Out-of-Pocket
Original Medicare Out-of-Pocket Cost (OOP)
There is a perception that Original Medicare will pay 100% of all medical expenses. Medicare members usually will believe that until they start using the Medicare benefits and start getting bills in the mail from the providers they visited.
So, how much do I have to pay with Original Medicare?
Original Medicare have premium, deductibles and coinsurance amounts.
These costs usually increase every year: See Medicare.gov for current amounts.
Original Medicare does not have Maximum Out-of-Pocket (MOOP). This is a protection that limits your total Out-of-Pocket per year to a maximum amount in case of a catastrophic illness or accident. Original Medicare can drain all your savings if you need cancer treatment or you have a stroke and need Skilled Nursing.
Because of the high hospital deductibles and the 20% coinsurance with Medicare, many people want to protect themselves with a Medicare Supplement or Medicare Advantage plan. These is where I can assist you!
To learn more about the Medicare costs go to Medicare.gov