Original Medicare — Part A hospital insurance and Part B medical insurance — offers broad coverage at a relatively low cost, but there are many potentially expensive health-care services that are not covered.
This week, Craig Siminski, of CMS Retirement Income Planning, shares information that may be helpful as you consider your medicare options – especially now, during the annual open enrollment period.
Some of the services not covered by Original Medicare may be fully or partially covered by a Part C Medicare Advantage Plan, which replaces Original Medicare, or a Medigap policy, which supplements Original Medicare.
Both are offered by Medicare-approved private insurers. (You cannot have both a Medicare Advantage Plan and a Medigap policy.)
Whether you are looking forward to Medicare in the future or are already covered, you should consider these potential expenses in your strategy for paying health-care expenses in retirement:
Deductibles, copays, and coinsurance: These costs can add up if you have a serious health condition, and — unlike most private insurance — there is no annual out-of-pocket maximum. Medicare Advantage and Medigap plans may pay all or a percentage of these costs and may include an out-of-pocket maximum.
Prescription drugs: For coverage, you will need to enroll in a Part D prescription drug plan or a Medicare Advantage plan that includes drug coverage.
Dental and vision care: Original Medicare does not cover routine dental or vision care. Some Medicare Advantage and Medigap plans may offer coverage for either or both of these needs. You might also consider…
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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 21 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.
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