It is important for you to understand what standard Medicare covers and doesn't cover, so you avoid costly surprises later on. While traditional Medicare covers a good portion of your doctor and hospital bills, you'll still need other insurance, unless you end up qualifying for Medicaid. Medicaid is a federal medical insurance program for people with very low incomes and virtually no assets, which you could end up on if you don't have the proper insurance in the first place. Here's what Medicare doesn't cover:
Medicare offers a prescription drug benefit. Premiums and deductibles vary by plan, and co-payment amounts depend on the amount of your drug costs. Individuals with low income and limited assets will get help paying the premiums and deductible.
Medicare covers some preventive services such as a one-time wellness physical exam upon enrolling in Medicare Part B, mammography, pap smears, diabetes screening test and outpatient self-management, prostate and colorectal cancer screening, bone density measurements, cardiovascular screening blood tests, and vaccines. Some Medicare HMOs and some of the plan options under Medicare Advantage may include additional services such as prescriptions, dental care, and eye care.