Did You Know These 4 Facts about Medicare?

Do you receive calls or sales material because you are turning 65 soon? Are your friends trying to educate you on Medicare, but everyone tells you something different? Here are four things you should know about Medicare.

There are two parts of Medicare. Part A is hospital insurance. Part B is medical insurance. When you have Part A and Part B, you are considered enrolled in Original Medicare.

Medicare is free. Typically, you do not pay a monthly premium for Part A, based on contributions you or your spouse made to Medicare while working. However, there is a cost for Part B. Most people will pay the minimum monthly amount of $170.10 for 2022. Some will pay more, and this is referred to as an Income Related Monthly Adjustment Amount (IRMMA).

What are my Medicare options? You have several choices. You may retain your original Medicare and add Part D drug coverage and/or also add a supplemental medigap policy. Your other option is to select a Part C Medicare Advantage plan, which bundles your Part A, Part B and, in most cases, Part D, too.

What if I am still working? If you are continuing to work beyond age 65, you are not required to enroll in Medicare during your initial enrollment period of seven months. When you are ready to retire and lose active employment group coverage, you will have a special enrollment period to enroll in Medicare at that time.

We are here to help you navigate the ins and outs of Medicare. Call or email us today and we can find what is best for you.