Category: Medicare

The #1 Reason Why You Should Enroll in Medicare Part A

Posted on August 4, 2017 by - Medicare, Medicare Advantage, Medicare Supplement

The #1 Reason Why You Should Enroll in Medicare Part A

(Even If You’re Still Working)

Whether or not you should sign up for Part B while still actively employed is a little more questionable. I mean, why pay that $134 a month premium if you’re employer plan is doing a fine job at a cheaper price. But Part A is not like that. There are basically no downsides to enrolling once you’ve turned 65. Why, you ask?

Because It’s Free!

Of course, that is neglecting the fact that you’ve paid into social security for about 40 years and—therefore—have earned it. But—wherever you stand on the proverbial “free lunch” debate— this does not change the fact that Medicare Part A has no associated premium. If you are approaching 65 and have paid into Social Security for at least 10 years, there is no reason to delay.

There is only one reason why you would want to opt out of Part A…

Health Savings Accounts

If your have an HSA and wish to continue contributing to it, you may want to delay Part A. Of course, you can still have an HSA. And you can still use it to pay medical expenses. But you cannot put any money into it after you enroll in Medicare. There are some people who do, of course—whether unknowingly or purposefully—but this is not a wise choice. If the IRS audits you, you will be subject to a stiff penalty. According to IRS publication 969, the penalty is 6% of your contribution and its interest until you remove the funds from your HSA.

But other than that, you should definitely enroll in Part A if you are approaching 65. All those years of the government dipping into your earnings have paid off—if only in a small way. There may not be such a thing as a “free lunch”, but there is such a thing as taking advantage of what you’ve so rightfully earned.

We know. Medicare is confusing. Still have questions?  Just contact Seniormark at 937-492-8800 for a free consultation, or sign up for our next workshop!

 

 

A Side-by-Side Comparison of Medicare Advantage and Medicare Supplements

Posted on July 18, 2017 by - Health and wellbeing, Medicare, Medicare Advantage, Medicare Drug Plan, Medicare Supplement, Retirement Planning, Uncategorized

A Side-by-Side Comparison of Medicare Advantage and Medicare Supplements

When it comes to Medicare, you only have two big options. That’s it.

The piles of mail you’ve been receiving from various agents as you approach 65 do not represent hundreds of choices. There are only 2 ways to get your Medicare coverage.

First, I hope you have already signed up for Medicare (If not, hop on over to our blog titled “What Is the Fastest Way to Sign Up For Medicare? to take care of that, then come back and read the rest of this!).

The first way is just to stick with original Medicare—Parts A and B. Then you need what is known as Medicare Supplement Insurance, named as such because it “supplements” Medicare, filling in the gaps of what Medicare doesn’t cover.

The other option, however, is to get a Medicare Advantage Plan. This is an alternative to Original Medicare provided through private insurance companies that have contracted with Medicare. Although you still have to sign up for Parts A and B to be eligible, this replaces Medicare as the primary payer of your claims.

Choosing one or the other comes down to what’s most important to you. You can’t have both! What I am going to do is hold both of these options up to the light, side-by-side, so you can see clearly the strengths and weaknesses of each.

Check it out:

Medicare Supplement

 

PROS  

  1. Minimal Out-of-Pocket Spending

You won’t have much coinsurance or copays with a Supplement. Most of it is covered.

 

  1. Predictability

They are also fairly consistent from year to year. They do creep up in premium (see our blog “Beat the Medicare Supplement Creep”, but they rarely leap! The benefits are guaranteed to stay the same.

 

  1. Out-of-State Coverage

Supplements cover you the same whether you are in your home state or out. Vacation homes? Extensive trips? No big deal. You’re covered.

 

  1. No Networks

You are free to use any doctor or hospital that accepts Medicare without sacrificing your coverage.

 

 

CONS

  1. Higher Premium

An in-the-ballpark average Supplement price is about $110 per month premium. This is higher than most Advantage Plans.

 

  1. No Drug Plan

Drug plans are not built in. You have to get a stand-alone drug plan, which cost an average of $34.10 per month in 2016.

