When you reach a certain age in Indiana, you become eligible for the government insurance Medicare. Medicare helps to offset some of your medical expenses to make health care more affordable. Since older individuals tend to require more healthcare than younger people, this system and program helps to ensure you can afford the increasing medical expenses you will likely have as you age. The downside to Medicare is that it does not cover every expense you will have.
CNBC explains there are very specific medical expenses that you will probably have that Medicare will not cover at all, such as hearing aids, vision care and dental care. The insurance also has very strict guidelines and requirements for care to be covered, which could result in uncovered expense surprises.
Medicare has two main parts. Part A covers hospital expenses. This includes stays in the hospital, home health services and nursing services. This provides payment after you pay a deductible. It also has caps on some services, so if your costs exceed the caps, you will pay for the extra expense. Part B is for outpatient care, including doctor visits. It will also pay for medical equipment. You have to pay a monthly premium for this coverage and it also has a deductible.
These basic options do not cover prescriptions at all. You can add that coverage when you first sign up, but you need to make the decision then or you could pay a penalty for adding it later.
While it is helpful to have some coverage, Medicare is usually not enough coverage to handle all your needs, so you may need a supplemental plan to ensure you have full coverage. This information is for education and is not legal advice.
