Let’s Talk Medicare!

As you approach your 65th birthday, you may have questions about Medicare and what it means for you. The good news is that there are many resources available to help you understand Medicare and make an informed decision.

First, let’s talk about what Medicare is and what it covers.

Medicare is a federal insurance program that provides coverage for people 65 and over, as well as those with certain disabilities under age 65. Medicare is divided into several parts:

• Part A:  Inpatient hospital care, and skilled nursing. Typically costs $0 for most people
• Part B: Outpatient medical care, like doctor visits, preventive care, and diagnostic tests. Medicare pays 80% and you pay 20%. This typically costs you $164.90 a month unless you have a very high or very low income.
• Part D: prescription drugs – You sign up separately

WHEN DO I SIGN UP?

3 Months before you turn 65, the month you turn 65, and 3 months after.

WHAT IF I’M WORKING PAST AGE 65?

You can delay signing up for Medicare IF you get Health insurance from your/spouse’s Employer and ONLY if the employer has OVER 20 employees. Medicare still may offer better coverage and lower costs.

WHERE DO I SIGN UP?

Sign up online at  www.ssa.gov – in person at your local Social Security office or call Social Security @ 800.772.1213

NOW WHAT?

Parts A & B leaves you paying 20% of your medical bills and doesn’t include drug coverage. You can add a Supplement or Advantage Plan to fill in those gaps.

Without it, you could be on the hook for $20,000 for a $100k medical emergency! Yikes!

Medicare Advantage Plan –

These plans take Part A, B & usually  D and roll them into an all-in-one plan that is offered by private insurance companies. Medicare pays these companies to take care of your healthcare.

There are over 50 choices of these plans in the Burlington County area alone!

Supplement Plan

A Supplement Plan does exactly what it says, it supplements the 20% you have to pay yourself. The most common Plans are G or N. These plans become secondary to your Part A & B and are offered by Many private insurance companies.

ADD PART  D – Prescription drug plan. Make sure your drugs are on the formulary!

 

CAN I GET HELP?

As an Independent Local Plan Consultant serving New Jersey and the Philadelphia PA area., I can help you weigh the pros and cons of each option and determine which plan is the best fit for you. We’ll also look at state Extra Help programs you may be eligible for and how to enroll in those too!

There is Never a fee! If you’re approaching 65 and have questions about Medicare or need help finding the right coverage, I encourage you to contact me today!

To schedule your free consultation, call me at 856.452.1272 or email me @ kim@BenefitsNJ.NET     I look forward to hearing from you!