 

Medicare Advantage

 

CONS

  1. High Out-of-Pocket Spending

Advantage plans have more of a pay-as-you-go approach. Higher copays, coinsurance, and unexpected costs are common.

 

  1. Unpredictability

Since Advantage plans are funded by government subsidy, benefits and premium costs tend to vary from year to year as a result.

 

 

 

 

  1. Out-of-State Coverage…Sometimes

Only in the case of emergency will you receive coverage out of your home state. Other than that, you’re on your own.

 

  1. Networks

They have them…networks of preferred hospitals and doctors. If you don’t use those preferred providers, you might have less coverage or—depending on the plan—no coverage at all.

 

PROS

  1. Low to No Premium

The average premium is somewhere around 60 dollars a month. Some are even free!

 

  1. Built-in Drug Plan

The vast majority of Advantage plans include a drug plan. No hassle or extra premium for you!

As you can see, the Medicare Supplement route is more costly, but there are a lot of benefits that give you more peace of mind and—all in all—less hassle.

On the other hand, the Medicare Advantage route is more economic, but it has fewer benefits, leading to unexpected costs and stress.

But both do their jobs. They both limit the potentially high out-of-pocket spending that is left by Medicare alone. Whatever you choose, don’t leave yourself vulnerable. Medicare alone is never a good idea!

Turning 65 soon and not sure what to do? Click here to sign up for our free Medicare workshop. No high-pressure sales pitches here, just in-depth discussion about the ins and outs of Medicare!

Workshops

10 Medicare Terms To Get You Started

Posted on July 12, 2017 by - Health and wellbeing, Medicare, Medicare Advantage, Medicare Drug Plan, Medicare Supplement, Retirement Planning, Uncategorized

10 Medicare Terms To Get You Started

If you’ve ever done research in your life, you know that knowledgeable people sometimes overdo it. They use words that only other life-long Medicare experts would know.

 

And when you ask them to explain, what do they do? Use even bigger and scarier words to describe the ones you didn’t understand in the first place. Our philosophy: Never use a big word, when a singularly un-loquacious and diminutive linguistic expression will do the trick.

 

Over our 19 years of helping retirees, it has served us well. Now we are here to pass our knowledge onto you in words you understand. To get started, here are 10 commonly used terms:

1. Medicare

At the top of the list, I like to kick-it-off with the basics. Medicare is a government-run health care program for those over 65. It is also for younger people with disabilities or kidney failure, but its primary concern is to serve the older generation.

2. Medicaid

This is often confused with Medicare, but they are completely different programs. Although they both serve the same purpose (to provide health insurance), Medicaid is for people with low income. There is a chance that you might be eligible for both programs at the same time.

3. Medicare Beneficiary

This is you. Or if you haven’t signed up yet, it will be you very soon. A Medicare beneficiary is a person enrolled in Medicare, receiving Medicare benefits.

4. Initial Enrollment Period (IEP)

The IEP is made up of 3 parts: the 3 months before you turn 65, your 65th birthday month, and the 3 months after. This 7-month window is the time that most people should sign up for Medicare. If you miss your IEP, it could lead to costly penalties. So pay attention. Like all time, those 7 months will fly by!

5. Part A

Medicare is divided up into 4 parts (A, B, C, and D). And Part A is your inpatient care. It includes nursing care, hospice, and some home health services. But—for the most part—it is coverage for when you are officially checked-in at a hospital.

6. Part B

Part B is exactly the opposite of Part A. It is your outpatient care, including lab tests, medically necessary supplies, and various screenings. To keep simple, Part B is care received while checked-out of the hospital.

7. Original (Traditional) Medicare

This one is simple. Whenever someone refers to original (or traditional) Medicare, they are referring to Parts A and B together.

8. Part C (Medicare Advantage)

Medicare Advantage is an alternative to original Medicare offered through private insurance companies that have contracted with Medicare. In other words, they replace Medicare as your health insurance provider. About 1 in 4 people choose Medicare Advantage, according to the Reader’s Digest. To find out the advantages and disadvantages of Part C, click here.

NOTE: You still have to sign up for Parts A and B to be eligible for Part C.

