Outside the Box: How to find the Medicare plan that’s right for you

Many retirees assume that Medicare will cover all of their health-care costs. But 36% of beneficiaries in traditional Medicare spent at least 20% of their income on out-of-pocket health care costs in 2013, according to a 2018 Kaiser Family Foundation report, citing the latest available data.

That same report projects that by 2030, 42% of traditional Medicare beneficiaries will spend at least 20% of their income on health-related out-of-pocket costs.

Medicare (also known as Traditional Medicare or Original Medicare) comprises Part A (hospital insurance) and Part B (medical insurance). It doesn’t cap annual out-of-pocket spending for medical care and doesn’t cover prescription drug costs (that’s the voluntary Part D).

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