Understanding Medicare Plans
When you were so young that the occasional appearance in your mailbox of correspondence from the AARP still made you chuckle, you probably thought it strange that retired people spend so much time worrying about their healthcare expenses. After all, you pay a hefty portion of your paycheck toward employer-provided health insurance, when the old folks get most of their healthcare free with Medicare. Unfortunately, being a Medicare beneficiary is not as simple as it sounds. Yes, there are some Medicare services that don’t require premiums, and you can get some prescription drugs free, and all you have to do to qualify for Medicare is be at least 65 years old, but the costs of healthcare for retirees are steep enough that they can be a major source of worry. Even if you are financially secure enough that your estate plan does not need to revolve around qualifying for Medicaid nursing home benefits, it is worthwhile to discuss your retirement healthcare budget in detail with a Tampa estate planning lawyer.
Medicare Part A for Hospital Care
When people say that Medicare is free, they are usually talking about Medicare part A, and even that is not entirely free. You do not pay premiums for Medicare part A, which means that you do not pay anything for it when you are not using its services. You do, however, pay deductibles and copays for services you receive. Medicare part A pays for inpatient services, such as hospitalizations and nursing home care. The lifetime maximum nursing home care time that Medicare will pay for is 100 days, so many patients who require nursing home care quickly use that up.
Medicare Part B for Outpatient Treatment
Medicare part B covers outpatient services, the ones that patients receive at doctors’ offices or at home. This includes doctor visits and screenings such as wellness checkups, mammograms, and hearing tests, as well as home health aide services and durable medical equipment such as walkers and wheelchairs. Medicare part B charges premiums which vary widely from one plan to the next. Its deductibles and copays also vary in price.
Medicare Part C: The Private Insurance Option
Some patients choose to get their inpatient and outpatient service coverage through Medicare part C, instead of through part A and part B. Medicare part C is also called Medicare Advantage or Medigap. Beneficiaries pay their premiums to private insurance companies that partner with Medicare instead of directly to Medicare.
Medicare Part D for Prescription Drug Coverage
Medicare part D is prescription drug coverage. The drugs that are free to patients under Medicare part D are the ones that are generally inexpensive. For most drugs, Medicare only pays a portion of the cost.
Contact David Toback About Protecting Yourself From Healthcare-Related Financial Hardships
A Central Florida estate planning lawyer can help you understand the costs you can expect to incur under Medicare and plan your retirement finances accordingly. Contact David Toback in Tampa, Florida to set up a consultation.
Source:
medicareinteractive.org/get-answers/medicare-basics/medicare-coverage-overview/original-medicare#:~:text=Part%20A%20provides%20inpatient%2Fhospital,D%20provides%20prescription%20drug%20coverage.
