If I Have Medicare, Do I Need Other Insurance Coverage?
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Limited Coverage
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Medicare provides basic coverage for hospital stays and doctor visits, but the amount of coverage is somewhat limited. For instance, Medicare typically pays only 80 percent of the cost of treatment, leaving the Medicare beneficiary with a bill for the remaining 20 percent. For a complicated or expensive operation or outpatient procedure, that cost could run into the thousands, or tens of thousands, of dollars. Purchasing a Medicare supplement plan, sometimes called Medigap insurance, can protect you and your finances from those costs.
Dental and Visiion
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Medicare is designed to provide healthcare services like coverage for doctor visits and hospital stays, not dental and vision services. Those on Medicare might want to look at purchasing an individual vision or dental plan. Medicare beneficiaries who are still employed should look into the dental and vision plans offered by their employers
Prescription Drug Coverage
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Traditional Medicare does not cover the cost of prescription drugs, and that is one of the reasons Congress passed the Medicare Part D program. Part D is a special supplement seniors can buy to cover the cost of their prescriptions. Prescription costs can be quite high for some senior citizens, especially those with ongoing chronic health conditions. Each state offers its own slate of Medicare Part D programs, and seniors can shop around for the best coverage and the lowest price during the annual open enrollment period. Seniors can learn more about their Part D options by visiting the Medicare website.
Long-term Care
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Medicare does not cover the long-term cost of nursing home care, so senior citizens should consider long -term care insurance as a supplement to their government benefits. The cost of these long-term care policies varies, but it is generally cheaper to buy them when you are younger. The older you are when you first enroll in the policy, the more you can expect to pay.
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