MEDICARE CONTAINS MULTIPLE PARTS
Aug. 21, 2014
Some people are under the impression that things just take care of themselves when you achieve senior citizen status. Social Security will surely be enough to satisfy all of your financial needs and Medicare will cover your health care expenses.
Belief in the above leads a lot of people into a trap. In fact, Social Security payouts are modest at best. This is a figure that will change all the time as people come and go from the program, but according to the Social Security Administration the average monthly Social Security benefit at the beginning of this year was $1230.
You won't be going on too many cruises if this is your only source of income.
As for Medicare, it is not a health care magic wand. There are four parts to Medicare that carry the designations A through D. The first part covers inpatient care, the second outpatient care and visits to physicians, the third involves taking advantage of a subsidy as you pay a private insurer for services, and Part D is a prescription drug program.
There are out-of-pocket costs that go along with these various Medicare components including ongoing monthly premiums and deductibles, so the program is by no means cost-free.
Knowledge is power when you are planning for the future. If you would like to develop a cogent strategy for aging with the benefit of expert advice, don't hesitate to pick up the phone to arrange for a consultation with a licensed and experienced Loma Linda CA elder law attorney.