MEDICARTE

Turning 65 or retiring soon and over age 65?

Most people sign up for Medicare when first eligible at age 65 either because they no longer are working or don’t have qualifying coverage through a job. 

For those in the age-65-and-older crowd who work for an employer and get qualifying health-care coverage through their job, it can sometimes make sense to delay signing up for the Medicare parts that come with a cost.  But when you retire and your workplace coverage ends, you get eight months to sign up for Part B and two months to get Part D coverage. If you’re considering a Medigap policy, you get a six-month window when you enroll in Part B to secure coverage without undergoing medical underwriting.

Regardless of when you sign up, Part A (hospital coverage) costs nothing. Part B, which covers outpatient care, has a standard monthly premium of $144.60 for 2020. Part D prescription coverage also comes with monthly premiums averaging $47.59. For both Parts B and D premiums, higher-income enrollees pay more.

Social Security: 

For your coverage to start as soon as possible, you have to sign up on-line or at your local Social Security office during one of the 3 months prior to your birthday month. Remember: even if you automatically get Medicare Part A, you’ll still need to manually enroll in Medicare Part B.

You have a 7-month initial enrollment period during which you can sign up for Medicare Part A and Part B without penalty.

There are four different “Parts” to Medicare - A, B, C, and D - plus Medicare Supplement. 

Original Medicare (Part A & Part B): Together, Part A & Part B are the combined health insurance product known as Original Medicare.

Medicare Part A: Covers inpatient hospital care. You must enroll if you receive Social Security and are over the age of 65. Some people call Part A “hospital insurance.”

Medicare Part B: Covers outpatient doctor care. You can apply by contacting your local Social Security office or enrolling on-line. Some people call Part B “medical insurance.”

Part B covers:

With Original Medicare, you’ll still have to pay for prescription drugs, emergency care in foreign countries and you’re also still on the hook for deductibles and co-payments of up 20 percent on Part B costs.  

Supplemental 

Coverage - It’s strongly recommended that you sign up for additional coverage to save money on healthcare costs. Although you can rely on Original Medicare alone, most people with Medicare also join a privately-run supplementary plan.

Medicare 

Supplement 

(Medigap):

Medicare Supplement plans fill the “GAPS” in coverage that you would otherwise be see under Original Medicare.

All plans cover your Part A hospital costs.

Most plans cover your full Part B coinsurance and deductible.

Medicare Part C (Medicare Advantage):

Medicare Advantage plans replace your Original Medicare with healthcare from a familiar insurance company.

These plans are required to cover everything that Original Medicare does. Many plans include prescription drug coverage.

Most importantly, these plans have a $6,700 out-of-pocket. However, you will be tied to the insurance plan’s doctor network.

Medicare Part D (Prescription Drug Plans):

Prescription drug payments generally aren’t covered by Original Medicare.

Medicare Part D plans add prescription drug coverage to your existing Medicare benefits. Many Part C plans are bundled with Part D coverage.

Manassero Insurance Agnecy Inc. is located at 255 New York Ranch Rd A, in Jackson. Call them at (209) 223-2551 or visit www.manasseroinsurance.com