New to Medicare?
Get started by familiarizing yourself with Medicare and don’t be afraid to ask for help. If you are eligible, your initial enrollment period will begin 3 months prior to the month of your 65th birthday and ends 3 months after turning 65. I would recommend learning the terms Medigap and Advantage.
Next you will need to decide if you want to retire soon or continue working beyond 65. Many seniors new to Medicare continue to work because they enjoy the job, while others continue because they need the money. Some folks just like socializing with their coworkers. The most common reason for retirement is due to health reasons. Setting up your healthcare coverage is an essential part of your retirement planning.
HOW TO NAVIGATE THE ALPHABET SOUP CALLED MEDICARE?
Part A
Medicare Part A helps cover your inpatient care in hospitals, critical access hospitals, and skilled nursing facilities (not custodial or long-term care). It also helps cover hospice care and some home health care.
Part B
Medicare Part B helps cover medical services like doctors’ services, outpatient care, and other medical services that Part A doesn’t cover. Part B is optional. Part B helps pay for covered medical services and items when they are medically necessary.
Part C
A Medicare Advantage Plan (like an HMO or PPO) is another Medicare health plan choice you may have as part of Medicare. Medicare Advantage Plans, sometimes called “Part C” or “MA Plans,” are offered by private companies approved by Medicare. It also helps cover hospice care and some home health care
Part D
Medicare Part D, the prescription drug benefit, is the part of Medicare that covers most outpatient prescription drugs. Those enrolled in Original Medicare or as part of your Medicare Advantage Plan.
Why choose a Medigap Plan?
Medigap is Medicare Supplement insurance that helps fill in the “gaps” in Original Medicare, providing financial protection and peace of mind. These plans cover out-of-pocket costs like copayments, coinsurance, and deductibles, making healthcare more predictable and affordable.
- Start planning your social security benefits claim.
- Consider getting a long-term care insurance policy
- Set up a “Living Will” for your healthcare choices
- Put a Power of Attorney in place for your finances
