Because the program comes with deductibles, copays, coinsurance and no out-of-pocket maximum, having no form of supplemental insurance poses a huge financial risk.
About one-third of beneficiaries use Advantage Plans, which offer out-of-pocket maximums and often include dental and vision coverage or other extras.In that case, unless you have some type of employer-sponsored insurance or you get extra coverage from Medicaid, the option for mitigating your out-of-pocket costs is a Medigap policy.
If you're thinking about having basic Medicare without any supplemental coverage, experts have a message for you: Don't. With deductibles, copays, coinsurance and — this is a biggie — no out-of-pocket maximum, the program has a variety of costs that make having no backup insurance a huge financial risk.
"All it takes is one big hospital stay and you could be out tens of thousands of dollars," said certified financial planner Ken Waltzer, co-founder and managing partner of KCS Wealth Advisory in Los Angeles. "Even if you don't face a big event like that, the smaller ongoing expenses can really add up."Roughly 51 million older adults are enrolled in Medicare. Beneficiaries can stick with just Part A and Part B or get their benefits delivered through an Advantage Plan.
About one-third of beneficiaries use Advantage Plans, which offer out-of-pocket maximums and often include dental and vision coverage or other benefits. Those plans also typically provide Part D prescription drug coverage. The average premium for an Advantage Plan is $29, according to the Kaiser Family Foundation. Some, however, come with no premium.
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