Medicare Basics #19
What does Medicare cover? What is Medicare part A? What is Medicare part B? Is there a Medicare X, Y, and Z too? While these programs are designed to help people, the truth is, they are often viewed as this crazy and complex web of governmental agencies. I hate seeing hard-working men and women like you spin their wheels trying to untangle this wild web.
As a follow-up to last week’s episode, I wanted to take some time to help you understand how Medicare works, and what you need to do to make it work for you. I don’t pretend to have all the answers but I do know how to get you pointed in the right direction with tools you can use to make the best decision for you and your family. Make sure you have pen and paper ready for this informative episode, you don’t want to miss it!
You will want to hear this episode if you are interested in...
Planning to work past the age of 65 [1:00]
Understanding the different parts of Medicare [2:20]
How to plan for the costs that Medicare doesn’t cover [4:30]
What is a Medigap plan? [6:15]
How to pick the right plan for you [8:00]
Understanding how the enrolment period works [13:00]
How to switch plans to get the right coverage [16:00]
Closing thoughts [18:00]
Working past the age of 65
Are you ready to enroll in Medicare? First of all, you need to be 65 years of age or older. If you are 65 and you aren’t ready to enroll in Medicare because you are still in the workforce, make sure your employer-provided health insurance exempts you from enrolling in Medicare. If your health insurance doesn’t exempt you - you’ll likely want to enroll in Medicare to avoid paying a penalty based on the amount of time that goes by before you enroll - that’s a permanent increase! Don’t miss this episode as I expand on the topic of Medicare enrollment and so much more!
Medicare parts A - Z
Are there really as many Medicare parts as there are letters in the alphabet? Thankfully, there are just four parts to Medicare today. Which one is the right one for you? Here is a brief review of the four parts of Medicare. There are four parts of Medicare: Part A, Part B, Part C, and Part D.
Part A provides inpatient/hospital coverage.
Part B provides outpatient/medical coverage.
Part C offers an alternate way to receive your Medicare benefits (see below for more information).
Part D provides prescription drug coverage.
It is important to understand your Medicare coverage choices and to pick your coverage carefully. How you choose to get your benefits and who you get them from can affect your out-of-pocket costs and where you can get your care. Learn more about Medicare and navigating your choices by visiting the resources located at the end of this post.
Resources and People Mentioned
www.cms.gov/newsroom/fact-sheets/2021-medicare-parts-b-premiums-and-deductibles
www.medicare.gov/sign-up-change-plans/how-do-i-get-parts-a-b/when-will-my-coverage-start
www.medicare.gov/your-medicare-costs/ways-to-pay-part-a-part-b-premiums/medicare-easy-pay
www.medicare.gov/supplements-other-insurance/how-to-compare-medigap-policies