Understanding Medicare

Posted on

Sep 14, 2011

Book/Edition

Florida - Southwest

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Turning 65 can be a monumental time in our lives. Some are excited to retire and relax. Others just cant believe that they are now at retirement age. But either way, dont worry. Its just a part of life. I think the baby boomers are the most shocked. It seems like just yesterday we were driving our kids to school, and then hopping on the Harley to play hooky for a day.
There are many facets to Medicare and you will have several choices to make. This article will help you understand a small part but also give you some very good tools. I can not stress enough how much information the Medicare.gov website has to offer. I urge every one of you to investigate this site and it should answer just about any question you have concerning Medicare.
First of all, once you are eligible you will automatically be enrolled in Medicare Part A. There are some exceptions but this article is meant to be a simple overview. Typically no premiums are paid for Part A yet once again there are some exceptions.. Part A pays for hospitalization, skilled nursing care to a certain point, hospice and limited home health care. However there is a deductible.
Once enrolled in Part A you should then enroll in Part B. Once again, there are some exceptions. Your premium for part B. is $115.40 for 2011. This usually comes out of your SS check. If you are covered under a group plan you may delay enrolling in part B with no penalty. Part B helps cover medically-necessary services like doctors services, outpatient care, home health services, and other medical services. Part B also covers some preventive services. There is also a deductible for Part B.
Now the next decision you will want to consider is whether to purchase a pure Medicare Supplement or utilize a Medicare Advantage plan. There are pros and cons to both programs so it is best to speak to an insurance professional. They can assist in deciding which program fits your particular needs.
The Medicare Supplements are alphabetically categorized as well as standardized. Each lettered plan offers a few different benefits. However the only difference from the plan you choose are the premiums charged by the insurance companies for the exact same coverage. Also, some companies may not offer certain plans.
It sometimes seems a bit overwhelming and it is easy to understand why. There is Medicare Part A, Medicare, Part B, Part C (Medicare Advantage) and Part D (drug benefits). Then if you do choose to purchase a Medicare Supplement you will need to decide which supplement plan you would like such as Plan A, B, C, D, F, G, K, L, M, and N. Wow can we make this any more confusing?.
As mentioned in the beginning, the goal of this article is to give you a general overview. However, there is one piece of information that some folks are not aware exists. There is a High Deductible Plan F. Not all of the insurance companies offer this in Collier or Lee County. The deductible is usually $2000 a year but some companies are offering an incentive for this year and the deductible is $1500. The nice aspect of this plan is the premiums are around $66 per month vs. $185 per month for a regular plan F.
The really fun part comes in when you choose the High Deductible Plan F. Not only do you save money but you are also able to contribute to a reserve fund annuity. You can choose how much you would like to contribute. The money is earning 3% and you can take it out for anything you would like. But is very useful to help off set any co-pays and deductibles encountered with the high deductible plan F.
Medicare.gov is a very informative website. Welcome to Retirement!
Editors Note: This article was written by Linda Jaikes, Jaikes Financial Group, 239-263-9195.

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