Happy 65th Birthday
Happy 65th Birthday!! Now you have to enroll in Medicare.
You can go to medicare.gov and spend a couple of hours searching and learning about enrolling in Medicare, it's benefits, and how much it will cost.
Or you can read below a brief summary of when to enroll, cost, benefits, and options to supplement Medicare.
When to enroll in Medicare?
► You will either get automatically enroll in Medicare.
► If you don't get enrolled in Medicare automatically you have to go to the Social Security office near you or go online to enroll or call 800-633-4227 to enroll.
► You have 7 months to enroll in Medicare (3 months before your birthday month, your birthday month you turn 65 years old, and 3 months after your birthday month).
► If you will continue to work and have good medical coverage from your employer, contact us to learn about your situation and determine the best coverage with the least cost option.
How much it will cost to enroll in Medicare?
► Usually Medicare Part A (Hospital coverage) will cost you $0 a month, if you worked 10 years (40 quarters) and paid Medicare tax.
► Part B (Doctor and Medical Services) will usually cost you a minimum of $135.50 a month in 2019.
► Medicare Part A & B only covers 80% and does not cover medications.
If you go to the Hospital with only Medicare ( Part A + B) coverage and your Hospital bill is $100,000. Medicare will pay $80,000 and you are responsible for $20,000.
These out of pocket expenses can quickly add up. That’s where supplemental Medicare coverage plans can help cover the 20% Medicare won't cover.
Options to supplement Medicare (cover the 20% that Medicare does not cover).
Medicare Supplement Plan - A Medicare Supplement plan will cost you extra. Depending on the policy you select (such as Plan F, G, N, or other), you could have coverage that covers 100% the 20% not covered by Medicare or have coverage on your Part A deductible as well as your Part B deductible. Contact us for options and cost in your zip code.
Medicare Advantage Plan - A Medicare Advantage also known as Part C. Once you enroll in this type of coverage, the federal government no longer handles your claims. The Insurance company that you enroll with will handle claims, determine your eligibility for services and give you a list of networked doctors.
Medicare Advantage plans can be appealing, usually most plans cover Medicare Part A (Hospital) + Part B (Medical Services) + Part D (Medications). In addition most Medicare Advantage plans have vision, dental, hearing and other benefits not covered by Medicare and Medicare Supplement plans. Additionally, the low premiums attract many New to Medicare, some plans are $0 a month with reasonable co-pays.
If you have been paying less than $100 a month for medical coverage with low co-pays for medical services and medications the past few years and now think $135.50 a month (minimum for part B) is expensive. Contact us to find out if you qualify for Medicaid. If you qualify for Medicaid, Medicaid will help you pay Part A and/or Part B and other costs.