Medicare and your health

What You Need to Know About Medicare

Share This:

Since July is Medicare’s birthday month, there’s no better time to discuss what Medicare is and how it may benefit you. At its core, Medicare is a federal health insurance program for Americans ages 65 and older and younger people with disabilities. Here are some questions and answers regarding Medicare:

What Does Medicare Cover?

Medicare Part A pays for hospital costs while Part B covers doctor visits. Part D offers coverage for prescription drugs. After you enroll in Part A or Part B, you may replace them with Medicare Advantage. This private health insurance plan usually includes Part D and additional perks you won’t find in 0riginal Medicare like dental and vision benefits. 

You may also choose to supplement Medicare Part A or Part B with a Medicare Supplement or Medigap insurance plan. If you select a Medigap plan, Part A and Part B will cover most of your out-of-pocket cost but Medigap will take care of your coinsurance and deductible. 

How Do I Sign Up for Medicare?

If you receive Social Security retirement benefits, you will automatically enroll in Medicare Part A and Part B. If you would like Part D or prescription drug coverage, you’ll have to enroll on your own since it is not automatic enrollment. 

If you don’t receive Social Security benefits but qualify for Medicare, you may enroll online via the Social Security Administration website. You will need to enroll three months before your 65th birthday month, during your birthday month, or three months after your birthday month. 

Keep in mind that if you continue to work or have other healthcare coverage, you do not have to sign up at age 65. 

HEALTHCARE and Retirement Planning

It’s essential to consider your healthcare options in retirement, including Medicare. You will need to determine whether you will use Medicare Part A and Part B or go with an Advantage Plan. If you opt for Part A and Part B, determine if it makes sense for you to invest in Medigap insurance. 

While most people do not pay a premium for Part A, Part B, or Medicare Advantage, Medigap often comes with premiums, copayments, coinsurance, and deductibles that can quickly add up. Understand your options before enrolling in any Medicare plan by evaluating the potential medical costs during your retirement. You may be able to avoid hefty medical expenses that take a toll on your savings by assessing your options and pre-planning.

Consult Your Financial Professional

A financial professional can help you navigate Medicare and design a plan to cover your healthcare expenses in retirement. Contact us today.

Need assistance? Contact us now

© 2024 Trajan® Wealth LLC. Nothing in this blog is intended as investment advice, nor is it an offer to buy or sell any security. Please consult your financial advisor for questions about your personal financial situation. All investments involve risk, including the potential for loss. Trajan Wealth clients and employees may have a position in any of the securities mentioned. Portfolio holdings and other data are subject to change at any time and without notice. Additionally, the above links provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by Trajan Wealth, L.L.C., of any of the products, services or opinions of the corporation or organization or individual. Trajan Wealth, L.L.C., bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. These materials are for informational and educational purposes and are not designed, nor intended, to apply to any person’s individual circumstances. It does not take into account the specific investment objectives, tax and financial condition, or particular needs of any specific person. Please consult with your legal and/or tax advisor before making any tax-related decisions.