MAKING SENSE OF MEDICARE

Confused by Medicare? You are not alone. Most Medicare eligible beneficiaries are as well. I have been advising people about Social Security and Medicare for 20 years as an independent advisor. There are many ways to structure your Medicare coverage so making sure you are signing up for the right one is your greatest challenge. Here are a few things you need to know to begin understanding this complex government program.

What is ahead – Soon there will be a tsunami of mail coming to you, most of which is nothing more than companies marketing their products. Compound that with Medicare sending you books of information and you have the perfect storm of too much information and very little guidance. If you are feeling a bit uneasy by all the information, you are not alone.

How Social Security and Medicare work together – First thing to know is Medicare is mandatory if you are receiving SS benefits. Next, understand that Medicare is means tested, meaning the greater your income, the more you will pay in Medicare premiums, both Part B and D premiums. Medicare clearly outlines what constitutes “income”. You will need your Medicare card to enroll. How you do this is a critical step, especially if you continue to work. An appointment with Social Security may be your first best step.

Choices of Coverage – You have two distinct ways to get your Medicare coverage and many options that can be added to your coverage. You need to understand the comparisons and which one is right for you. Taking your time to review this will save you the anxiety later on that you made the right choice. You have a special right to join any Medigap plan offered by any insurance company in your service area and have guaranteed issue within your initial enrollment period.

Enrollment Periods – You have three months before your 65th birthday to enroll in a Medicare Plan and have coverage begin by your birth month. You want to make sure you have all the information you need to make the right decision for you.

Paying For Your Medicare Plan - You can pay for your Medicare Part B Premium one of four ways. If you have started your Social Security benefit, Part B and Part D premiums will be taken from that. Social Security beneficiaries are going to see their benefits slowly diminish over time as these premiums increase.

What is Not Covered By Medicare - Most people have the mistaken idea that Medicare will cover them for Long Term Care only to find out it will not. Long Term Care is a variety of services which help meet both the medical and non-medical needs of people with a chronic illness or disability who cannot care for themselves for long periods of time.  

Pick Up The Phone or Send Me an Email – I have been helping people like you since 1996 to make sense of what can be a very confusing, frustrating decision. My services come to you at no cost so give me a call today at 303-792-7355 or go to the Contact section of this website and send me an email and I will call you at your convenience. I can be of tremendous help to you and your family with your Social Security, Medicare and Long Term Care planning. By planning now, many of your concerns can be avoided. You will be pleasantly surprised at the alternatives you have at your disposal.