What You Need To Know About Medicare

Read Time / 2 Minutes

Theme / Retirement

If you are turning 65 years-old soon, or if you’ve been celebrating your 65th birthday for many years, then the word Medicare has become part of your vocabulary.  Medicare is a government program providing health insurance that in most cases is only for those ages 65 and older.  But when you turn 65 there are decisions about Medicare you need to make, with the opportunity to alter some of those decisions annually after that. 

The first decision is to enroll.  It’s not really a decision because you must enroll (unless you are already covered by an employer plan), or you will be penalized.  You have a seven-month window to enroll: three months before your 65th birthday, the month of your birthday, and three months after your birthday.

The second decision is to go with Original Medicare (perhaps with a Medicare Supplement) or choose a Medicare Advantage plan.

Original Medicare may be the best choice if you:

·       Utilize many health care services

·       See many specialists

·       Live in two different parts of the country (snowbirds)

·       Have a lot of out-of-network doctors

Medicare Supplement (also called Medigap):

·       Is a supplemental health insurance for enrollees in Original Medicare

·       Includes ten standardized plans

·       Reduces out-of-pocket costs like copays, deductibles, and coinsurance

·       Offers some additional healthcare benefits

Medicare Advantage may be best if you:

·       Use health care providers in the plan’s network

·       Are looking for lower premiums

·       Desire the simplicity of having a single benefit card and a single premium to pay

·       Value the coverage for additional services such as dental care, eye care, and maybe even fitness plans

The third decision is to review your Medicare choices annually to see if there is now a better plan for you.

Choosing a Medicare Plan is a complex decision, as there are many options with tradeoffs in costs and benefits.   At Christian Wealth Management, we recommend working with a Medicare Specialist to choose your plan and to re-evaluate your choice annually.  We have Christian Medicare Specialists to recommend to you, just reach out to us for their contact information.  Proverbs 14:30a teaches us that “A tranquil heart gives life to the flesh.”  Choosing the right Medicare plan will foster a tranquil heart.

Doug Hanson, MBA

Wealth Advisor

208.697.3699

doug@christianwm.com