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2426 Reynolda Road, Suite B Winston-Salem, NC 27106

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Medicare Fast Facts

The following is a complation of posts regarding Medicare benefits, Medicare costs, and Medicare planning.

  • Did you know Medicare is not the same everywhere? Yes, when you turn 65, you do enroll in it, but coverage choices vary by state. Original Medicare (Parts A and B) is the same across the U.S. Medicare Advantage (Part C) and prescription drug (Part D) plans are offered by private insurance companies and some plans may only be available in certain counties, states or regions. Your plan goes with you wherever you go, but availability may vary.
  • Planning on retiring in Florida? First, consider this: Considering its large population of seniors, it should come as no surprise that Florida is the most expensive state for healthcare in retirement. Medicare Parts B & D and supplemental insurance premiums can add up to $152,000 in costs to you in a 20-year long retirement. And that’s assuming nothing really bad happens!
  • Do you have to enroll in Medicare at age 65 even if you plan on working? If you haven’t started your Social Security benefits by age 65, you’ll want to enroll in Medicare Parts A and B sometime during the three months prior to your 65th birthday, even if you continue to delay the start of your Social Security income benefits. If you don’t sign up for coverage before your 65th birthday, coverage can be delayed and late enrollment penalties may be incurred. You’ll also want to enroll in Medicare Part D before your 65th birthday, unless you’re getting coverage from another source. Need help in enrolling in Medicare? Call us for more information, or to see how we can help…800-344-5677.
  • Does Medicare cover everything? No! Far from it! In fact, beneficiaries of traditional Medicare will likely want to sign up for a Medigap supplemental insurance plan offered by a private insurance company to help cover deductibles, co-payments and other out-of-pocket gaps. You can switch Medigap plans at any time, but you could be charged more or denied coverage based on your health, or if you change plans more than six months after you first signed up for Part B.Medigap policies are identified by letters A through N. Each policy that goes by the same letter must offer the same basic benefits, and usually the only difference between same-letter policies is the cost.
  • Is the cost of healthcare built into your retirement? According to AARP, an average married couple retiring at age 65 can expect to pay between $220,000 and $240,000 over the course of a 20-year retirement for health care costs. This includes the cost of deductibles and copayments, premiums for optional coverage for doctor visits and prescription drugs, out-of-pocket expenses for prescription drugs, and other expenses that Medicare doesn’t cover, such as hearing aids and eyeglasses.