One benefit many Medicare beneficiaries don't realize they have is an annual limit on how much they'll pay for covered medical services.
Medicare Advantage plans include a Maximum Out-of-Pocket (MOOP).
Once your spending for covered medical services reaches that limit, the plan generally pays 100% of covered Medicare-covered medical expenses for the remainder of the year.
Original Medicare does not include this type of spending limit unless you purchase additional supplemental coverage.
Every Medicare Advantage plan has its own maximum out-of-pocket amount, which is why it's important to compare more than just premiums and extra benefits.
When reviewing a plan, ask questions like:
- What is the annual maximum out-of-pocket?
- What are the hospital copays?
- What are specialist copays?
- Are my doctors in-network?
Knowing your financial protection before a major illness occurs can provide valuable peace of mind.