9. Part D

Part D is your drug plan. It covers your prescription medications. Also offered through private insurance companies, almost everyone signs up for Part D in addition to original Medicare (Parts A and B).

10. Medicare Supplement Insurance

A supplement is fondly nicknamed a “Medigap plan.” It is referred to this way because it “fills in the gaps” of what Medicare Parts A and B doesn’t cover on its own. Without it, you leave yourself quite vulnerable. There is no limit to what you could spend in uncovered health care costs!

That should be enough to get you started on this often-overwhelming journey of Medicare planning. As you continue to learn more and plan your retirement, we are committed to keeping you up-to date and informed…in words you can understand. How did we do? Leave us a comment below to pose any questions or concerns!

 

Turning 65 soon and confused about Medicare? Click here to sign up for our free Medicare workshop. No high-pressure sales pitches here, just in-depth discussion about the ins and outs of Medicare! We put it into words you can understand.

 

Workshops

Attention Retirees: Premiums Shouldn’t Rule Your Healthcare Plan Decisions

Posted on June 13, 2017 by - Medicare, Medicare Drug Plan, Medicare Supplement

Attention Retirees: Premiums Shouldn’t Rule Your Healthcare Plan Decisions

It is easy to do. If you’ve got a tight budget to think about, a drug plan with a low monthly premium is appealing. And if your past is fraught with health scares, it feels more secure to go with a high premium Medicare Supplement for “more comprehensive coverage”.

But you’ve got a lot more to consider when it comes to healthcare decisions: deductibles, coinsurance, copays, and medications, just to name a few. “Tunnel vision” focus on premiums will not help you make a smart decision.

 

Here are two examples why:

 

Lower Does Not Mean Better.

For a drug plan, people get in big trouble choosing a low premium drug plan hastily. Just because your friend or neighbor has an $18 per month drug plan that works for them, doesn’t mean it will work for you.

 

You have to consider your medications. Different drug plans cover medications at varying levels. If you are on an expensive drug and it isn’t on that plan’s formulary, it isn’t covered. If it is on a different tier, it could affect the dollar amount of copays you spend. Saving $10-15 a month on premiums isn’t worth it if you are paying an extra $150 a month on copays, coinsurance, or uncovered drugs. Pay the extra in premium for a drug plan that is right for you. Lower isn’t always better!

 

Higher isn’t always better, either.

I find that perceptions sometimes flip when it comes to Medicare Supplement Insurance. Clients believe that the most expensive and comprehensive plan is right for them, employing “you get what you pay for” logic. This saying is true a lot of times, but not always.

For instance, you can save approximately $20 per month by switching from a plan G to a plan N. The only difference between these two is a couple copays: $20 for office visits and $50 for emergency room visits.

This is where I lose people. They just don’t want the copays. But take a closer look. Is the free doctor and emergency room visits worth the extra $240 a year in premium? If you’re in good health, you probably only go to the doctor a few times a year for a general wellness test. It might save you $200 per year to go with a lesser coverage plan. In this case, it’s not worth it. When you compare the most comprehensive Plan F with G (see our blog “Underrated Plan G” by clicking here), you have another example, and that one is a no-brainer!

Of course, these choices are still up to you and your preferences. All I am asking you to do is not let premiums rule your decisions.

I’ve seen it work. Free thought leads to better value, all the time!

Need help shopping a Medicare Supplement Plan? Call Seniormark at 937-492-8800 for a free consultation!

 

Underrated Plan G Supplement Could Save You Hundreds a Year

Posted on May 24, 2017 by - Medicare, Medicare Supplement, Retirement Planning

Underrated Plan G Supplement Could Save You Hundreds a Year

Plan F is Medicare Supplement’s Cadillac plan. It is the one with the most comprehensive benefits of all 11 plans, reducing potential out-of-pocket spending for health insurance to an all-time low. It covers all Medicare approved expenses including deductibles, coinsurance, skilled nursing, and much more. Talk about a smooth ride! So when my clients are looking for a Medicare Supplement of high quality, that is usually the one they hop into. It is secure. It is hassle-free. And it’s just dang pretty.

