As you should already know, you’re going to be eligible for Medicare when you turn 65. You might even be eligible now. While Medicare is pretty beneficial for everyone, it is not an ultimate solution to all of your insurance needs. In fact, there are plenty of things that Medicare is not going to cover. You’ll need to prepare to handle these costs on your own. Below, you’ll find tips for doing just that.
The sad fact is that retired couples in the United States are going to spend a lot on medical costs. Even if you have Medicare, it is estimated that you’re going to spend approximately $280,000 on healthcare after you’ve retired. This includes out of pocket expense, deductibles and premiums. With that being said, you should definitely start saving your money right now! You’re going to need it even if you have Medicare.
What Isn’t Covered
If you’ve managed to pay taxes for at least 10 years, you won’t have to worry about paying a premium. However, there will be a deductible for each period. For the 2018 calendar year, the deductible was $1,340. There is also a risk that you’re going to be required to make coinsurance payments. This is generally the case for people who are required to spend extended stays in a hospital or skilled nursing facility. The coinsurance payments can range from $167 to $670 each day. Or, the Medicare may not cover any of the costs.
You will most likely be required to pay a premium for Part B Medicare. If you earn less than $85,000 a year, you’ll be paying $134 each month. You’ll also be looking at a yearly deductible. After the deductible has been met, you’ll be required to pay 20% of the leftover expenses. Just remember that there are ways to lower your costs. Click for info about lowering your costs right now!