You’ve made it to the golden years! Now it’s time to understand the health care choices you have for making these the best years of your life.
ABCs may be easy, but the ABDs of Medicare can seem seriously complex. So let’s take a few minutes to untangle the terminology.
First a few basics:
Medicare is health insurance for people 65 or older and for people under 65 with certain disabilities. Different types of Medicare—Medicare Part A, Part B, Part D, Medicare Advantage and Medicare Supplement—cover specific treatments and procedures.
Next the translation:
Medicare Part A covers inpatient hospital stays, inpatient nursing care, home health care and hospice care. Comes with a standard $1,408 deductible per benefit period, and up to $704 coinsurance per day for hospital stays over 90 days.
Medicare Part B covers medical services like doctor visits, lab tests and preventative care. Requires you to pay for out-of-pocket expenses, including a monthly premium, $198 annual deductible, and usually 20% of total cost of care.
Medicare Part D reduces the cost of prescription drugs – which lowers your overall health care costs.
Medicare Advantage Provides both Part A and B plus helps out with prescription drug, hospital and medical costs.
Medicare Supplement (Medigap) pays for health-related services and medical supplies and covers the gaps not paid for by Medicare ... like copayments and deductibles.
Plus you have more options:
If you don’t feel like Medicare is enough, you can tailor the best plan for you with additional types of coverage.
Out-of-pocket expense coverage pays the additional amount not covered by Medicare for big costs like hospital stays or extended treatment.
Dental insurance pays for covered services when you need them, including preventive care to help you avoid less-than-fun oral problems down the line. Plus, there’s no enrollment period, so you can sign up any time you like. (That's not a hint or anything.)
Vision insurance is the clear choice if you wear glasses or contacts. But annual eye exams can also help you spot problems like cataracts (and even non-vision-related problems like diabetes) before they become serious. There's also no specific enrollment period.
So now you know. You still have choices (A, B, D and beyond!) when you enroll in Medicare.
Our friendly licensed advisors can guide you through the Medicare maze … and help you choose the best plan for you. Give them a call!