If you’ve been looking forward to becoming eligible for Medicare for years, there’s good news and bad news. The good news is that it looks like Medicare will still be viable for years to come thanks to health care reform. The fund that pays for Medicare Part A, the Hospital Insurance Trust Fund, has been made sustainable through 2029. That’s 12 additional years beyond when it was projected to run out of funds.
Government accountants also project that health care reform measures can save $8 billion by the end of 2011, plus $575 billion more in the next decade. With health care reform, it looks like Medicare will be around for years to come.
That’s great news, but there’s not-so-great news, as well. When you really start to explore what Medicare offers, you’ll probably be surprised by how high your medical bills may be even with Medicare. Just one stay in the hospital means you have to meet a deductible of $1,100 before Medicare helps pay your bill. If you have to spend more than 60 days in the hospital, you’ll owe more on top of that $1,100. For your 61st through the 90th day of hospital care, you’ll be billed at the rate of $275 per day. That goes up to $550 per day should you need to stay in the hospital for between 61 and 90 days.
That’s why most seniors protect their assets and their lifestyle with Medigap insurance. Different Medigap plans will reimburse you for Medicare’s deductibles, like that $1,100. Medigap plans will also pay when Medicare doesn’t, like when your doctor charges more than Medicare’s standard payment. You can see what all of the Medicare Supplement Plans provide on our website.If you’re more comfortable discussing your needs with a true expert, you can also call MediGap Advisors at 866-323-1441. It’s completely confidential and there’s never a charge to consult with a MediGap Advisor.
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.