Neither Part A nor B pays for all of a covered person’s medical costs due to deductibles and co-insurance, which means the covered individual must pay out of pocket. For example, for each inpatient benefit period, a beneficiary will pay a Part A deductible of $1,600 in 2023 for a hospital stay of 1-60 days. Under Part B, a beneficiary must meet this years deductible of $226 and is required to pay 20% of the Medicare- approved amount for most services covered by Part B. Beneficiaries may also be required to pay excess charges up to 15% for services rendered by non-participating Medicare providers. All of these costs can amount to thousands of dollars, draining a beneficiary of his/her life savings, or worse yet, leaving a beneficiary with no means to pay for rising medical costs and expensive prescription drugs.
MEDICARE's out of pocket co-payments, co-insurance and deductibles
FOR THIS REASON, IT IS IMPORTANT TO CONSIDER ADDITIONAL COVERAGE.
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