All In One Financial Services

Know your choices about Medicare health insurance & prescription drug coverage.

A Summary of Medicare Parts A & B: New Medicare changes have been enacted into law. The new benefit regulations are often complicated and not easy to understand. Medicare is made up of these parts.

Part-A: covers hospital care and most hospital charges for the first 60-days for in-patient care after the deductible of: $1,132.00. The next 30-days are also covered each year after a daily co-insurance payment of: $283.00 per day, up to: $8,490.00 has been paid by you. For catastrophic situations, there is an additional benefit of 60-reserve days of coverage. Those extra 60-days are a once in a lifetime reserve, are not renewable, and have a daily co-insurance payment of: $566.00, up to $33,960.00 paid by you.

Medical care you receive in a skilled nursing facility is covered for a limited period of time. Medicare covers the first 20-days 100% and the next 80-days all but a daily co-payment of $141.50 a day, up to $11,320.00 to be paid by you. Medicare does not cover custodial care, like eating, dressing, transferring, continence, bathing and toileting, also known as Long Term Care.

Part-B: covers doctor visits, surgery and outpatient care and is optional. It does have a monthly cost of: $96.50 (for most people, higher incomes may pay more), which will be deducted from your Social Security payments each month. There is an annual dedctible of $162.00 and then Part-B covers up to 80% of your outpatient services at the Medicare approved rate. Medicare approved amounts may be considerably less than the actual billed amounts, but cannot be more than 115% more than the Medicare approved amounts. Skilled home care is very limited in the scope of services that Medicare provides, but would also be covered at 80%. Medicare does not cover in-home custodial care, also known as Long Term Care.

Medicare Supplement A/K/A Medi-gap Plans: For expenses that Medicare does not cover, there is private Medi-gap insurance called Medicare Supplement polices. They pay for medical bills for the portion that Medicare Parts A & B do not cover. There are standardized plans that will pay benefits directly to your heath care providers after Medicare has paid their portion of the approved charges. The basic benefits are the same in all plans but it is important to understand the different coverage's, co-payments and/or deductibles you could be responsible for with each plan. The good thing is you can compare apples to apples, as the benefits in Plan-G for example are the same no matter which company you choose. The main criteria for choosing are how much it costs and how good the service is from the company you are selecting.

For most of us health care will be our number one expense in retirement outside of basic living expenses. Therefore, you need to know the right questions to ask and how to incorporate the cost of healthcare into your financial planning. We can help. Contact us for a FREE Guide to Medicare and a free, no-obligation consultation on how to incorporate this coverage into your future financial plan.

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