Medicare Explained

Medicare is health insurance for individuals that are retired. While it is possible to qualify for Medicare before retirement, many enroll around their 65th birthday. Medicare can save individuals thousands of dollars each year and ensures that they have access to needed medical care. It’s extremely important to have access to quality healthcare during retirement, so Medicare ensures that this is financially possible.

Enrolling in Medicare

Medicare is very clear about enrollment dates. Many individuals are automatically enrolled in Original Medicare around their 65th birthday. They’ll be mailed a packet which will detail their coverage and provide any additional information that they need. Being aware of the information in this packet is incredibly important, as it’ll ensure that you’re able to use your coverage to its full extent and save as much money as possible.

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Types of Medicare policies

There are many different options within Medicare. One of the biggest choices that beneficiaries will need to make is whether to enroll in Original Medicare or Medicare Advantage. While these two options are similar, there are a few key differences worth noting.

Original Medicare coverage is the same for everybody that’s enrolled in it. Beneficiaries do not have the ability to alter their coverage while enrolled in this policy option. Original Medicare consists of Parts A and B and provides a basis for coverage. However, there are some areas of coverage that are not included within Original Medicare. If you’re wanting to have more coverage options, consider Medicare Advantage.

Medicare Advantage is the alternative to Original Medicare and does allow for some degree of flexibility. Beneficiaries can add areas of coverage to their policies that wouldn’t otherwise be available through Medicare Advantage. While there are definitely some pros when it comes to choosing Medicare Advantage, you won’t be able to enroll in Medigap. Keeping all of the different factors in mind is essential when it comes to insurance decisions.

If you are interested in prescription drug coverage, then you should also consider Medicare Part D. This part of Medicare can be included as an added benefit with a Medicare Advantage plan, or bought as a standalone plan with Original Medicare.

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Medigap is supplemental insurance that’s intended to lower Medicare bills. It doesn’t provide access to any additional healthcare services, but will reduce the amount beneficiaires owe when it comes to their out-of-pocket Medicare expenses. There are ten different Medigap policies that are sold through independent insurance agencies. Each policy has been designated a letter and will offer its own unique coverage.

Picking the right Medicare policy

Enrolling in Medicare is incredibly important and can be one of the most beneficial decisions individuals make during retirement. Make sure to research and find which policy option is best for you.

If you’re feeling confused or overwhelmed at the prospect of making the right policy decision, reach out to a retirement specialist today. Our team is here to assist and can provide advice that will benefit you during retirement. You don’t have to make these decisions on your own, so let us know how we can help!

Or give us a call at 816-931-0375