While Medicare can be a great resource for people with limited means in terms of other insurance coverage, it still isn’t an all inclusive coverage program. Depending upon the type of care you need there may be a yearly limit as to how much assistance you can receive. For example if a person needs physical therapy, part B will only cover up to a certain amount. Up to the limit to the amount Medicare will pay in one year of $1840 the patient will have to cover 20% of the total costs, after that initial amount the patient is required to cover all the costs.
Even if you think that you have enough insurance at the moment, if something happened that required you to get hospitalized you might not have enough coverage through Medicare alone. Yes, there is a limit to the amount Medicare will pay in one year. Drug coverage and inpatient care are subject to limits as well. That means that if you don’t have another form of insurance you could potentially have to pay those costs at out of pocket. Medical expenses can drain retirement savings quickly.
Everybody has heard of at least one company that helps to supplement Medicare, and even if you haven’t they are relatively easy to find. Many actually specialize entirely on helping people solve the problem of a limit to the amount Medicare will pay in one year. Just be careful to ensure that the coverage you get actual fills the gap left by Medicare, not just redundantly covers the same expenses. With a little bit of research you should be able to get a good amount of coverage at a reasonable price.