The Solution
Medicare was never designed to cover 100% of one’s medical cost. Both Medicare Parts A & B have cost sharing that can literally reach into the tens of thousands of dollars should you have a catastrophic illness or medical condition. Plus, Medicare Parts A and B rarely cover drugs. It is for this reason that we highly recommended that you have private insurance to cover the out-of-pocket costs associated with Medicare Parts A & B.
There are three types of private insurance: Medicare Supplement, which is also known as Medigap insurance, Medicare Part D, which is also known as prescription drug coverage and Medicare Advantage, which is also know as Medicare Part C.
While cost can be a deterrent for some in not seeking coverage, such as a Medicare Supplement, one should always enroll in a Medicare Advantage plan at the very least. Medicare Advantage plans often have little or no premium, frequently include drug coverage, and cap your out of pocket exposure you face with Medicare Parts A & B.
Enrolling in either a Medicare Supplement and a Part D plan or Medicare Advantage plan gives you peace of mind knowing that your medical costs will not spiral out of control as can happen with traditional Medicare.
While cost can be a deterrent for some in not seeking coverage, such as a Medicare Supplement, one should always enroll in a Medicare Advantage plan at the very least. Medicare Advantage plans often have little or no premium, frequently include drug coverage, and cap your out of pocket exposure you face with Medicare Parts A & B.
Enrolling in either a Medicare Supplement and a Part D plan or Medicare Advantage plan gives you peace of mind knowing that your medical costs will not spiral out of control as can happen with traditional Medicare.