7 Surprising Benefits Your Medicare Does Not Include
It is important to understand your insurance coverages through Medicare as there are many costs that are not covered under the original plan, which is also known as Part A (hospital insurance) and Part B (medical insurance). Two of the most commonly regarded Medicare insurance companies are Mutual of Omaha Medicare and Aetna Medicare. Many people may opt for Medicare Advantage, which is a private plan that can help fill the gaps in coverage under the basic plan. Whether you are choosing to purchase this coverage or not, here are 7 benefits that are not included in your traditional plan: 1. Prescription drug coverage Prescription medications for outpatients are not covered under the original Medicare plan. You will have to buy a Medicare Part D policy or Medicare Advantage which will cover the costs of medical and drug expenses. 2. Long-term care Medicare does provide coverage for some nursing services but there is no coverage for custodial care, such as bathing, dressing and other daily activities. Long-term care is one of the more expensive parts of retirement with the average cost of a private room in a nursing home being approximately $105,800 according to recent studies. The best option here is to purchase a long-term care insurance in combination with a life insurance policy to cover these costs.