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Home » Elder Law » Will Medicare Pay for All of My Medical Expenses?

Will Medicare Pay for All of My Medical Expenses?

September 24, 2014 by John Potter

Will Medicare Pay for All of My Medical Expenses?When you are planning ahead for retirement, you should be aware of what you can expect from the Medicare program. Sometimes people overestimate the capabilities of the program, and this can lead to difficulties late in your life.

To qualify for Medicare, you must accumulate at least 40 retirement credits. You earn retirement credits while you are earning income and paying taxes. Part of what you pay goes toward future Medicare coverage.

During 2014, you earn one retirement credit for every $1200 that you earn. The maximum you can accumulate in a single year is four retirement credits.

At the present time, the age of Medicare eligibility is 65.

There are four parts to Medicare. There is Medicare Part A, and this is the portion of the program that covers hospitalization. Clearly, Medicare Part A is going to be of great assistance if you spend time in a hospital, and there are no monthly premiums to pay.

However, there is a deductible. In 2014, the deductible is $1216 for each benefit period, and there can be co-payments for longer hospital stays.

Medicare Part B pays for visits to doctors and outpatient care. To obtain Medicare Part B coverage, you must pay a monthly premium. The exact amount of the premium that you pay depends on your income level. During the current calendar year, most people pay $104.90 per month. This is typically deducted from your Social Security check.

Medicare Part C allows you to participate in a Medicare Advantage Plan. If you go this route, you pay a private company that has a contract with the Medicare program to take care of your Part A and Part B needs.

Medicare Part D is a prescription drug plan, and you must pay a premium to obtain coverage.

As you can see, there are some significant out-of-pocket expenses that you must pay when you have Medicare coverage.

Long-Term Care Costs

Most of the senior citizens in the country are eventually going to need long-term care. This care is extremely expensive, with the average annual cost for a private room in a nursing home exceeding $90,000. People often spend multiple years receiving long-term care.

The Medicare program will not pay for long-term care costs. It will cover up to 100 days of convalescent care, but it will not pay for custodial care.

This is a very big gap that you should be aware of when you are calculating your retirement budget.

Medicaid

Many seniors who require long-term care seek Medicaid coverage, because Medicaid will pay for long-term care. Though it is a need-based program, you could give assets to your loved ones before you apply.

However, you should plan ahead because your eligibility can be delayed if you give away assets within five years of applying.

Free Elder Law Consultation

If you would like to discuss Medicare, Medicaid, and long-term care with a licensed elder law attorney, contact us through this link to set up a free consultation: Charlotte NC Medicaid Planning.

 

 

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John Potter
John Potter
John Potter is an Estate Planning and Elder Law attorney in the Charlotte, North Carolina, area with offices in Ballantyne and Huntersville. John has been designated as a Certified Elder Law Attorney (CELA) by the National Elder Law Foundation and a Board Certified Specialist in Elder Law by the North Carolina State Bar.

John’s practice focuses on the use of Wills and Living Trusts in Estate Planning to help individuals protect their families and preserve their legacies after their deaths, but his practice also focuses on the critical issues of protecting individuals with dementia or other diminished capacity, assisting individuals in qualifying for Medicaid and other government benefits to offset the costs of long-term care, and providing special needs planning.

John is admitted to practice law in North Carolina, South Carolina, Kentucky, and Ohio, and he is accredited by the Department of Veterans Affairs.
John Potter
Latest posts by John Potter (see all)
  • What You Need to Know about the Medicaid Look-Back Rule - January 3, 2023
  • How to Pass Down Your Legacy in Your Estate Plan - October 3, 2022
  • Practical Steps to Take after Receiving a Terminal Diagnosis - September 30, 2022

Filed Under: Elder Law

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