According to Centers for Medicare & Medicaid Service, Medicare provides health coverage for more than 57 million people, most of them age 65 and older. Those who qualify for it can opt for Medicare coverage provided by the federal government (known as Original Medicare - Parts A and B) and add optional coverage from private insurers to help with out-of-pocket costs. Or they can choose, from private insurers, a Medicare Advantage Plan (Part C) that offers the same Part A and Part B coverage and may also include extra coverage.
Original Medicare consists of Parts A and B. Part A generally covers hospital care and other medical facilities. Part B generally covers Doctor services, outpatient care, medical supplies and preventive care.
It’s important for clients to know that Medicare doesn’t cover everything. For one thing, clients most likely will have to pay a share of costs for care including deductibles and coinsurance, as well as premiums. Unless your circumstances qualify for a rare exception, Medicare generally won’t cover care when you’re traveling beyond U.S. borders.
However it’s important to also know what specific services aren’t covered by Medicare.
Here’s a sample of what isn’t covered:
- Long-term care.
- Most dental care.
- Hearing aids.
- Cosmetic surgery.
Simply letting clients know that Medicare won’t cover everything could start a conversation around how clients and even their adult children can start preparing now for health care costs in their 60s, 70s, and beyond.
Please refer to www.medicare.gov for complete and comprehensive information on Medicare.
Neither Transamerica nor its agents or representatives may provide medical, tax, investment, or legal advice. Anyone to whom this material is promoted, marketed, or recommended should consult with and rely on their own independent tax and legal advisors and financial professional regarding their particular situation and the concepts presented herein.
Transamerica Resources, Inc. is an Aegon company and is affiliated with various companies which include, but are not limited to, insurance companies and broker dealers. Transamerica Resources, Inc. does not offer insurance products or securities. The information provided is for educational purposes only and should not be construed as, medical, insurance, securities, tax, legal or financial advice or guidance. Please consult your personal independent advisors for answers to your specific questions.