If you are thinking that Medicare is going to cover all of your expenses when you need health care as a senior citizen, you may want to reevaluate your expectations. The fact is that there are expenses that you must pay as a Medicare recipient, and they are significant, especially when you consider how they would erode the typical monthly Social Security benefit.
The Medicare program is broken down into four different parts. There is Medicare Part A, which is the component that is used to address inpatient care. There are no premiums that must be paid if you qualify for the program, but in 2012 there is a per-benefit period deductible of $1,156.
Part B covers your visits to doctors and any outpatient care that you may require. You must pay a monthly premium for this coverage, and the amount that you pay varies depending on your income. The lowest monthly premium is $99.90 per month. Top income earners must pay $319.70 every month for Medicare Part B Coverage.
Part C is alternately known as the Medicare Advantage Plan. This entails paying a Medicare approved private insurer to provide you with the services that are typically covered by the first two parts of the program.
Part D, the prescription drug component, also comes with a monthly premium that fluctuates depending on your income level.
To budget for the future intelligently, you must have a realistic understanding of the expenses you will face. The best way to proceed in this regard is to sit down and examine all the details with a seasoned and savvy Campbell CA elder law attorney.
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