What costs am I still responsible for even with Medicare?

Medicare covers a lot, but it doesn't cover everything, and it rarely covers anything at 100 percent.To start, there are premiums. Part B has a monthly premium that most enrollees pay, and if you have a Part D drug plan or a Medigap policy, those have premiums too. These are costs you pay every month regardless of whether you use care.Then there are the costs when you actually receive care. Part A has a deductible per benefit period for hospital stays, not an annual deductible. Part B has an annual deductible, and after that you generally pay 20 percent of the Medicare-approved cost for most services. That 20 percent has no cap under Original Medicare alone, which surprises a lot of people.Prescription drugs have their own cost-sharing through Part D, including deductibles, copays, and coinsurance that vary by the drug tier.Then there's what Medicare simply doesn't cover. Routine dental care, eye exams and glasses, hearing aids, and most care received outside the United States are not covered under Original Medicare. These can become significant expenses as you age.Medigap policies help cover many of the gaps like deductibles and that 20 percent coinsurance. Medicare Advantage plans handle cost-sharing differently, with copays and an annual out-of-pocket maximum. Costs vary by plan and year, so reviewing your specific coverage is always worth doing.

Related Medicare Resources

• Medicare Advantage HMO Plans
• Medicare Advantage PPO Plans
• Medicare Supplement Plan G
• Compare Medicare Plans