Even if you have Medicare, you may have to deal with some financial risk for health care that’s not covered. Those Medicare “gaps” include a pretty big deductible for hospital charges and a smaller deductible when you need to see a doctor.
When you rely on Original Medicare, your biggest financial risk involves the need for hospital care. Medicare only provides full coverage for a limited period of time after you meet the Part A deductible. This year, the deductible is $1,132 per benefit period. Unlike an annual deductible, you may need to meet the Part A deductible more than once a year.
After you meet that deductible, Medicare charges you for another deductible when you need hospital care after a 60-day period where you don’t require either hospital or skilled nursing facility care. If you have Medicare Supplement Insurance, you can get reimbursement for the Part A deductible no matter how often it’s triggered.
Having Medicare Supplement Insurance not only protects your assets and savings, but also ensures your access to quality health care services down the road. With ten different Medigap Plans available, you can customize your benefits to provide for the health care you’re most likely to need.
Jim McFadden has over 11 years of executive-level experience in the health insurance industry, is a youth baseball, softball and football coach, and has one of the worst fantasy football records in the world.