Home > Health > Medicare > The Hidden Costs of Medicare The Hidden Costs of Medicare

U.S. News & World Report: October 18, 2013

Experts say that with a little planning and a realistic outlook, seniors on Medicare can minimize their out-of-pocket expenses.

Created in 1965, Medicare was intended to answer growing reports of impoverished seniors languishing or dying because they lacked health insurance. Since then, Medicare has acquired a reputation as the ultimate government entitlement, a system of low-cost, tax-payer subsidized health care provided at the stage in life when retirees need it most.

[READ: What You Need to Know About Medicare Open Enrollment]

But the broad-reaching health care insurance system comes with costs that many seniors — including those already in the plan — don’t see until the bills show up. Those out-of-pocket expenses, according to experts, can range from hundreds of dollars in monthly premiums and office-visit copays to six-figure bills for surgery and hospitalization for things like joint-replacement operations, a procedure common among older Americans.Read More