Medicare
There is a massive amount of information available on Medicare and its components, all of which can be confusing. The choices you make when first starting Medicare are critical and the wrong choice may even be irreversible. You will have a 7 month window to sign up for Medicare which is 3 months before your 65th birthday - your birth month - and the following 3 months. The basics of original Medicare are: Part A which covers inpatient hospitalization, skilled nursing, nursing home care, home health care all on a limited basis and also hospice care. Part B which covers doctor visits, preventative care and outpatient type procedures along with certain medications. Part A is typically free and part B has a premium which adjusts annually. It is important to note that Part A and B have deductibles and copays. Part B has a 20% copay with NO CAP which means that you will be responsible for 20% of ALL charges for treatments and procedures from your doctor or specialist. Part D covers prescription drugs and is not provided by original Medicare. It must be purchased through a private insurance company. If you delay taking a part D plan and go more than 63 days without creditable coverage you will be assessed a penalty of 1% of monthly premiums for every month you delay. There is also a penalty if you don't take part B within a 8 month period of your work coverage ending or you retire. The cost is the same whether you dial a 1-800 number or get it from a licensed local agent who can analyze your needs and tailor a plan which will fit your needs and budget. It would be our pleasure to guide you through this very important process!!
Advantage Plans
You can add a Part C or "Advantage" plan which is offered through private insurance companies and will combine Part A and B with most plans also covering part D. These plans have deductibles and copays but will have a max out of pocket that you pay per year. These plans also offer things that original Medicare doesn't cover such as: dental, vision, hearing, over the counter medications, health club memberships and more.
Veteran plans
There are also plans tailored to veterans so you can have coverage for doctor visits, treatments and medication separate from the VA and closer to home. These plans also have generous extra benefits like dental, hearing care, monthly credit for over the counter items and part B monthly premium refund, along with health club memberships, and more!
Dual needs plan
If you qualify for Medicaid along with Medicare you have an opportunity to receive extra coverage for your prescriptions, rides to and from the doctor, dental visits, vision care, hearing care, health club memberships, and a monthly credit to help pay for over the counter items, healthy food, even paying for your utility bills!
Special needs plan
Special needs plans have many of the above benefits but are designed to help with the unique care that is required due to a major health issue such as diabetes or a heart condition. Because of all the adds and hype out there saying "our plan is better than the rest" makes it essential to work with a local expert that can analyze your needs and wants to find the best fit for you. It would be our pleasure to guide you through that journey!
Supplement Plan
Another option is a supplement or "Medigap" plan which will pick up most if not all charges that original Medicare doesn't cover. In addition you would have to add a separate part D plan. The coverage provided by any of these plans vary by where you live and the options you choose. The covered Medicare charges are the same between all companies and is regulated by Medicare so cost is the deciding factor. with that being said the history of price increases plays into the total cost going forward because a good deal today won't be a good deal if price increases put it out of reach in the future. All of these factors are why the guidance of a licensed agent that understands your individual needs is critical in making that decision