The Medicare-approved amount is the approved fee Medicare will pay for a medical procedure or service. Knowing this amount may help save your money.

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Out-of-pocket cost: This is the amount a person must pay for care when Medicare does not pay the total amount or offer coverage. Costs can include deductibles, coinsurance, copayments, and premiums.

For example, if you had a $2,500 medical procedure and a no-deductible health insurance plan, you'll only pay part of your bill, and the insurance plan will pay the rest. If you had the same medical ...

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