Turning 65 brings access to senior discounts galore, but there is no benefit of senior citizenship quite like Medicare.
The federal program extends subsidized medical insurance primarily to folks age 65 and older. But, while Medicare coverage comes with numerous freebies, it is hardly free.
Medicare beneficiaries pay into the system via taxes withheld from their paychecks during their working years. Additionally, Medicare coverage is not all-inclusive: Beneficiaries must cover all or part of certain medical expenses.
If you are already on Medicare, you already know that — perhaps painfully well. But the costs associated with coverage can come as a surprise to folks who have yet to sign up for Medicare.
So, below is a look at some of the most expensive, most common and most surprising health care costs that Medicare does not cover.
Good to know: Your out-of-pocket costs under Medicare will vary depending on your coverage type. When enrolling in Medicare, you’ll choose between two main types of Medicare:
- Original Medicare plans, which are offered directly by the federal government’s Medicare program
- Medicare Advantage plans, which are offered by private insurers that are approved by the Medicare program
Medicare Advantage plans must cover all the same services that Original Medicare covers. Some Medicare Advantage plans cover other expenses, too. So, as you read on, remember that some costs may not apply with certain Medicare Advantage plans.