 

But it is not always the best value. In fact, it rarely is, and here’s why:

 

Introducing Plan G

F G
Basic Benefits, including 100% Part B coinsurance Basic Benefits, including 100% Part B coinsurance
Skilled Nursing Facility Coinsurance Skilled Nursing Facility Coinsurance
Part A Deductible Part A Deductible
Part B Deductible $183
Part B Excess (100%) Part B Excess (100%)
Foreign Travel Emergency Foreign Travel Emergency

 *Red means you pay

Take a thoughtful look at the Plan F and G benefits side by side. You’ll notice that these two plans cover most of the same things. From basic benefits to the hefty $1316 Part A deductible, it’s identical. The only difference is that Plan G does not cover the annual $183 Part B deductible.

                       

Cutting Costs

Yet the premium difference between these two plans is often staggering: sometimes $30- 50 or more a month. And if you take into account the amount saved in premiums, Plan F starts to lose its luster.

 

How about an example? Let’s say a 65-year old female from Sidney, Ohio is shopping for a supplement. For AARP’s Plan F, she would pay $151.90 per month. And for an Aetna Plan G, she would pay $113.95 a month. That is a $455.40 a year difference! Although she would be giving up the benefit of having her $183 deductible paid for, she would still save $272.40 a year by choosing Plan G!

 

It seems the best benefits don’t always mean the best value. The overall cost is what counts, 100% of the time. So when shopping luxury, keep this in mind: Always check to see what you are paying for. You just might find a better deal elsewhere.

 

Curious about how much a plan G would cost you? Use our Medicare Supplement quoting tool to find out! Click here to find out your best rates!  https://seniormark.com/resources/

Image:  http://www.seniorsavingsnetwork.org/category/medicare

 

Do I Really Need a Medicare Supplement?

Posted on May 10, 2017 by - Employer, Medicare, Medicare Supplement, Retirement Planning, Uncategorized

Do I Really Need a Medicare Supplement?

 

David Belk, a doctor and anti-supplement activist says, “…If you have Medicare and buy a supplemental policy with your own money, you are effectively giving an insurance company your money so that they can keep it.”

 

Wow. This statement is moving. For those who have had a Medicare Supplement Policy for years, it slaps you in the face with regret.

 

And for those who may not be on Medicare and have yet to purchase Medicare Supplement Insurance, it frees you. It justifies a decision that will save you money on premium month to month.

 

However, it is not entirely true. He has a point, but—ultimately—it represents a fundamental misunderstanding of what insurance is.

 

If you take this statement at face value, it would imply that virtually all insurance is worthless.

 

Here’s why: in the vast majority of cases, people pay into insurance and then rarely use it. This is what keeps insurance companies in the black.

 

How many people spend thousands over years on homeowner’s insurance and never have their house burn down? How many people purchase car insurance and only experience a couple of fender benders over their lifetime? Are they essentially “giving their money away to an insurance company”? Yes, you could say that, and it wouldn’t be inaccurate, just a bit misleading.

 

Because you don’t buy insurance for things you expect! Rather, you buy it for things with a high dollar amount of risk and a low probability of happening!

 

You can’t insure what is high risk and high probability. Take Alex Honnold, for example. He spends his waking hours climbing steep ravines with no safety harness. For hours a day, he is one missed footing away from plummeting to his doom. Do you think he is going to be able to get life insurance? It’s almost laughable. This is a high risk, high probability scenario. Of course no insurance company will take a chance on him!

 

You can insure against a low risk, low probability scenario, but why would you want to? Do you want pet insurance for your grandson’s gerbil? Obviously not. Even a low-premium insurance plan wouldn’t be worth it. What did you pay for it? 30 bucks? Maybe fifty if it’s some hypoallergenic, exotic breed? Either way, it’s not a high enough risk.

 

So this begs the question…what does a supplement cover? Is it something that is low probability and high risk?

 

Well…there are varying coverage levels, but even the lowest premium plans cover Medicare’s scariest coverage gap: the unlimited out-of-pocket spending limit.

