Although you or your spouse paid into Medicare through payroll taxes during the years that you worked, it's not a zero-cost system when you turn 65 years old. Many people who retire and get their Medicare benefits for the first time are caught off guard by the out-of-pocket costs with Medicare. In this MedicareWire article, we'll walk you through your costs so you can plan ahead for your retirement years. What is Medicare Cost Sharing? Medicare is a health insurance program with several options. Traditional Medicare, known as Part A and Part B, offers basic coverage for major medical costs. Part C and D are private health plan options. Medicare beneficiaries share costs with the federal government and health plans for their healthcare coverage. Here's a quick look at the shared costs baked into each part: Medicare Part A (hospital coverage): The government pays 80%, and the beneficiary pays 20% co-insurance plus deductibles. Medicare Part B (medical … [Read more...]
7 Ways to Optimize Your Medicare Prescription Drug Plan
If you take regular prescriptions, you already know how expensive it can be. The older we get, the more chronic conditions set in, and our medications get even more expensive. That's why having a prescription drug plan is so important. In this Medicare Wire article, we'll share 7 ways you can optimize your Medicare Part D plans to get more for your money. For people with Medicare health insurance benefits, there are two ways to get prescription drug coverage. You can enroll in Original Medicare and opt for a standalone Medicare Prescription Drug Plan (PDP). The second way is to enroll in a Medicare Advantage plan, known as Part C, that includes prescription drug coverage (most do). 7 Ideas to help you save out-of-pocket expenses: Avoid the late enrollment penalty by opting for prescription drug coverage as soon as you are eligible. Choose the right plan for you. Use the medicare.gov Plan Finder tool which can help you find out which plans are available in your … [Read more...]
What is Long-Term Care Insurance and Why Do I Need It?
You might be healthy now, but chances are you're going to need some help taking care of yourself as you get older. In fact, if you're turning 65-years-old this year you can expect to live another two decades and there's a 52% chance you'll need some type of long-term care services and support at some point. Long term care includes the personal and healthcare services you may need if you are unable to perform daily activities on your own. It includes things like eating, bathing, dressing, transferring, using the bathroom, and taking your medications. You might think that Medicare will cover all of these costs in your senior years. Unfortunately, this isn't the case. Getting older often requires specific types of care that's not considered medically necessary. Without long-term care insurance coverage, millions of seniors find themselves without options to cover the bills, so they turn to Medicaid. For most of us nearing retirement and getting our Medicare benefits for the first … [Read more...]