It is never a good idea to assume anything as we have all been told, and there can indeed be consequences that go along with making false assumptions. This is something that can enter into the realm of retirement planning.
Everyone who works pays into the Social Security and Medicare programs. As a result there are those who assume that these programs will provide them with a comfortable retirement. In truth, Social Security payouts are quite limited and Medicare does not pay for everything in full for free.
There are indeed out-of-pocket expenses that must be paid even if you are eligible for Medicare. Medicare Part A will pay for inpatient care in its entirety, but there is a deductible that stands at $1,156 in 2012.
Medicare Part B pays for visits to doctors and outpatient care, but there is a monthly premium that must be paid. The amount of your premium will depend on your income, with the lowest possible payment being $99.90 per month and the maximum standing at $319.70 as of this writing.
Medicare Part D is a prescription drug plan and it comes with a cost as well. You must pay a monthly premium that graduates upward commensurate with your income.
The best way to go forward if you are serious about preparing yourself for the future is to make no assumptions and get all of the facts directly from a licensed and experienced Indianapolis elder law attorney. Once you understand your options your lawyer will assist you as you devise a cogent plan that leads to a comfortable and financially secure retirement.
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