Medicare
Medicare
You might be doing everything you can now to be a healthy retiree. But, you could still face unexpected medical costs–you never know what could happen in the future. Now, the primary solution to this, Medicare, isn’t exactly an inexpensive undertaking. Additionally, it’s a bit complicated–when should you enroll for Medicare? Which parts will you need? Today, we’ll attempt to walk you through how it works.
The ABCs of Medicare
First off, let's break down its different parts:
- Medicare Part A covers hospital visits (inpatient stays, nursing facilities, et cetera)
- Medicare Part B covers doctor’s visits (outpatient care, medical supplies, preventive services)
- Medicare Part D is for prescriptions, and many recommended shots and vaccines
You may have noticed–we skipped “C.” Part C is a bundle plan, which usually includes hospital, doctor, and prescription coverage, and is sold through private insurers. Part C is also known as a “Medicare Advantage plan,” and may also include other benefits such as dental, vision, and hearing coverage.
When does Medicare become Available to You?
Most people first become eligible for Parts A and B when they turn 65, and sign up then. If you’re already claiming Social Security benefits, there’s no need to sign up, since you’ll automatically be enrolled in Medicare. Or, you’ll have the option to receive coverage when you get disability benefits from the Social Security Administration. If you need Medigap, you should take advantage of the 6-month open enrollment period, which starts the first month you’re enrolled in Part B and are 65 or older. You’ll score better prices, and you’ll still have the opportunity to get a Medigap policy.
Saving For Medicare Expenses When Planning
For Retirement
You should do whatever you can now to help plan for your Medicare costs–they may be one of your biggest expenses in retirement. Thankfully, we can walk you through your options to better understand them, and make the right choices for yourself. Additionally, there are methods we can show you that may help you save up more income for retirement. Reach out to Compass Financial today.
