Medicare offers essential health care coverage at 65, but beneficiaries must consider out-of-pocket expenses that include deductibles and cost-sharing. Traditional Medicare lacks a built-in annual spending cap, making supplemental insurance like Medigap critical for many. Conversely, Medicare Advantage plans include out-of-pocket limits, yet these may still reach high amounts. The choice between traditional Medicare and Advantage involves more than just costs—factors such as provider access and extra benefits must also be weighed. The recent Inflation Reduction Act caps out-of-pocket drug spending, offering some financial relief.
When serious medical conditions arise, out-of-pocket costs can be a significant financial hit or make it difficult to afford care altogether.
Medicare Advantage plans come with out-of-pocket limits but they can be high, ranging from roughly $5,000 to $9,000 annually depending on the services you use.
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