Financial bankruptcy with medicare?
I am helping someone pick a Medicare plan, who can afford to spend ~10k per year on medical care in the worst-case scenario. A newbie question came up - is it possible to get financially ruined by someone with Medicare plan, and if so, under what cases?
I know Medicare does not cover Nursing home / Assisted living facilities.
Other than that, is there any other large costs one could possibly encounter?
If my understanding is correct, after looking at a variety of Medicare health advantage plans, there is a max out of pocket of ~$3500 for all non-drug charges, and when it comes to drugs, after ~$4500 out of pocket expenses, there are very minimal "catastrophic" drug charges. So, it would seem like, whether you have open heart surgery, prolonged cancer requiring chemo & radiation, stay in hospital for half a year, or any other kind of medical calamity, at most one would pay 3500+4500=8k per year... Am I missing some scenarios? (hmm.. maybe prolonged chemo is not covered actually?) What medical expenses could possibly exceed the above numbers aside from nursing-like facilities?