It would be devastating to face medical expenses without adequate insurance coverage in place. However, having Original Medicare is often not enough to protect you from financial hardship when you consider the out-of-pocket portion. With Original Medicare, you will owe various out-of-pocket costs for services you receive, like deductibles, coinsurance, and copayments. There is no cap on your spending with Original Medicare. It is one thing to deal with that when you have decades of earnings ahead of you to put toward paying your medical expenses; it is quite another to face these issues in your retirement years. At Independent Benefit Advisors in North Carolina, we recommend considering additional Medicare plan options that fill gaps in your Medicare coverage. Reach out to us today to learn more. Here are some of the benefits of having additional Medicare coverage:
- Safeguard retirement savings- You should be able to use the funds you’ve saved up for traveling, hobbies, spending on grandchildren, and other fun things, instead of paying for medical bills.
- Safeguard monthly budget- The last thing you need is to be forced out of retirement because you can’t make the payments on a medical bill at a time when you should be enjoying your retirement.
- Prescription drug coverage- You don’t want to be in a position of hesitating on taking prescriptions that you truly need because you don’t have a way to pay for them.
- Miscellaneous coverage- It isn’t just your overall health that can lead to medical bills, but also such expenses as eye care, dental care, and hearing issues. These expenses can add up without additional Medicare coverage.
- Wellness- Some Medicare supplements cover extras such as fitness programs that can help you stay as healthy as possible and enjoy an improved quality of life.
- Gap coverage- Medicare only covers 80% of approved medical expenses, but you can get the gap covered with a Medigap policy.