What will YOU be responsible to pay with Medicare?
A common misconception in the insurance world is that Medicare covers everything. And while Medicare does cover MOST expenses, it isn’t free.
Here are a few Out-Of-Pocket Costs that should be expected with your Medicare coverage:
• Monthly Premiums: Depending on which type of coverage you decide to supplement your original Medicare with, you may have to pay a fixed premium each month.
• Deductible: This is a set amount that you are required to reach in Medical bills BEFORE your Medicare plan will ever kick in. This means that you will pay any bill up until said amount, and THEN Medicare will pay the rest for the remaining year.
• Copay: This is a fixed amount that you pay every time you require a service such as a visit to the doctor or to fill a prescription.
• Coinsurance: This is defined as: “a percentage of the cost for a covered service that you pay when you receive it.” Typically, Medicare will cover approximately 80% of these costs, and you will be responsible for the other 20%.
Something to not never get too focused on, are any of these factors alone. While there are plans without any premiums, it may mean you will have to pay high copays or deductibles for any required services, and vice-versa. It is extremely important to look at all the details surrounding your needs and current situation to establish the right route to go when choosing your coverage. We can help!