The number one misperception most people have about Medicare is that it covers all of your medical expenses. The truth is, it does not. In fact, without additional insurance, your retirement assets could be exhausted.
Because Medicare does not cover all your medical costs, you may decide to obtain additional protection through supplemental insurance policies. These policies are sold by private companies and are not part of Medicare.
Having the right insurance protection in place can provide you with peace of mind and protect you from high out-of-pocket medical expenses. Having Medicare alone can expose you to many thousands of dollars in out-of-pocket expenses.
You may want to consider insurance coverage for some or all of the following expenses:
- The costs of skilled nursing, assisted living, nursing home and home health care
- The deductibles, coinsurance and exclusions in Medicare coverage
- The additional costs that go along with critical illnesses like the cost of travel and lodging when receiving care away from home
- The cost of final expenses and replacing lost income
For more examples of what is not covered by Medicare, click here to view comprehensive charts that illustrate what Medicare pays for and what you will be financially responsible for.