You envisioned retirement on a beach. With all the decisions that you have to make, it feels less like beach sand and more like quicksand. You have all the information that you need in your files.
Dig out your recent medical history, doctor visits, and prescription medications. Assess your age as well. Use your history to consider your best Medicare option.
Part A is free of charge beyond the minimal deductibles. This covers hospital and some outpatient care. Everyone over 65 qualifies for Medicare Part A and B. As of 2021 the out of pockets costs included:
$1,484 in patient deductible cost per 60-day benefit period
$371 per day for 61-90 days in hospital (past the 60 initial stay period)
Going past 90-day hospital visit, you will be charged $742/day
Insurance does not cover beyond day 150.
First 20 days, you are covered with skilled nursing. Beyond day 20, a daily rate will be charged.
Part B comes with a monthly fee. If you enroll is Medicare Part B, you will have deductibles and other out of pocket expenses.
As of 2021 you are charged $148.50 monthly. You may be charged more based on your previous income.
There is a $203 annual deductible that must be paid out first. Past this deductible the charge will be 80/20 with Medicare paying 80% of the expenses.
With Original Medicare, any Medicare doctor will bill Medicare first prior to any supplemental.
There are no annual or lifetime out of pocket maximums.
Medicare supplement coverage plans, also known as Medigap, fill in the gaps for the expenses that original Medicare doesn’t cover. Dependent on your health and chosen policy, you could really benefit from this additional coverage.
To quality, you must first be enrolled in Medicare a and b coverage. Although they come with an additional monthly premium, these supplemental plans will protect you from the cost of high deductibles and unexpected copayments.
Contact our licensed agents today to locate the best Medicare supplemental coverage.
The coverage for Medicare Advantage is associated with Part A and Part B. This coverage might look good initially because it offers little to no monthly fee. However, the coverage is restricted to the network of doctors that cover your area.
Any person who qualifies for Medicare advantage must complete an annual review. If you opt for Medicare Advantage, you must be approved annually. Dependent on your situation and the private insurer, this option will also have potential for price changes every year.
The coverage that you choose will be based off your known health history. What is your recent history of doctor visits, prescriptions, hospital visits? Defining these parameters will better help you decide the coverage that you need.
When making your choice, consider the requirement of paying an initial monthly fee, willingness to pay out of pocket costs and your medical history.
If you need guidance through the decision process, call us today. Our licensed insurance agents can help you find the perfect Medicare strategy to support your health.
The best part? The whole process is 100% free, with no obligation whatsever to enroll!