Looking into Medicare? Here’s What You Need to Know Before You Buy
The Pros and Cons of Medicare: Is It Worth Your Money?
Medicare is a great investment for many people, but is it right for you? Learn the pros and cons of medicare and decide if it’s right for you.
About 58 million Americans enrolled in Medicare. Are you one of them? Maybe you’ve been considering enrolling in Medicare coverages.
But, aren’t sure if these healthcare coverages are your best option. For many people, Medicare is a great investment and their best option. Want to learn if Medicare is the right call for you?
We’ve got you covered. We’ll tell you all about the pros and cons of Medicare and why you should consider these coverages. Keep reading to put your healthcare worries to rest.
Pros and Cons of Medicare: Is It the Right Coverage for You?
Understanding your healthcare coverage is the first step to get the best health insurance and take care of yourself. You may think Medicare coverage isn’t right for you but, it may be your best option to improve your current health insurance.
Not sure why you should consider getting Medicare? Here are the top pros and cons to help you decide if Medicare coverages are right for you.
Pro #1: Medicare Can Help You Afford Healthcare Coverage.
While the Affordable Care Act helped make health insurance accessible, most Americans can’t afford coverage. Medicare helps many older adults and younger Americans with disabilities afford health insurance coverage. Without Medicare coverage as an option, these patients would’ve to pay insane amounts of money out of their pocket for their medical costs.
Pro #2: You Don’t Have to Get Rid of Your Current Health Insurance Coverage.
You may think that getting Medicare coverages means that you can’t keep your current health insurance. But, that’s far from the truth. Medicare Advantage allows you to improve your current coverage and only add certain parts of Medicare.
This type of insurance is like Medicare on steroids because it provides comprehensive coverage. While you must meet certain requirements, you can pick and choose between Medicare Part C and D.
Most of the time, the first provides Medicare Part A, B, and D coverage with the option to add extra services. While the latter offers prescription cost coverage and protects you from high prescription costs in the future.
Con #1: Poor Health Can Cost You a Lot More.
While Medicare can help lower your health-related costs, experts found that Medicare-insured patients with poor health paid 2.5 times more in health costs. Yet, you can lower your out of pocket costs if you take advantage of all the free preventative care benefits of Medicare.
Using these benefits can help you control and even prevent health conditions. If you focus your efforts, you can live a happier and healthier life thanks to your Medicare coverage.
Con #2: You May Still Not Be Able to Afford a Hospital Stay.
Medicare coverage helps lower your health costs. But, you may not be able to afford a hospital stay even if you’re Medicare-insured. Most hospitalizations can cost several thousands of dollars.
Medicare sets rules for their coverage according to the type of stay. If your hospital stay is an observational stay, your Medicare coverage will cover a lot less than for an admission.
The Bottom Line
Learning the pros and cons of Medicare will help you decide if Medicare coverage is right for you. While this healthcare coverage will help you lower your medical costs, it will come down to the type of care you need.
If you’re subject to many observational hospital stays, you might need to consider other options. Still, it’s recommended that you consult a health insurance expert to learn more about your Medicare coverage options and costs.
Want to learn more helpful tips about healthcare? Check out our Healthy Living section for more insightful articles.