Re�ring or New to Medicare ?
Your Medicare ques�ons answered …
Medicare 101 : Important things to consider
Are you turning 65 or just now re�ring ? Many folks have con�nued working past the age of 65 are now considering re�rement . You might be feeling a li�le overwhelmed with all the informa�on out there . Marke�ng is ge�ng more clever all the �me and it makes you feel like you ’ re not doing something right or you ’ re missing out on something . Remember it ’ s marke�ng . Their job is to reel you in and get you to make that phone call . Here is a quick overview on Medicare .
Original Medicare = Part A & B
These are the only parts that are provided by the Government . If you ’ ve worked your 40 quarters , which equals 10 years , then Part A should be free . Part B has a standard rate of $ 164.90 , but can be higher based on your income . You can check what your Part B premium will be on Medicare . gov . Once you know this number , you will get a be�er idea of what your costs are for re�rement planning . Many people are surprised about this cost and haven ’ t planned well enough . Once you ’ ve enrolled in Medicare Parts A & B , then you can purchase either a Medicare Advantage plan or a Medicare Supplement plan along with a Part D prescrip�on drug plan .
Part C is a Medicare Advantage plan .
Typically these are HMO plans , but some PPO plans have become available over the past few years . The more rural you are , the less available these are . HMO plans are considered Managed Care , where you pick a Primary Care Physician from a network of providers . Once you ’ ve picked your doctor and start using the plan , you have to get referrals to see specialists . If you choose to go out of network , then you won ’ t have any coverage with the HMO ’ s .
With PPO plans , you don ’ t have to pick a primary care physician upon enrolling and you don ’ t need referrals to see specialists . If you use in network doctors , you pay the in-network pricing . If you use out-of-network doctors , you pay quite a bit more , but at least you have freedom to go out of network .
With Medicare Advantage plans , most have deduc�bles and copays as you use the plan . Some�mes there are no copays , such as for Preventa�ve Services , where you don ’ t pay anything . For bigger �cket items , like Inpa�ent Hospital , Outpa�ent Surgery , MRI ’ s , etc ., you typically have larger copays . For smaller cost items , like x-rays and lab work , $ 0 to small copays are normal . Most Advantage plans include a Part D drug plan , so you ’ ll sa�sfy that por�on that Medicare requires that you have .
Medicare Supplements
are not HMO or PPO plans . Supplements are secondary to Medicare . The Supplement can pay your deduc�bles and coinsurance that Medicare doesn ’ t pay . There are various plans but the most popular plans are Plan G and N . These plans do not cover medica�on you pick up at the pharmacy , so you ’ ll need to add a Part D drug plan also . There is a lot more detail that goes into these plans , but this is a good start to compare the differences .
Medicare Webinars !
To learn more details about Medicare , join one of our free webinars . We host them reguarly . Contact us and we ’ ll send you an invite with a link to view . Or , if you would like to schedule a one on one mee�ng , feel free to contact us at : michele @ mcInsuranceservices or 408-848-2271 .
We can help put your mind at ease and our services are always free . If you ’ d like our help , you can email us at : michele @ mcinsuranceservices . com , call our office ( 408-848-2271 ) to schedule a free consulta�on , or use the QR Code to visit our website .
We do not offer every plan available in your area . Any informa�on we provide is limited to those plans we do offer in your area . Please contact Medicare . gov or 1-800-MEDICARE to get informa�on on all of your op�ons .
8 WINTER 2023 gmhTODAY Magazine gmhtoday . com