26. Medicare Part B Coverage

medicare-part-bDoctor visits, some outpatient costs like physical therap, and some medical equipment are covered by Medicare Part B. In addition, some preventative healthcare costs such as colon and prostrate screenings are covered, as well as diabetes testing.

27. Medicare Part A Coverage

medicare-part-aMedicare Part A covers you if you should find yourself hospitalized. If you have paid into the Social Security pool for at least 10 years, the coverage requires no premiums to be paid.  There are a few gaps in Part A that you can close with a Medicare supplement plan G or plan F policy.

28. Be Careful Not To Purchase Too Much Coverage

obamacareUnder the Affordable Care Act (Obamacare), beneficiaries are already entitled to annual exams and recommended preventative healthcare screenings without co-pays or deductibles. The drug coverage Medicare Donut Hole is also shrinking.

29. The Medicare Donut Hole

medicare drug coverageThe Medicare Donut Hole refers to out of pocket costs for beneficiaries on prescription drug coverage. Until 2010, beneficiaries were required to pay 100 percent of their annual drug costs between $2,700 and $4,350 each year. After $4350, their prescription coverage would kick in again. With Obamacare going into effect, in 2013 participants pay 52.5 percent of brand name medications and 79 percent of the cost of generic drugs. The donut hole now is between $2,970 and $4750.

30. If You Own A Medicare Advantage Plan, You Cannot Also Own A Medigap Policy

medicare advantageThe Medicare Advantage plan combines traditional Medicare and Medigap coverages. While providing the same coverage as traditional Medicare, a Medicare Advantage plan usually adds in drug coverage and other benefits such as hearing aids or medical equipment like diabetes test kits.