What You May Not Know About Insurance for Retirement - The Parts and Costs of Medicare
The parts and costs of Medicare. Medicare has specific parts: Part A is hospital insurance and is free for most people; Part B is medical insurance, and you pay a monthly premium. Both Parts A and B have deductibles, co-pays and other costs for services not fully covered that you may have to pay out of pocket. A few medical expenses you may be responsible for with Medicare include:
- Medicare Part A deductible
- Annual Medicare Part B deductible
- Generally 20 percent of covered Medicare-approved charges in excess of the Part B deductible
- Unassigned Part B claims in excess of the Medicare-approved amount (not to exceed the limiting charges)
Supplemental insurance plans are available to help cover these out-of-pocket expenses.
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