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While reviewing your retirement strategy, it's important to consider enrolling in Medicare as part of your healthcare option. The program provides important preventative services and screenings at no charge while different parts, like Medicare Part D, can help pay for costly prescription drugs. As you approach retirement age, familiarizing yourself with its coverage options, costs, and limitations will help you choose the right plan to fit your unique healthcare-related needs.
Certain features of Medicare can affect health care costs and coverage.
Some retirees may do okay with original Medicare (Parts A and B), while others might find it lacking and decide to supplement original Medicare with Part C, Part D, or Medigap coverage. In some cases, that may mean paying more for health care than you initially figured.
How much do Medicare Part A and Part B cost, and what do they cover?
Part A is usually provided with no charge; Part B is not. Part A is hospital insurance and covers up to 100 days of hospital care, home health care, nursing home care, and hospice care. Part B covers doctor visits, outpatient procedures, and lab work. You pay for Part B with monthly premiums.1
It’s best to prepare for the copays and deductibles linked to original Medicare. In addition, original Medicare does not cover dental, vision, or hearing care, nor prescription medicines or health care services outside the U.S. It pays for no more than 100 consecutive days of skilled nursing home care. These out-of-pocket costs may lead you to look for supplemental Medicare coverage as a way of paying for extended care.
Medigap policies help Medicare recipients with some of these copays and deductibles.
Sold by private companies, these healthcare policies can pay a share of certain out-of-pocket medical costs (i.e., costs greater than what original Medicare covers for you). You must have original Medicare coverage in place to purchase one. The Medigap policies being sold today do not offer prescription drug coverage.
Creating a Medicare strategy is integral to your retirement preparation.
Should you try original Medicare for a while? Should you enroll in a Part C HMO with the goal of managing your overall out-of-pocket healthcare expenses? These are questions that the Health Enrollment Coaches at JBL Financial can best assist you with. If you'd like to schedule a no-cost coaching session, click the link below.
1. Medicare.gov, 2022
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2022 FMG Suite.
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