Are you new to Medicare or turning 65?

Are you losing group coverage?

Is you doctor no longer accepting your plan?

Are you receiving Medicaid?

Are your supplemental premiums increasing?

Which Medicare plan is right for you?

 

There are a few questions to consider before deciding on your Medicare coverage plan.

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Do they offer...

• Health screenings?

• Hospitalization and emergency room care?

• Prescription drugs?

• Vision and/or Dental care?

• Physical therapy?

• Specialist care?

• Mental health coverage?

• Skilled nursing?

                     

Medicare coverage is only valid in the United States. Once you turn 65 and are collecting Social Security benefits, you must enroll in Medicare part A, which covers hospital costs. Part A is free for most people who have worked at least 10 years to earn the minimum 40 credits required for coverage or who are married to someone who is eligible for Medicare. Once enrolled you can no longer contribute to HSA, although you can continue to take tax-free distributions from your HSA to pay medical expenses. Medicare part B covers outpatient services and doctor's fees. You can sign up  beginning 3 month before your 65th birthday, your birthday month and 3 months after your birthday month. If you miss that window you will pay a delayed enrollment penalty of 10% per year each year you were eligible but did not enroll. Then you can only enroll during general/open enrollment.

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Medicare doesn't cover everything, you will have to pay for certain services Medicare doesn't cover. For the services Medicare does cover you generally have to pay a deductible, coinsurance  or   co-payments. 

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Part C (Medicare Advantage) may cover additional services. It allows you to receive part A & B benefits through a private health insurer that contracts with Medicare. Plans cover hospital, outpatient and often part D under one plan. Some will offer dental, vision and fitness health. AEP (annual enrollment period) begins Oct 15- Dec. 7th. During this time you can join, drop or switch your Medicare Advantage plan. Once enrolled your coverage will start Jan. 1st. 

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Medicare supplement also called Medigap plan can help pay some of the costs that original Medicare doesn't cover like copayments, deductibles and coinsurance.  You must have part A & B to enroll in this plan sold by private companies so you will have to pay a monthly premium for your plan. It covers only one person. Some plans offer additional coverage for health services or supplies while travelling outside of the United States. 

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Hospital Indemnity takes care of your living expenses. It also covers Hospital confinement (with or without surgery), Intensive care unit confinement and Critical care unit confinement. You can also get plans that cover more like ambulance, emergency room, outpatient surgery, outpatient X-rays and laboratory procedures. 

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As you can see this can be very confusing so let's find a plan that's right for you.