Insight

Considering basic Medicare with no backup insurance? That could be a costly mistake, experts say

CNBC

June 9, 2019

“If you’re thinking about having basic Medicare without any supplemental coverage, experts have a message for you: Don’t.

With deductibles, copays, coinsurance and — this is a biggie — no out-of-pocket maximum, the program has a variety of costs that make having no backup insurance a huge financial risk.

“All it takes is one big hospital stay and you could be out tens of thousands of dollars,” said certified financial planner Ken Waltzer, co-founder and managing partner of KCS Wealth Advisory in Los Angeles. “Even if you don’t face a big event like that, the smaller ongoing expenses can really add up.”
Read the full article here.