In dictionaries the word gap means a break, a separation, an incompleteness or deficiency. In Medicare it means the same thing, but it refers specifically to something that is missing from your health insurance coverage. Many seniors make a critical mistake when they buy into government literature that explains how Medicare pays for eighty percent of your healthcare. This is not true. What they really mean is Medicare pays for eighty percent of major medical expenses. As a result, millions of Americans are totally unprepared to deal with the true cost of their health and wellness in retirement. Medicare Costs Original Medicare Part A (hospital insurance) and Part B (medical insurance) creates a number of cost gaps. In fact, every deductible, copayment, and coinsurance is a cost gap, because it's a break in your coverage, and you must pay the gap out of your own pocket. One way to fill this gap is with Medigap, also known as Medicare supplement insurance. Medigap is insurance … [Read more...]
What Medicare Out-of-Pocket Costs Mean to You
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...]
How Medicare Part A Covers Your Hospice Care
Hospice care involves providing physical and emotional care for a patient who is not expected to live. This care is usually provided at home, and is covered by your Medicare Part A health insurance, however, Medicare also covers approved hospice facilities. To qualify for hospice on Medicare your doctor must first certify that you are terminally ill and have less than six months to live. Also, you must agree to forgo treatment for your illness and opt for comfort care (palliative care) instead, and sign a document to that effect. After that, Medicare kicks in and covers the majority of the costs. What Does Hospice Care Include? Medicare covered hospice care includes the following: Doctor, nursing, and skilled nursing services; Counseling services for you and your family; Drugs and other medications to help manage pain and symptoms; Medical supplies and equipment; Inpatient care to help relieve symptoms, and for respite for caregivers; Various other services and … [Read more...]