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Medicare

Some important things to know about Medicare: 

  1. Medicare is mandatory once you reach age 65 -Unless you are coved by an employer play as a current employee. Everyone else must enroll!  
  2. Medicare enrollment is not always automatic - If you are not collecting social security you must proactively enroll in parts A and B  
  3. 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  
  4. Medicare does not cover everything - Dental, vision, hearing aids, deductibles and coinsurance are not covered. Supplemental insurance is a must!  
  5. 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 
  6. Medicare does not cover long term care - You must have a separate Long Term Care policy that will cover nursing home and eldercare expenses. 
Healthcare Costs in Retirement

Without a solid approach, health care expenses may add up quickly and potentially alter your spending.

Understanding the Basics of Medigap Policies

Important as it is, Medicare does not cover the full range of health-care expenses you may experience in your golden years.