Why Medicare Is Not Enough
Medicare is Great—
But Doesn’t Cover Everything
A Simple Breakdown
Medicare Part A
For hospital stay there is a deductible of $1,632 for each 60 day Benefit Period.
This deductible could happen more than once a year if there are multiple hospital admissions. If a hospital stay lasts more than 60 days, daily copays of $408 start to be applied and increase to $816 beginning on day 91 for the next 60 days. After that Medicare no longer pays.
For a skilled Nursing Facility, Medicare pays for the first 20 days. You pay $204 per day for days 21-100, and all costs after day 100 of the Benefit Period.
Medicare Part B
There is a yearly deductible of $240. After that Medicare only pays 80% of part B services and the beneficiary is responsible for the remaining 20%. There is no maximum out-of-pocket protection built into Medicare, so theoretically you could be responsible for 20% of an unknown and practically unlimited medical expense.
Because of this, insurance products were created to protect beneficiaries from possible financial hardship. First there were Medicare Supplements and later on Medicare Advantage was born. These are two distinctly different ways to insure yourself. Learn more about the differences with our helpful guide.
Do you still have questions? Take a look at our Medicare Basics outline, or give us a call at 931-287-0799. We’d be glad to help you!
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"Steve has been very instrumental in helping me navigate the available Medicare options. So, I was able to choose the Medicare Advantage Plan that was best for me. He has always maintained a professional demeanor. He is very pleasant and personable to interact with. He has taken an interest in me as a person, and is always available to answer any questions I may have. I look forward to many years of having Steve be my Medicare Health Insurance representative."
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The cure for Medicare confusion
**This is a personal website of Steve Walter and is not associated with or endorsed by any government agency. We do not offer every plan available in your area. Currently we represent 8 organizations which offer 56 products in your area. Please contact Medicare.gov, 1-800-Medicare, or your local State Health Insurance Program to get information on all of your options.