Medicare Decisions 101

The first step of your Medicare journey is determing IF & WHEN you are ready to enroll.  There are costs that need to be considered as well as other personal factors that may influcence your decision. 

 Be aware that there is NO PENALTY for delaying Medicare past age 65 IF YOU HAVE COVERAGE FROM YOUR/SPOUSE EMPLOYER AND THAT EMPLOYER IS LARGER THAN 20.

 Some reasons to delay...you or your spouse are still working AND are pleased with your Employer's (or your spouse's) Group Health coverage, you are covering someone on your plan that has no other health insruance option or you are actively contributing to an HSA (Health Savings Account).

That said it is well worth knowing your options and how Medicare compares to your options.  

There is no rule against working and being on Medicare!  Many find that the Medicare options are far less expensive, more comprehensive, or both(!) and allow far greater flexibility allowing you to chose your plan.

 Once you've decided to enroll in Medicare (reach out to us to discuss how) and you've got your Parts A&B from the Federal Government the hard work begins! 

 To make it simple, we break it down to to basic choices, both provided by private Insurance Carriers. 

1. Option #1 - Traditional Medicare - consisting of a Medicare Supplement (Medigap Plan) with a stand-alone Part D Drug Plan

2. Option #2 - Part C - Medicare Advantage Plan

 The breakdowns of these 2 options are below.  This is where all of the confusion and anxiety happens and where we as Medicare Advisors try to make the process as painless as possible to help you choose a plan that is right for you, your budget and your health needs.

 We are agnostic when it comes to which type of plan is "better".  Both have pros & cons and it depends upon your unique situation.  Also, as Medicare plans are all individual in most cases there is NO advantage or need for both spouses to be on the same plan.  This takes getting used to if you have been married for some time.

 Finally, each year Open Enrollment runs from mid-October to the first week in December giving you an opportunity to evaluate how your plan has worked for you this year and determine if another plan, perhaps one that didn't even exist previously, better fits your needs. 

 We have relationships with our clients!  Throughout the year, and definite during Open Enrollment, we are here to help!