Your Guide to Medicare

Negotiating the web for information about Medicare and policies that go with it can be complicated. I have condensed and simplified the information to make it easier for you to understand. Check in with your Social Security Office several months before you plan to retire to avoid increases in premiums and to avoid any penalties. Understand Medicare and get the most from your Social Security.

Your Guide to Medicare

Medicare does not cover all medical expenses. Retirees must navigate the Medicare maze and choose among competing Medigap insurance plans to cover the 20 percent that Medicare does not cover. Then comes the plan D coverage for prescription medications. All plans do not cover all medications. You must study prescription medication coverage carefully and choose the insurance plan that covers most of your medications. You will still pay partially for all your medications and in full for others. You should have Medicare coverage, Medigap insurance and your prescription Plan D coverage. Prices and coverage will be different with each insurance company, so look them over carefully, and choose wisely.

It’s still a good deal for seniors because as we age we have more ailments, more expensive tests, more expensive medications, and more hospital stays. It is in your best interest to sign up for all three insurances. It will add up to a tidy sum but will save money in the long run if you have health problems.

Medicare beneficiaries may sign up during a seven month period beginning three months before their 65th birthday. Apply early to avoid Medicare part B premium increases of 10 percent for each 12 month period you delay enrollment. Seniors who are still employed and covered by a group health plan after age 65 should enroll within eight months of leaving their jobs to prevent the penalty.

If you buy a Medigap policy within six months of signing up for Medicare Part B, insurance companies cannot refuse to sell you a policy or charge more because of health problems. Medigap policies, labeled A through L by the government, all have specific benefits so you can shop around based on price and coverage.

You are not required to buy a Medigap policy or Plan D prescription policy but your expenses can eat you up if you do not. Out of pocket expenses can add up fast if you have a major health problem. According to calculations by the Employee Research Institute, a couple both 65 will need $210,000 to have a fifty percent chance of affording their retirement medical needs. That is supposing they have all three policies.

Medicare does not pay for eye exams, glasses, dental care,hearing aids, home nursing, and only for a limited time in a nursing facility.