Medicare Facts Every
Baby Boomer Should Know
Toni:
I am a confused Baby Boomer who needs to make my Medicare decision in March 2017 when I turn 65. I do not know where to start or what to do?
Can you please help simplify this ordeal? Thanks, Brenda from Spring Branch area.
Brenda:
Don’t feel alone because those who are entering the maze of Medicare are completely stressed with what their Medicare options are because they know that one wrong move can jeopardize their 401K they worked so hard for and is all they have left for their retirement days.
Let’s discuss a few basic facts that every Baby Boomer should know about Medicare:
- Enroll on time: The only way Medicare is automatic for those turning 65 is when one is already receiving their Social Security check. If you are not receiving your Social Security check and not working full time with true company benefits from either you or your spouse’s work, then you will want to enroll in Medicare Parts A and B via online at socialsecurity.gov/medicareonly. Those working full-time with true company benefits or are covered under their spouse’s benefits may want to delay enrolling in Medicare Parts A and B until they finally retire or happen to be laid off from their current employment.
- Learn Medicare’s alphabet soup…Parts A, B, C & D: Medicare Parts A and B cover hospital, medical and provider expenses are referred to as “Original Medicare” and the healthcare professionals refer to it as “Traditional Medicare”. Medicare Part C known as Medicare Advantage plan is another way of receiving your Medicare benefits. Part D is Medicare Prescription Drug plans that can be enrolled as a stand-alone plan with a Medicare Supplement with Original Medicare or bundled in a Medicare Advantage plan.
- Medicare covers a lot: Medicare Part A covers in-patient hospital, skilled nursing facility care, home health and hospice care. Medicare Part B covers physicians’ services, outpatient surgery/services, lab/X-rays, MRIs, durable medical equipment and preventative services, etc.
- Medicare doesn’t cover: Medicare doesn’t cover everything that you want it to cover. Services not covered are vision, hearing or dental expenses as well as Long Term Care and basic at in-home assistance.
- Medicare is NOT free: Medicare covers a lot and there is a cost associated with Medicare Parts A and B. You have been paying tax dollars for Medicare and the premium for Part A is at no cost because you have paid into the tax system if you have worked 10 years or 40 quarters. Medicare Part B has a premium which is means tested depending on how much you have earned for that year. In 2016, an average Medicare beneficiary pays $121.80 each month for Part B premium. Both Medicare Parts A and B have out of pocket expenses that you must meet. 2016 Medicare Part A (hospital) deductible is $1280 not once a year, but is every 60 days or 6 times a year. 2016 Medicare Part B deductible is $166 once a year with Medicare paying 80% of the Medicare approved amount and you paying the remainder 20%.
When one visits, the Toni Says office for a Medicare consultation, we tell them to forget everything they know about their old health insurance plans because Medicare is totally different!
Toni King, author of the new Medicare Survival Guide® on sale at www.tonisays.com. Medicare consultations are available at the Toni Says office or email questions to info@tonisays.com or call 832/519-TONI (8664).
