Medicare is a federal health insurance plan for those aged 65 or older to pay for hospital care and outpatient medical services. Once you reach age 65 and apply for Social Security benefits, you are also eligible for Medicare. Medicare pays for 80 percent of the cost for these services, while you are left to pay the remaining 20 percent co-pay. That 20 percent can add up to quite a large dollar amount, especially for very expensive medical procedures. For those on a limited budget, this could be financially devastating. In addition, there are some services/procedures that are not covered by Medicare. Let’s take a look at those:
Medicare Part A (Hospitalization) Exclusions to Coverage
- Prescription Drugs (expect those administered during a hospital stay)
- Nursing home custodial care stays
- Medical care outside of the United States
- Cosmetic procedures/surgery
- Private nursing care
Medicare Part B (Outpatient Care) Exclusions to Coverage
- Podiatry (foot care)
- Dental exams and procedures such as fillings, extractions or dentures
- Hearing exams/hearing aids
- Wellness programs
- Eye examinations/prescription eyewear
- Prescription drugs
Medicare Supplemental Insurance is available to provide coverage for things that Medicare does not cover or to help with co-pay amounts. There are 10 different types of standardized Medicare Supplemental insurance available (Plans A-M) offering a variety of coverage options depending on your needs.
If you are on Medicare but find that Medicare does not cover your medical care adequately, you can contact us for a consultation. We have trained agents who can consult with you and find you the right policy to meet your health care needs as well as one that will fit within your financial budget. We want to help you get the medical coverage you need and deserve.