Medi-care Medi-gap Medi-cine

Here’s a topic for the older crowd, or maybe not so old, if you’re caring for elderly parents. I’ve had this very opportunity, helping guide my Mother through this as she relocated from Home to Assisted living to Skilled Nursing care. Oh, the things you learn!!
First Medicare; that’s a “ slam dunk”…turn 65, enroll in Medicare. For those younger than 65 and already receiving social security (like me), the process couldn’t be easier. The Medicare folks send a letter and Medicare card to you prior to your 65th birthday & automatically enroll you in Part B (the premium to be deducted from your soc sec check.) Just contact your providers …your primary payer is now Medicare. If you intend to wait until after your 65th birthday to receive soc sec benefits, you still must enroll in Medicare by age 65; any later and you’ll face a penalty for the rest of your days. Medicare Part A (hospital) is fully covered with no monthly premium for you, Part B (Drs. ,clinics, labs) comes with a monthly premium (currently $121.80). You can opt out or not enroll in Medicare Part B but watch out….enrolling later can come at a higher cost .
Wait we’re not done yet You still lack adequate Health coverage … as Medicare covers only about 80% of costs, a supplement is needed. These come in 2 basic varieties…Medicare advantage plans and Medigap plans. The advantage plans combine a Part B supplement with a Part D prescription plan….a convenient “all in one“ concept. A Medigap plan, however, is a stand-alone plan, covering the Part B supplement portion only. A separate Part D prescription plan could then be added if desired.
Why the difference ?? Because some people, as retirees, may have a qualified Part B supplement plan or Script plan provided by their previous employment.
Either way, research is necessary. There are many plans available from many providers. First decide what you need, Medicare advantage or Medigap + Part D, then choose two companies and compare what they have to offer. Also, remember, you have the option to change plans each Fall during ‘open enrollment’. The Internet is the best source for this research. Search phrases like Medicare Part B supplement plan providers and Medicare Part D prescription plan providers or company names…you’ve seen them on T.V.
Here’s the last piece…..Medicine! Prescription drugs are almost always a vital part in maintaining good health as we age, and can be quite expensive. When researching a drug plan, some sites are user friendly, some not so much, and, you may find after enrolling, that a drug may be dropped or a Brand name drug not covered (leaving you to pay full price) . Here, a relatively new on-line drug provider, Blinkhealth.com, may be helpful. They advertise a lower cost on most drugs, in particular on drugs not covered by your plan.; a low cost, no premium, addition to your Part D plan when needed. Another tip to keep costs down , would be to have your scripts “Mail order”, usually a 90 day supply mailed direct to your home, resulting in $$$$$$ saved.
In closing, you owe it to yourself to spend some time as retirement nears, to explore what you’ll need, and what your former employer may provide to retirees. So, start your search…a must do!!!!

Cents Maker