benefits, or if you’re close to fulfilling Medicare requirements, visit The Florida Bar Member Benefits Insurance Programs to review your Medicare Supplement Insurance options.