Medicare Made Easy?
How many of those people actually understand it? Very few!
In a nutshell, Original Medicare has 2 parts:
Part A is inpatient hospital care and essentially pays for your hospital room. It may cost you a minimum of around $2,000 if you are admitted to the hospital when all hospital charges are accounted for.
Part B is outpatient care and essentially covers 80% of all Medically necessary services. You may be responsible to cover the remaining 20% of those costs. That includes doctor visits, tests, lab work and other office related charges.
What are my financial risks with original Medicare?
That means you pay 20% of all charges whether it is $100 or $100,000 . . . or more ! There is no ceiling with Original Medicare. What does that mean? It means if you have a 100K bill from doctors and hospitals you are responsible for 20% of those bills.
$100,000 in bills? Are you okay paying $20,000?
Do you have that kind of money?