Educational

Turning 65? Key Medicare Questions To ask

There is a key Medicare questions that you want to ask as you get closer to 65. Each one of us has different circumstances as we approach 65. Are you still working at 65? Are you retiring? Will your work continue to cover you health insurance? If so, how does this work with Medicare? It can be a big undertaking trying to tackle it all at once.

Take each section piece by piece. You’ll start to see and understand the workings of Medicare and how it affects you.

PaRT D EXPLAINED

In Medicare, plan types are often referred to by just one letter. At first, this can be confusing wondering what each letter means, what ones you need to have, and what they individually do.

A common one that comes up and is an important aspect is Medicare Part D.

Part D, which is your prescription drug coverage, can be a standalone plan or be part of a Medicare Advantage plan. Depending what prescriptions you take, what pharmacy you like to go to, can impact which plan makes the most sense for your needs.

You’ve also most likely heard of the Part D penalty by now.

Find out what it is, how to avoid it along with the options that come alongside it.

Original Medicare - Part A & B Explained

Medicare Part A & B are at times referred to as “Original Medicare”. Both are key components or pillars to your Medicare plan. If you’re thinking about going on a Medicare Advantage plan or a Supplement Plan, you need both Part A & B.

Most individuals are officially eligible for Medicare at the age of 65. Part A is for hospitals and Part B is for your outpatient Dr visits.

Not all individuals eligible for Medicare want to enroll in Part B. Depending if you’re still working and you have credible coverage from your employer, you may want to do what’s called deferring Part B.

Medicare Advantage Plans Explained | Part C

What is a Medicare Advantage plan? They are also referred to as a MA, MAPD or Part C.

Learn what it is and how it works is important when making decisions for your Medicare planning. Both Medicare Part A & B are required in order to signup for a Part C plan.

They are offered by private insurance companies and work like traditional health insurance. Meaning, there are co-pays, deductibles and coinsurance.

Like traditional health insurance, two of the main forms they come in are a PPO and HMO plan. When making Medicare decisions for yourself, understanding MAPD's is a vital part.