If retirement is a part of your plans in the next several years, congratulations—what an exciting time in life! With that in mind, I want to briefly touch base about one aspect of retirement that is often overlooked: Medicare planning.
There is no question that Medicare is complex, but you can make the wisest decisions for your future with the right help and guidance. I’m here to help.
To get started, here are a few FAQs about Medicare planning:
- Isn’t Medicare “automatic” when I turn 65? Why do I need to plan for it?
Medicare and how it works with Medicaid is sometimes confusing to understand. If you are nearing retirement age, it’s smart to have a professional guiding you through the process of obtaining the benefits you deserve.
- What are my Medicare options?
The traditional Medicare plan consists of three parts (A, B, and D), each providing different types of coverage. Medicare Advantage and Medigap provide additional coverage levels that allow recipients to receive care from private service providers.
- When should I begin thinking about Medicare?
Medicare planning is best done well in advance of the need for care, particularly if you have assets valued at over $50,000.
In fact, there are some simple steps you should take six months before you turn 65 to ensure a smooth transition.
- Call the Social Security office to confirm your eligibility for Medicare and ensure you have sufficient work history to qualify for premium-free Part A.
- Consider your potential out-of-pocket expenses on each type of coverage.
- Compare the out-of-pocket maximums on Medicare Advantage plans in your area.
- Converse with your doctors to see if they accept Medicare and participate in any Medicare Advantage plans.
- Will Medicare pay for my assisted-living expenses?
While Medicare will pay for 100% of the cost of care up to twenty days at a skilled nursing facility and approximately 80% of the cost up to eighty more days following an inpatient hospital stay, Medicare will not cover the cost of assisted living.
There is lots more to cover, but it depends on your unique situation. No question or concern is too small. Give me a call—I don’t want you to miss out on the benefits that you need and deserve.