 

Sure, a lot of them cover “nickel and dime” copays and coinsurance costs that virtually eliminate hassle and reduce costs, but this is just icing on the cake. The real substance of a Supplement Plan is that it puts a cap on your potential out-of-pocket spending.

With Medicare alone, there is absolutely no limit to what you can spend.

 

One of our clients had triple bypass surgery and ended up with a $7,000 bill. My father-in-law with lung cancer had approximately $30-40,000 in charges for outpatient chemotherapy and radiation. I ran into a man who—after a few years of extended illness—racked up over $140,000 in bills that Medicare alone didn’t cover.

 

Can you imagine the devastation if any of these retirees forfeited Medicare Supplement Insurance? If these individuals had chosen Medicare alone, those outrageous bills would’ve been heaped upon their shoulders.

 

Now, what are the chances of this happening to you?

Not very high.

But that is the point! What are the chances that your house is going to burn down? What are the chances that your car will get totaled? You can cite statistics like Dr. Belk and say, “Look…not very many people need this insurance.” However, this doesn’t make those isolated cases any less scary. And it doesn’t change the fact that, from 2006-2015, Medicare Supplement Insurance companies consistently paid out over 75% in claims what they gathered in premiums. Insurance is not about whether or not you are going to get out what you pay in; it is about peace of mind.

 

So yes…I do recommend buying Medicare Supplement Insurance. You don’t necessarily need an expensive, luxury plan, but having something in place is essential. Even if you can’t afford a Supplement, you can (at the very least), purchase a low or no cost Medicare Advantage Plan that will cap your annual out-of-pocket spending at $4-6,000.

 

This won’t guarantee that you won’t be “giving an insurance company your money” but it will guarantee that you can live your retirement life freely and fearlessly, knowing that—in all those unlikely but possible scenarios—

 

you’re still covered.

 

Wondering how much a Medicare Supplement will cost you? Click here to use our Medicare Supplement quoting tool to find out!

 

 

Know The Drug Plan Lingo! 5 Terms to Get You Started

Posted on April 26, 2017 by - Employer, Medicare, Medicare Advantage, Medicare Drug Plan, Medicare Supplement

Know The Drug Plan Lingo! 5 Terms to Get You Started

Every field or discipline has its own language. And to the undiscerning ear, it can all run together into nonsensical jargon. Mumbo jumbo. Gibberish. Flim flam. Drivel. You get the idea. But if you want to walk the walk and get ahead, you must first talk the talk. To get you started, you’ve probably come across these 6 terms in your Part D Drug Plan research.

 

Formulary

I’ll start with an easy one. The formulary is simply the list of drugs a particular plan covers. There are 24 drug plans at your disposal. Not all of them will cover the same medications. This is why it is important to check a plan’s formulary to find out if it’s right for you.

 

Prior Authorization

If a drug plan requires prior authorization, it means that they will not cover certain drugs unless your doctor or prescriber proves that the medication is medically necessary.

 

Step Therapy

Drug companies do not want you on an expensive drug when a less expensive one will be just as effective. For this reason, they will often make their beneficiaries start on a generic or cheaper drug as a trial to see if it works just as well. If it doesn’t, then the beneficiary can “step” up to the more expensive (often name brand) medication. This is called step therapy.

 

Quantity Limit

Quantity limit is exactly what it sounds like: a limit on the quantity of a specific drug that a plan will cover. Drug companies limit quantity to reduce waste, curb drug costs, and prevent unsafe use. For example, if someone is on a pain medication with a standard dosage of 2 per day, the quantity limit for a month will likely be 60 pills. They don’t want people getting addicted or wasting them through misuse or carelessness.

 

Tiers

Drug plan companies often organize the medications they cover into levels or “tiers”. Drugs on a lower tier (often generic brands) have lower associated costs such as copayments or coinsurance. Drugs on a higher tier (such as name brand or specialty drugs) often have higher costs.

 

The Donut Hole

The donut hole is a gap is prescription drug coverage. After you reach $3,310 in total drug costs, you enter the donut hole (resulting in higher out-of-pocket costs). After you reach 4,850 in out-pocket costs, you leave the donut hole and enter into what is known as “catastrophic” coverage where the plan will cover 95% of your drug costs.

