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Financing the Future: 5 Things to Remember About Medicare and Why You Need Extra Coverage

Posted by : Premraj | Posted on : Wednesday, June 27, 2018

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Medicare is the Unites States’ federal health insurance plan. There are four parts: A covers hospital care, B covers everything outside of hospital stays, C includes Advantage plans offered by private companies, and D covers prescription drugs. With 80% or more of all doctors in the US accepting Medicare, you might think your bases are covered. However, like all health insurance, it’s worth taking a closer look at the benefits.

1. Medicare for some.

In recent years, an increasing number of politicians and their constituents have been calling for the US to join other developed nations in implementing Medicare For All. This would see every citizen covered under the health care plan. After all, it is funded by taxpayers, regardless of whether or not they’re eligible.

But until universal healthcare becomes a reality, there are serious restrictions on who can take advantage of Medicare. Only those 65 or older, individuals disabled for two years or more, and those with certain diseases can receive it. Low-income individuals could, however, be eligible for Medicaid in their state.

2. The long term.

Gaps in coverage are frequently seen with the elderly. If you or your aging loved one requires a stay in an assisted living facility, or needs daily assistance at home, Medicare probably won’t foot the bill for any of it. At this point, you could see whether or not Medicaid can help, but your income can disqualify you.

As usual, there are exceptions. If the person in question was recently hospitalized for a few days, Medicare might cough up for a portion of any subsequent rehab.

3. Taking a trip.

Given that many Medicare recipients are over 65, it’s common for them to be retired. A lot of us dream of spending our Golden Years traveling abroad, and the current over-65 population is no exception.

The trouble is, Medicare typically doesn’t cover medical expenses incurred overseas. On the plus side, healthcare in many other nations is not nearly as expensive. Still, if you don’t plan for that gap, you will at least have to make sure you visit a country that wouldn’t stick you with a massive bill should you fall ill.

4. Alternative wellness.

Maybe your treatments for an illness or injury aren’t as effective as you’d like. Your doctor might recommend alternative or complementary medicine to maximize your chances of a positive outcome.

Unfortunately, treatments like chiropractic care, acupressure, and other therapies are not covered.

5. Eyes and teeth.

Vision and dental is really key to overall health, but Medicare doesn’t chip in here. One of a few exceptions would be following cataract surgery. Overall, routine vision, dental, and hearing are the primary reasons those with Medicare seek out coverage from GoMedigap.

If you don’t want to pay out of pocket for annual eye exams and biannual dental checkups, having a supplemental plan to make up the difference can be a lifesaver.

While it isn’t perfect, Medicare coverage is really life-changing for those who need it. The majority of providers accept it, and Part A is often free. Even so, you should speak to social services today to find out what isn’t covered by Medicare. No matter what services you need, there’s an affordable plan to help ensure your coverage is truly complete.

 

 

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