Medicare is good insurance but it does not cover all the expenses if you are hospitalized or need to go to a doctor. It is better than many plans available and good by itself. However if you get health care you will probably have a portion of the bill left to pay after Medicare pays what it owes. There are two sides of Medicare which are labeled part A and part B. Part A pays the bills if you are hospitalized and part B handles any doctor office visits that you might have. While you will not have to pay much you will have to pay some if you do not have a supplemental plan.
These rates are current for 2012. If you are hospitalized on Medicare without a supplement, you will have to pay a deductible of $1,156 for the first 60 days in a hospital. You will owe $289/day for days 61-90 in a hospital, and $578/day for days 91-150. After that point you will be responsible for all expenses if you do not have a supplemental plan. For doctors visits you will be required to pay an annual deductible of $140/year until Medicare pays 80% of your bill. You will have to pay 20% of the doctor's bill without a limit if you do not have a supplement.
There are a couple of options for senior citizens to choose from. They can choose to go with a traditional supplement which will pay everything that Medicare does not pay. These plans will cost an extra amount each month and may not be affordable to some people. However if you have a medical expense you will not have to pay anything extra to either the doctor or the hospital. Essentially with this supplement you go anywhere you want to and don't pay a copayment, deductible, or a coinsurance amount. You focus on getting well and the insurance will take care of everything.
The other option for senior citizens is the Medicare Advantage type of programs. These programs are good because they include extra benefits and they do not cost any more than you currently pay for part B. With the Advantage plans you can go to doctors in a network and pay a copayment. The problem is that you do have to go to a network of doctors or you don't have any coverage. But for people on a tight budget this program can be good. It also includes the part D or prescription drug benefit at no extra charge.
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