Beware: Medicare Doesn’t Cover Everything

Many retirees get an unpleasant surprise after turning 65 and signing up for Medicare: It doesn't provide complete coverage of health care costs. In fact, there are some very large gaps that can be financially devastating to ordinary Americans. A recent study from Fidelity estimated that the average 65-year-old married couple would need about $280,000 in savings to cover out-of-pocket costs, including Medicare deductibles, copays, prescription drugs, Medicare premiums, dental and vision care. Deductibles and copays Part A Medicare Part A (hospital insurance) still exposes you to the following deductibles, as of 2019: Inpatient hospital deductible: $1,364Daily out-of-pocket hospital costs…

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