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EVERYONE TURNING 65 NEEDS TO KNOW...
Nearing age 65? What you need to know about Medicare
Nearing age 65? What you need to know about Medicare
- If you don’t sign up for Medicare when first eligible and don’t have qualifying coverage elsewhere, you’ll pay life-long penalties for enrolling late.
- Medicare doesn’t cover everything, which means preparing for those gaps in coverage.
- Medicare is not a one size fits all program and there are many options to explore, don't get overwhelmed or be afraid to get professional help.
PART A
If you’re getting close to celebrating your 65th birthday, it’s time to review how Medicare will fit into your life.
Whether you’re still working or not, it’s best to make sure you understand the rules for signing up instead of making assumptions that could cost you down the road.
If you don’t enroll and don’t have [qualifying] coverage from an employer, you could end up getting late-enrollment penalties that stick with you for the rest of your life. The first thing you need to find out is if you need to enroll, once you have established the need for enrolling in Medicare the best way to enroll is online at https://www.ssa.gov/onlineservices/ there you can click on apply for Medicare benefits, to do this you will need to create an account which you should do anyway to keep track of your social security benefits. You can enroll in person at your local social security office or call the office if you are unable to get to one toll-free at 1-800-772-1213.
The Cost
Medicare is not free, Far from it, actually. And, there’s no out-of-pocket maximum.
As long as you have at least a 10-year work history, you pay no premiums for Medicare Part A, which covers hospital stays, skilled nursing, hospice and some home health services. However, it has a deductible of $1,556.00 per benefit period, along with some caps on benefits.
Part B
This covers outpatient care and medical supplies — has a standard monthly premium of $170.10 this year, although higher earners can pay more. It also comes with a $233 deductible (for 2022). After it’s met, you typically pay 20 percent of covered services.
Medicare coverage availability goes by zip code which can can confuse a lot of people. Quite often you may know someone that has a plan in another county or state with different benefits or rates depending on what type of coverage you're comparing. So if you ever watch an of the TV commercials you might see that plans are offering $0 premium coverage and lots of extra benefits that are not covered by original Medicare such as dental, vision, hearing, gym memberships and more. While there are plans that offer those benefits the commercial leaves out the fact that very people will qualify for all those benefits based on where they live and the fact that some of those benefits are only offered through Medicaid, so you will need to have both Medicare and Medicaid and live in the proper county to qualify for all those benefits.
For most people coming off Obama care programs or small employer plans Medicare is fantastic coverage and will save money and provide extra benefits. Most counties have a wide variety of Medicare advantage plans to offer as well as the 10 standardized Medigap along with 19-part D drug plans offered throughout New York state.
So make sure you consider what's really important to you when it comes to medical coverage, things to consider
- Do you have ongoing health issues?
- Does the plan you're looking at cover all your doctors or choice of hospitals?
- Would you mind getting referrals to see specialist?
- Which company will cover your monthly RX the most affordable?
- What is your budget?
- Do you like to travel?
There are so many factors to consider when choosing a Medicare plan and while there is no hands down best plan on the market, there is the right plan for you, based on your needs and budget. Take your time⏰ and answer these simple questions and make sure you supply your email, so I can send you the (2022 Medicare & You Guide).
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