How Much Does Medicare Cover On Medical Bills?

Discussion in 'Business and Finance' started by Charlotte, Dec 10, 2011.

  1. I am just retired and qualify for Medicare. Fortunately I have not had to use health benefits yet. However, I understand they only pay around 80% and that it is wise to have a low cost supplement to protect myself from a long term illness. From this website I see Medicare supplement is called Medigap and is government regulated but there are no numbers available. What do most people pay?
  2. About $100.00 per month per person.
  3. We do not have a "supplemental" plan but we do have my husband's insurance coverage from the company from which he retired. So that serves the same purpose. No matter what you call your additional medical coverage, it acts as a fill-in or gap coverage. Here in the US, once you reach that magical age when Medicare is available, you must sign up and use it for your medical costs. Depending on whether or not you are currently working (usually full time) and are covered with medical coverage through your employer, Medicare will be primary or secondary. If you have coverage where you work and are age qualified for Medicare, your employer's coverage is primary. If you are not employed or if your employer's insurance does not cover you and you are age qualified for Medicare, Medicare coverage is primary.

    No matter what "supplemental" coverage you get for yourself, you should definitely make certain that you have prescription drug coverage - either in a supplemental medical plan or a stand-alone prescription plan.

    We have been blessed with excellent coverage and are so thankful for it. I hope you are able to.
  4. Just food for thought.............IF anyone is ex military, you should look into the VA Medical plan and apply. It cost you nothing, and it covers all your meds. You will be surprised.
  5. My husband was in the Air Force during the Korean "conflict." We learned that he actually will have coverage or some funding to help from that service in an assisted living or nursing home facility should the need arise. It also is suppose to extend to a spouse.

    Since we have very good insurance right now, we won't be tapping into the VA provisions. However, it is great to know.

    One of our daughters' husband is an army chaplain and they have absolutely wonderful medical coverage.
  6. Granny...........please make sure that you check carefully on the "nurseing home" situation. I my be wrong, but I do not think the VA covers any nurseing home facilitues. Now it may be different if he is a "disabled War Veteran" and is classified as such. Just do your home work on the VA website to be 100% sure before and or if it is needed.
  7. I suspect you're correct about the VA and nursing homes. Seems I remember a WWI & WWII (served both wars) needing a nursing home and there was no way he could get in one (money, etc.) but somehow he was admitted to a VA hospital to live out his days.

    The coverage I was referencing was something that is little know and it is different from VA coverage. An elder care attorney (and financial advisors whose seminars we have attended) have all mentioned this little known provision. Of course, when the time comes it will be a we'll see situation, I am sure. But I have told our kids to be sure they remember there is "something" out there an to check with the attorney who drafted our wills (and discussed all of this with us) and our financial advisor (who also has referenced this with us).

    Major - thank you for staying on top of this for us and all the advice you render. Much appreciation!

Share This Page