Medicare
Some important things to know about Medicare:
- Medicare is mandatory once you reach age 65 -Unless you are coved by an employer play as a current employee. Everyone else must enroll!
- Medicare enrollment is not always automatic - If you are not collecting social security you must proactively enroll in parts A and B
- If you don’t sign up on time- you could pay a penalty - You need to be aware of the Initial, Special and General enrollment periods
- Medicare does not cover everything - Dental, vision, hearing aids, deductibles and coinsurance are not covered. Supplemental insurance is a must!
- You will most likely spend more than you think on health care costs in retirement - You must factor in premiums, copayments, coinsurance, deductibles and out of pocket costs for non-covered services
- Medicare does not cover long term care - You must have a separate Long Term Care policy that will cover nursing home and eldercare expenses.
![]() Without a solid approach, health care expenses may add up quickly and potentially alter your spending. | ![]() Important as it is, Medicare does not cover the full range of health-care expenses you may experience in your golden years. |