Medicare
Medicare
You might be making every effort you can to make sure you can retire in good health. However, you might still find yourself having to pay for unforeseen medical expenses. After all, you never know what might happen. Now, Medicare, the main remedy for this, isn’t exactly an affordable endeavor. It’s also a little confusing. When should you apply? Which Medicare parts are you going to need? We’ll try to explain how it operates to you today. First, let’s discuss its different parts.
Learn More About
Types of Medicare
Medicare Part A covers hospital visits (inpatient stays and stays at nursing facilities)
Medicare Part B covers doctor’s visits (outpatient care, medical supplies, and preventive services)
Medicare Part D is for prescriptions, and also covers many recommended shots and vaccines
As you may have noticed, we skipped over Part C. Part C is a bundle plan that often combines hospital, doctor, and prescription care. Also referred to as a “Medicare Advantage plan,” Part C may also include additional benefits such as coverage for vision, dental, and hearing.
When does Medicare Become Available to You?
Most people sign up when they turn 65, which is when they first become eligible for Parts A and B. You won’t need to enroll for Medicare if you’re already taking Social Security payments, because you will be enrolled automatically. Alternatively, you will be able to obtain coverage upon receiving disability benefits from the Social Security Administration. If you need Medigap, take advantage of the 6-month open enrollment period, which begins the first month you’re 65 or older and enrolled in Part B. Better rates will be available to you, and you will still be able to get a Medigap policy.
Saving For Medicare Expenses In Retirement
As one of your largest retirement expenses, Medicare costs should be prepared for as much as possible now. Fortunately, we can guide you through your options so you can make the best decisions for yourself and gain a greater understanding of them. We can also provide you with strategies that can help you increase the amount of money you save for retirement. Contact us today.