 

All done! If you finished reading this, your Medicare literacy just increased. But if you have run into any more difficult terms, leave a comment. We are more than willing to answer your questions. Or visit Medicare Interactive’s glossary for additional Medicare vocabulary.

 

Have other Medicare questions? Turning 65 soon and not sure what to do? Click here to sign up for our free Medicare workshop. No high-pressure sales pitches here, just in-depth discussion about the ins and outs of Medicare!

Is There an Advantage to Medicare Advantage?

Posted on April 21, 2017 by - Medicare, Medicare Advantage, Medicare Supplement

Is There an Advantage to Medicare Advantage?

According to Reader’s Digest, 1 in 4 retirees receive their health insurance coverage from a Medicare Advantage Plan.  And I can certainly understand the attraction.  Premiums as low as $0 a month.  Prescription drug plans often included.  What’s not to like?

 

But—as it goes for most purchases—you get what you pay for.  And when it comes to Medicare Advantage Plans, they definitely have a dark side.  Allow me to shed some light on the subject.

 

The Medicare (Dis)Advantage Plan

Networks

Medicare Advantage Plans contract with specific hospitals and doctors, usually within a relatively tight-knit geographic area.  If you don’t receive care from the ones with whom they’ve “networked”, you may be subject to higher copays or coinsurance at each visit. Depending on the plan, they may not even cover your expenses at all.

 

This can be a problem for anyone, but especially for those who travel frequently.  So for you snowbirds out there who fly south for the winter and leave us all to freeze, this serves you right (forgive my jealous outburst).  You may find yourself with less (or even no) coverage at your vacation home.  Although they will still cover you in emergencies, that doesn’t mean it won’t be an expensive hassle.

 

Inconsistency

Because Medicare Advantage Plans are funded by government subsidy, the cost and benefits can change drastically from year to year.  If the government decides to spend your tax dollars elsewhere, your plan may let prices creep (or even leap) up, while benefits wane.  This all depends on politics, which—as you already know—is rarely consistent.

 

Potentially High Out-of-Pocket Costs

Medicare Advantage Plans have more of a pay-as-you-go approach.  Although the premium is low, deductibles, coinsurance and copays are often much higher.  This is not a problem if you are healthy, but if you are struck with sudden illness, you might be stuck with astronomically high out-of-pockets: 3,500 to 6000 a year or more!  And if the diagnosis is bad enough, you may not qualify to switch to a Supplement plan.

 

Let’s take a real life example.

A client of ours came in with an Advantage Plan.  He was diagnosed with cancer in fall of 2012 and started chemotherapy immediately.  Since he was in charge of 20% of the costs due to his plan, he very speedily met his $7,500 annual out-of-pocket limit.  Then it was the New Year, and his out-of-pocket limit reset.  He continued chemo-treatments, which lead to another $7,500 expense.  That is $15,000 of spending in less than 6 months!

 

And since a cancer diagnosis prevented him from switching to a Supplement, he had to stay with his Advantage Plan.  He was stuck, and—needless to say—very unhappy about it.

 

So Here’s the Bottom Line…

Is there an advantage to a Medicare Advantage Plan?

If your doctors are in your plan’s network, you stay on top of changes, and—here’s a big one—you don’t get horribly ill (leading to high out-of-pocket costs), then yes!  The Medicare Advantage dark side has vanished.  The force is with you, and you’ve saved hundreds or even thousands in premium costs.

 

But you need to assess your situation.  You need to take the risk into consideration.  1 in 4 people might be on a Medicare Advantage Plan, but that doesn’t mean it is right for you!

 

Questions?

If you find yourself still searching for answers, one of our workshops might be for you!  Click here to sign up for one of our next workshops!

Looking to switch to or purchase a Medicare supplement, or Advantage plan? Call Seniormark at 937-492-8800 for a free consultation. We are here to help.

