Gottier Investments

860-683-1245

Insurance Read Time: 3 min

Questions to Ask About Medicare

If you are new to Medicare, there are several questions you should consider while approaching or within your Initial Enrollment Period (IEP) or a Special Enrollment Period (SEP). Use this guide to consider your options when preparing to enroll in Medicare or after you have already enrolled.

  1. What are the basics? Medicare is a complex program and can sometimes be confusing. The best place to start when you are new to Medicare is by familiarizing yourself with the differences between it and the health insurance you have now. Learn what makes a person Medicare-eligible, the different parts of Medicare insurance and what those parts cover, times to enroll in Medicare, and how putting off enrollment can result in penalties. These initial steps will help smooth the transition from your current insurance to Medicare once you are eligible.

  2. What are your coverage options? Everyone has different health care needs, meaning the coverage that is right for your friends or family may not be right for you. Will you enroll in Original Medicare or would you prefer a Medicare Advantage Plan that may limit your provider networks or have different costs but that offers additional coverage? If you have current employer insurance, you may decide not to enroll in Medicare until you have retired. If you are already retired, you might find that Original Medicare plus retiree insurance works better for you than Original Medicare plus a Medigap (or vice versa). Find out the full range of your coverage options.

  3. Should you enroll in Part D? While you should make sure you enroll in Part D prescription drug coverage when you become Medicare-eligible (assuming you do not have other creditable drug coverage), there are many Part D options for you to explore. Keep in mind, too, that sometimes retiree insurance offers prescription drug coverage that is as good as or better than Medicare Part D. If that is the case, you might decide not to take Part D because you are already covered. Finally, if you have difficulty affording your drug costs, you may want to consider applying for programs that can help pay these costs.

  4. Are you eligible for programs that help lower Medicare costs? There are several programs for people with low incomes that help pay for Medicare-related costs, such as premiums and copays. Some of these programs are federal while others are state-specific. Find out whether you meet the eligibility requirements and take full advantage.

  5. What resources exist to help you navigate Medicare? Medicare is a complex and beneficial program, and a variety of trusted sources can help you navigate your rights and options. A few are listed here:

    -1-800-MEDICARE
    -Social Security Administration (https://www.ssa.gov/)
    -State Health Insurance Assistance Program (SHIP) (https://www.shiptacenter.org/)
    -Medicare Rights Center (https://www.medicarerights.org/)

© Medicare Rights Center. Used with permission.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

Share |
 

Related Content

Financial Hacks for Millennials: From Side Hustle to Savings

Financial Hacks for Millennials: From Side Hustle to Savings

As of mid-2019, 45 percent of Americans have a side hustle, and that figure is only continuing to grow. In any economy, side gigs can be a great way to earn extra cash or explore new interests.

Creating your stream of guaranteed retirement income

Creating your stream of guaranteed retirement income

Your life doesn't stop when your career does. The one thing you don't want to stop, is your paycheck.

The Three Keys to a Great Password

The Three Keys to a Great Password

Have fun and learn how to craft the perfect password with the help of this highly engaging infographic.

 

Have A Question About This Topic?







Thank you! Oops!

The (Other) Talk: Preparing Your Parents for Retirement

For much of our lives, our parents are the ones who have to bring up uncomfortable topics. (Just think back — and squirm — to their birds and bees talk. Awkward, right?) But once we become adults, sometimes it’s our turn to start sensitive conversations.

Layers of Protection

Take these five steps to protect your financial well-being before making any other changes.

Uncommon Knowledge for Your Life

See how The Living Balance Sheet® can help you tell financial fact from fiction, so you can achieve financial balance.

View all articles

Interested in a Fuel Efficient Car?

Estimate how many months it may take to recover the out-of-pocket costs when buying a more efficient vehicle.

Assess Your Life Insurance Needs

This calculator estimates how much life insurance you would need to meet your family's needs if you were to die prematurely.

Estimate Your RMD

Help determine the required minimum distribution from an IRA or other qualified retirement plan.

View all calculators

An Inside Look at Retirement Living

A number of questions and concerns need to be addressed to help you better prepare for retirement living.

5 Smart Investing Principles

Principles that can help create a portfolio designed to pursue investment goals.

Your Cash Flow Statement

A presentation about managing money: using it, saving it, and even getting credit.

View all presentations

Surprise! You’ve Got Money!

Here’s a quick guide to checking to see if you have unclaimed money.

18 Years’ Worth of Days

The average retirement lasts for 18 years, with many lasting even longer. Will you fill your post-retirement days with purpose?

The Rule of 72

Do you know how long it may take for your investments to double in value? The Rule of 72 is a quick way to figure it out.

View all videos