What the heck is an "out of pocket"?
Had a client call just yesterday
and wondering if a recent hospital stay for her husband was going to
result in them paying their "out of pocket" amount in their Medicare
plan. This plan had a per day co pay and her husband was hospitalized
for 2 days so in this case the co pay amount they are responsible to pay
does go towards the out of pocket but nope they don't "pay the out of
pocket".
Think of it like a maximum liability; it's the most you'd have
to pay in a cal year before the plan picks up the full tab for covered
expenses. Kind of like a safety net- always great to have.
Did you
know traditional Medicare part B has no such out of pocket max? Yikes
you can get into a world of financial trouble with this option!
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