Personal Finance After 50 For Dummies, 3rd Edition

Chapter 11

Getting the Most Out of Medicare

IN THIS CHAPTER

Surveying the four parts of Medicare coverage

Deciding whether to buy a Medicare supplement policy

Reviewing some sticky coverage situations

Medicare, a government-run medical expense insurance program, is the program used by most Americans ages 65 and older. Fewer and fewer retirees receive coverage through employers or union plans, leaving most seniors without an affordable alternative to Medicare. Medicare (www.medicare.gov) covers most medical services and supplies received in hospitals, doctors’ offices, and in other healthcare settings. The coverage is split among several parts of Medicare, and you may choose which of those parts to use. You also have choices within some of those parts. Medicare doesn’t cover all the medical care a senior needs. Some seniors who have Medicare buy supplemental insurance to fill some of the gaps in Medicare coverage and pay out of pocket for other medical services that aren’t covered.

All the options Medicare offers can make the program confusing, but in this chapter, we sort out the choices and show you how to make the best decisions. To muddy the waters even further, Medicare has ...