Medicare Part A Covers a Lot Less Medical Costs than Most People Realize.
Many American seniors falsely believe that Medicare Part A will cover all of their healthcare costs. This is simply not true. This is why it’s so important to understand your Medicare benefits and options. Failure to fully understand your Medicare coverage can cost you significant out of pocket costs. With so many South Florida retirees living on a fixed income, understanding the health insurance coverage you receive through Medicare is extremely vital to planning for your financial future in retirement.
Medicare Part A, the form of Medicare that is funded through payroll taxes only covers costs associated with:
- Inpatient Hospital Healthcare
- Skilled Nursing
- Very Little Home Healthcare
- Hospice Care
That leaves a lot of expensive medical procedures, specialists and prescription drugs uncovered!
A routine check-up at your primary care physician? That’s not covered under Medicare Part A. But Medicare Part A will cover healthcare related costs associated with a hospital stay if you’re admitted for a period that includes at least “two midnights.”
But once that threshold is met, you have deductibles, time restraints, benefit periods, co-insurance premiums, lifetime reserves and other problems that can increase your out of pocket costs enormously.
One thing that every Medicare Part A recipient should understand is that Medicare Part A pays for inpatient healthcare costs on a per benefit period basis. That translates to meeting a new deductible for each separate hospital admission before Medicare Part A begins picking up the tab.
These Medicare Part A benefit periods begin when you meet the “two midnight” guideline and end when you haven’t received inpatient care for 60 consecutive days.
As you can see, Medicare Part A is far from comprehensive medical insurance to protect you from major out of pocket costs and potential financial hardship.
Medicare Part A is a valuable healthcare program that provides some protection and coverage to millions of elderly people, however if you or your loved ones want the financial security offered by health insurance coverage that goes beyond the basic inpatient care covered by Medicare Part A, then you’ll need to buy additional coverage.
There is a wide array of plans and companies to choose from and the process can be very confusing. This is where having an Independent Insurance Agent on your side can be very beneficial.
For more information on how Florida Medicare Supplement Insurance can help with your health insurance needs call Neil Primack (561) 935-3907 or email him at: email@example.com.