According to the Henry J. Kaiser Family Foundation, some 38 million senior citizens are on Medicare. Many of these seniors do not know even the most basic facts about the program. This lack of knowledge can lead to serious financial strain in the event of an illness or injury. This article provides some Medicare benefits tips about getting the most out of your Medicare coverage, as well as additional coverage you may want to consider purchasing.
The U.S. Board of Census states that slightly over 5% of people age 65 and older are in some type of care facility. Over 50% of people age 95 and older require nursing home care. Most senior citizens do not realize that Medicare doesn’t cover the cost of long term custodial care. If you don’t have long term care insurance, you will have to pay the entire cost of care, in some places more than $5000 per month, out of your income and assets.
Medicare Part D helps cover the cost of prescription drugs. When you sign up for Medicare Part D, you have to choose a Medicare-approved plan offered through a private insurance company. Remember that not all plans are created equal. They each have different premiums, co-pays, and formulas. Talking to your pharmacist or visiting the AARP website can help you determine which Part D program will be most cost effective for you based on the medications you are currently taking.
Medicare supplement insurance, also called Medigap insurance, helps cover Medicare deductibles and co-pays. If you are hospitalized, for instance, your deductible with Medicare alone will be almost $1000. Most Medigap policies cover that deductible, saving you a substantial amount of money.
Each year, Medicare recipients receive a book from the government called Medicare and You. It offers a wealth of information and Medicare benefits tips. Looking through this book every year can help assure you you’re getting the most out of your Medicare coverage.