Navigating Medicare
By Tim Greife, Financial Advisor
Although Medicare can be confusing, we are able to provide additional information and can offer a great resource from our professional network. After you receive your “Welcome to Medicare” packet in the mail (and your 65th birthday festivities have come to an end!), it’s time to secure well-rounded and worry-free health insurance coverage.
The ABC and D’s of Medicare
Medicare Part A: For most people, Medicare Part A is automatic. The government will enroll you when you turn 65.
Part A (Hospital Insurance) helps cover:
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Inpatient care in hospitals
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Skilled nursing facility care
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Hospice care
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Home health care
Medicare Part B: Most people enroll in Medicare Part B unless covered under an employer health plan.
Part B (Medical Insurance) helps cover:
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Services from doctors and other health care providers
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Outpatient care
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Home health care
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Durable medical equipment (like wheelchairs, walkers, hospital beds, and other equipment and supplies).
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Many preventive services, like screenings, shots, and yearly wellness visits.
Part B requires a monthly premium usually deducted from your monthly Social Security benefit. It’s quickest and easiest to apply in person at your local social security administration office, but you can also apply by mail or phone.
Medicare Part C: Once enrolled in Medicare Parts A & B, you may wish to consider Medicare Part C, also known as Medicare Advantage Plans. This replaces Medicare Parts A & B and provides similar benefits. Available in most areas of the United States, Medicare Advantage plans offer extra benefits not covered by traditional Medicare. Many of these plans also cover prescription drugs.
Medicare Part D: Medicare Part D is prescription drug coverage and is an optional benefit offered to everyone who has Medicare. It’s important to compare drug coverage with any current prescription plan you may have.
At first glance, standard Medicare coverage looks comprehensive. There are some gaps in coverage that should be understood before you make a selection. It is important to understand and manage health care costs in retirement. We feel that working with a Medicare insurance specialist would be very beneficial to our clients. If you would like a referral to our specialist, Matt Kern, please contact us for an introduction.
We look forward to helping you navigate Medicare. We can provide resources on how to address these gaps and achieve true peace of mind so that high healthcare costs will not be a part of your golden years.