Why do I need to choose a Medicare plan?
One of the questions we get a lot is:
“Why do I need to pick a plan? Doesn’t Medicare just cover everyone that’s 65 and over?”
The answer, unfortunately, is that it doesn’t completely. Medicare Part A covers hospitalization, and Medicare Part B covers your medical. However, this is some of what you would be responsible for at a high level:
Part A Coinsurance for inpatient care
Part A Annual Deductible of $1,340
Part B Monthly Premium of $134 for most
Part B Annual Deductible of $183
20% of the Medicare-approved amount for your medical costs
Our take: All of these costs add up, especially the uncapped 20% of your medical costs. Again, there is no maximum out of pocket spend for medical costs; therefore an unexpected health condition that costs a lot will indeed put a high financial burden on you.
We always recommend that you do pick either a Medicare Supplement or a Medicare Advantage (HMO) plan , so that you are insured for the unexpected events that life may throw you.
Have any questions?
Just get in touch with one of our Heroes that would be happy to help you! We are unbiased independent brokers contracted with all of the major health insurance companies. We are 100% free to you and the prices are the same as if you went directly to the health insurance companies, but with us as your Medicare concierge we can continue to guide you in your journey.