Out-of-pocket costs are those fees that you have to pay at the doctors office, hospital or pharmacy because they are not covered by your Medicare health insurance. Almost all healthcare plans have these expenses, but they vary according to what type of Medicare plan you choose. Your out-of-pocket costs are a financial risk. As with any other type of insurance, the more risk the insurance carrier assumes the higher the premium. Conversely, if you assume more of the risk, you will incur a higher percentage of the costs out of your own pocket. Let's explore the common out-of-pocket costs in Medicare. Out-of-Pocket Cost by Category Premiums are payments you make, usually monthly, in order to be part of a health care plan. If you are enrolled in Medicare Part B (doctor coverage), your premium is taken from your Social Security check.  You paid into Part A (hospital coverage) through employment taxes while you worked, so you don't pay a monthly premium to get it. A copayment, or … [Read more...]