3 Questions You MUST Ask Yourself Before Enrolling in Medicare Part B

Posted on April 11, 2017 by - Employer, Medicare, Retirement Planning

3 Questions You MUST Ask Yourself Before Enrolling in Medicare Part B

When approaching 65, most people sign up for Part B, but not everyone. And for good reason, too—not just because they didn’t plan well and missed the deadline. If you are wondering if you are one of these few, stay tuned! The answer is dependent on these three questions:

 

Question 1: Will I (Or My Spouse) Continue Working?

You might be more than ready and able to clock out of that stuffy office or factory for the last time. If this is you, go ahead and enroll. Lack of active employment forfeits your right to delay Part B (even if you have retiree benefits from either your or your spouse’s employer).

However, you or your spouse might continue active employment past age 65 and have insurance coverage through your employer plan. In this case, move on to question #2.

 

Question #2: Who Pays First?

Medicare or the employer? This is an important question to ask because if Medicare pays first and you don’t get on part B, you could be stuck footing some pretty hefty bills on outpatient services. Your employer won’t pay for it because they expected you to get on Medicare. However, if the employer pays first, the decision to delay Part B and stick with your employer health insurance might save you cash on premiums.

The way it works is actually quite simple: Do you work for a company of 20 employees or more? Then the employer pays first. How about fewer than 20? Then Medicare pays first.

But don’t just assume. To be certain, ask your human resources department or employer. They might surprise you with their answer.

Refer to question 3 if you or your spouse is covered under a health plan that insures 20 or more employees.

For more information on the answer to this question, refer to this Kiplinger article entitled “Should You Enroll in Medicare If You Are Still Working?” The “Who Pays First” chart mid-page is especially helpful.

 

Question #3: Is Medicare Cheaper?

Some people have excellent employer plans that make sense to stay on. But for others, it is a toss up. And for a few, Medicare is clearly the cheaper option. The only way to find out is to perform a cost to benefits analysis to determine which is more cost effective. If the employer plan is more expensive, then sign up for Part B.

If this helped you come to a conclusion on enrolling in Part B coverage, I wish you sincere congratulations. You are one step closer to a smooth retirement transition. But—of course—you are not done yet. There are many more things to consider.

Turning 65 soon and not sure what to do? Click here to sign up for our free Medicare workshop. No high-pressure sales pitches here, just in-depth discussion about the ins and outs of Medicare!

If you would like our assistance to perform a cost/benefit analysis, or need more immediate answers to your questions, give our office a call at 937-492-8800 and we will see how we can help!

 

What Is the Fastest Way to Sign Up For Medicare?

Posted on April 3, 2017 by - Medicare, Medicare Advantage, Medicare Drug Plan, Medicare Supplement

What Is the Fastest Way to Sign Up For Medicare?

Once you’ve determined that it’s time to apply and have carefully considered all of your options, you are now ready to sign up for Medicare. You’ve got grandkids to get back to, family events to plan, and the world to explore, so you probably want to get this item off your to-do list as quickly as possible.

 

Fortunately, the federal government understands you in this respect. In response, they have designed a user-friendly website and an online enrollment process. It’s quick (taking only about 10 minutes). It’s easy (because you don’t have to leave the comfort of home). And the very fact that you are reading this blog proves you are tech-savvy enough to handle it.

 

To Apply Online, Just Follow These Few Simple Steps:

  1. Go to Social Security’s Website
  2. Click on the “Menu” Tab.
  3. In the “Benefits” section, choose “Medicare”.
  4. Scroll down and click the “Apply for Medicare Only” button.  (you will only be applying for medical coverage — not social security payments)
  5. In the “Apply and Complete” section, choose “Start a New Application”.
  6. The site will guide you from there.

 

Slow Down Partner!

But just wait! Before you start clicking away gung ho, I want you to consider how much thought you’ve put into your Medicare decisions. Not because I want to keep you from your grandkids, but because I know making mistakes in this process can result in unnecessary penalties and unexpected costs. If you haven’t sat down with a retirement expert in consultation, I strongly recommend doing so. It will take extra time, but—as the clichéd saying goes—sometimes slow and steady wins the race.

 

If you need someone to take this weight off your shoulders, give Seniormark a call at 937-492-8800. We make retirement decisions as quick and painless as possible!