Retirement should be a time we look forward to, relaxing on the porch instead of punching a clock. But health care coverage is a genuine concern and you’ll want to make sure you have what you need to enjoy your golden years.
When nearing 65, there are decisions you’ll need to consider when it comes to your health care. If you or your spouse has been working for at least ten years, chances are you’ll receive your Part A Medicare at little to no cost.
However, that is not the case for Medicare Part B, Part C, Part D, and Medigap supplemental insurance. Perhaps your current health insurance features some great benefits that both you and your spouse enjoy, negating the need for what those Medicare plans offer.
If you and your spouse decide to retire and one of you isn’t eligible for Medicare coverage, you’ll need to figure out the best option for coverage because that spouse will no longer have employer-based insurance. Going through private insurance companies or COBRA can be spendy at this age.
Medicare Options
As your 65th birthday nears, you have a seven-month period to enroll in Medicare. The three months before your birthday month, your birthday month, and three months after your birthday month. This is known as the Initial Enrollment Period. There are also Special, Annual, and Open Enrollment periods throughout the year.
Medicare comes in four parts, each with different premiums, deductibles, and out-of-pocket costs. Medicare Part A covers hospital stays, skilled nursing facilities, home health care, hospice, and nursing home care. You most likely have been paying into Part A your entire working life, so these costs are relatively low. However, there are deductibles to be aware of.
Part B, which costs a monthly premium, covers medically necessary services, preventative services, and durable medical equipment such as wheelchairs. Together with Part A, this is known as Original Medicare.
Part C, otherwise known as the Medicare Advantage, covers the same services as Original Medicare as well as other health care services not covered by Parts A and B. This may include vision care, dental care, fitness memberships, ADA requirements for the home, or even trips to and from your healthcare provider. Medicare Advantage plans often include prescription drug coverage.
Part D is stand-alone prescription drug coverage offered through private insurance companies approved by Medicare. Beneficiaries are charged a copay for prescription drugs or a percentage of the medication cost from those companies. These prices may change from year to year: For example, recently, the Trump administration capped all monthly insulin costs at $35 (although not all plans participate in this program). Deductibles and the cost of medication may vary depending on how much you spend during the year.
Medicare Supplement plans (Medigap plans) are another option to fill the gaps that Original Medicare doesn’t cover. These plans do not include prescription drug coverage and do not usually include additional benefits. They do however allow the beneficiary to see any provider that accepts Medicare and often there are little to no out-of-pocket expenses once you pay your monthly premium.
Medicare covers many of the costs associated with getting older and maintaining a high quality of life. However, every situation is different. Along with those turning 65 years of age, Medicare also covers people of any age with certain disabilities and those with End-Stage Renal Disease. With so many options, it’s essential to turn to someone who has your best interests in mind.
An Independent Medicare Insurance Agency
VibrantUSA is an independent insurance agency that focuses on Medicare coverage.Since 2003, we’ve made it our priority to have answers to all your questions. We take the time to understand your needs now and what you want for the future.
- Planning on seeing the world? You’ll need to know what Medicare insurance will help with health care overseas or if you have any coverage at all.
- Does the amount of money you made over a lifetime affect costs or what if you haven’t worked the qualifying 40 quarters (around 10 years)?
- Do you enjoy your job and want to continue working?
- Can you skip enrolling in Medicare for a year or two?
It can be difficult finding a doctor or health care professional that accepts Medicare. Certain plans may not even be available in your area or they may not cover doctors or other health care professionals in your town.
We work very closely with a regional network of doctors to make sure we know who does – and doesn’t – work with Medicare to find someone you can work with.
With so many moving parts, it’s essential to have someone in your corner keeping track of legislative changes that seem to happen nearly every year, or knowing when to make changes to your plans.
As an independent insurance agency, we work with more than 30 carriers and offer more than 50 different plans. Because we have so many plans at our disposal, we can find the one that works best for you at the right price. When we choose a plan, we’re working for you, not the carrier.
If you or a loved one is nearing retirement age or has questions about their current Medicare plan, please contact VibrantUSA. It’s our business to understand how Medicare works so we can find personalized plans for individuals. Let us find the right plan for you.
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