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Why Medicare Is Not Enough

Understanding the potential financial pitfalls of relying solely on Medicare is key to safeguarding your financial well-being. Let’s explore why a Medicare Supplement, like Plan G, is not just an option but a smart financial decision.

Navigating the Cost Landscape of Medicare Alone

Medicare provides essential coverage, but it comes with costs that could be potentially devastating. Hospital deductibles, copays, and coinsurance for outpatient services can quickly add up, leaving you exposed to significant financial burdens. The question isn’t whether you need additional coverage; it’s about securing a comprehensive solution that protects your health and finances.

Enter Medicare Supplements: Your Financial Guardian

Medicare Supplements shield against the unpredictable landscape of healthcare expenses. By covering the gaps left by Original Medicare—such as deductibles, copays, and coinsurance, Medicare Supplements ensure that your financial security remains intact.

Why Medicare Supplements Matter (Plan G for Example):

  1. Hospital Deductibles: Plan G steps in to cover the Medicare Part A hospital deductible, minimizing your upfront expenses in case of hospitalization.
  2. Outpatient Services: For outpatient services covered by Medicare Part B, Plan G takes care of the 20% coinsurance, relieving you from potentially substantial costs.
  3. Additional Benefits: Beyond the charted expenses, Plan G provides peace of mind. No surprise bills, no unforeseen financial shocks—just comprehensive coverage that allows you to focus on your health.

Charting Your Path to Financial Security

Below, is a chart detailing what Medicare pays for Part A and Part B expenses and, more importantly, what you, as the patient, are responsible for. This chart also shows what Plan G covers and how if you had Plan G the only potential Part A or Part B expense you would have is the $240 Part B deductible. It’s an eye-opening exploration of potential out-of-pocket costs that underscore the importance of supplemental coverage. 

2024 MEDICARE PART A EXPENSES

Part A is coverage for confinement in a hospital or skilled nursing facility per benefit period. A benefit period begins on the first day you receive service as an inpatient and ends after you have been out of the hospital and have not received skilled care in any other facility for 60 days in a row.

HOSPITALIZATIONMEDICARE PAYSYOU PAYPLAN G WOULD PAYYOU WOULD PAY WITH PLAN G

1-60 DAYS

Most confinement costs after the required Medicare deductible
$1,632 DEDUCTIBLE
 

$1,632
NOTHING
61-90 DAYS
All eligible expenses after patient pays a per-day coinsurance
$408 A DAY COINSURANCE as much as: $12,240
ALL COINSURANCE
NOTHING
91-150 DAYS
All eligible expenses after patient pays a per-day coinsurance
$816 A DAY COINSURANCE as much as: $48,960
ALL COINSURANCE
NOTHING
151 DAYS or MORE
NOTHING
YOU PAY ALL COSTS
ALL COSTS
NOTHING
SKILLED NURSING CONFINEMENT:
Following an inpatient hospital stay of at least 3 days and enter a Medicare-approved skilled nursing facility within 30 days after hospital discharge and receive skilled nursing care
All eligible expenses for the first 20 days; then all eligible expenses for days 21-100 after patient pays a per-day coinsurance
After 20 days $204 A DAY COINSURANCE as much as: $16,320
ALL COINSURANCE
NOTHING
HOSPICE CARE
All but very limited copayment for outpatient drugs and inpatient respite care
Medicare CO-PAYMENT
ALL COPAYMENTS
NOTHING
BLOOD
100% of approved amount after the first 3 pints of blood
First 3 Pints
First 3 Pints
NOTHING

2024 MEDICARE PART B EXPENSES

Part B is covers physician services, outpatient care, tests and supplies, per calendar year.

EXPENSESMEDICARE PAYSYOU PAYPLAN G WOULD PAYYOU WOULD PAY WITH PLAN G
ANNUAL DEDUCTIBLE
Incurred Expenses after the required Medicare deductible
$240 ANNUAL DEDUCTIBLE
0
$240 ANNUAL DEDUCTIBLE
 
MEDICAL EXPENSES
Physicians’ services for inpatient and outpatient medical/surgical services; physical/speech therapy; and diagnostic tests
80% of approved amount
20% of approved amount
ALL COINSURANCE
NOTHING
 
EXCESS DOCTOR CHARGES
 
0% of approved amount
ALL COSTS
ALL COSTS
NOTHING
 
CLINICAL LABORATORY SERVICES
 
Generally 100% of approved amount
Nothing for services
 
NOTHING
HOME HEALTHCARE
100% of approved amount; 80% of approved amount for durable medical equipment
Nothing for services; 20% of approved amount for durable medical equipment
ALL COINSURANCE
NOTHING
OUTPATIENT HOSPITAL TREATMENT
Medicare payment to hospital, based on outpatient procedure payment rates
Coinsurance based on outpatient payment rates
ALL COINSURANCE
NOTHING
BLOOD
80% of approved amount after the first 3 pints of blood
First 3 Pints plus 20% of approved amount for additional pints
First 3 Pints
NOTHING

Your Path to Informed Decision-Making

At the Health Exchange Agency, we believe in empowering our clients with knowledge. This page serves as a valuable resource, guiding you through the intricacies of Medicare costs and illustrating how a Medicare Supplement like Plan G can be your financial safety net.

Ready to Secure Your Financial Future? Contact the Health Exchange Agency Today!

Don’t let potential healthcare costs jeopardize your financial stability. Contact us today to explore how a Medicare Supplement, especially Plan G, can be the key to a secure and worry-free healthcare journey. Your health, your finances—our priority. Let’s make informed decisions together.

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