“I will be turning 65 this year, I’ll be eligible for Medicare, and I don’t have any idea of where to start”.
This is a statement that comes my way several times a month. It doesn’t matter how much education you have, Medicare is complex and you may not know where to begin. Questions will need to be answered and Balanced Care is the right place to start.
Questions will come up because individuals that are about to turn 65 years of age will be bombarded with mail from every major Medicare insurance company in your state that sells Medicare Supplemental, Medicare Prescription Drug Plans or Medicare Advantage plans. They may wonder why they need to enroll into a Prescription Drug Plan especially if they don’t take medications. They may wonder if they really need extra coverage such as a Medicare Supplemental Plan because they don’t have to go to the doctor often.
One of the best ways to start about three to six months prior to turning 65 is to do the following:
1. Compile a list of the last two years worth of medical expenses. The reason for this is to show yourself what you actually spent on your health care and what you can expect for out of pocket expenses once you are on Medicare. Although there is no guarantee that health costs will remain the same each year, it’s a place to start to get an idea of what to expect for your budget.
2. Compile a list of your physicians and hospitals in your area that you want to go to. At Balanced Care, we want to show you every option available in your area. If you want to go to one certain hospital and that hospital will not be covered under a plan, it shows us which plans will not work for you.
3. Compile a list of your medications and the pharmacy that you prefer to use. Even if you do not currently take medications, you’ll want to share with us where you prefer to get your prescriptions if you need them. Medicare Prescription Drug plans are not required for you to get, however, if you do not get a prescription drug plan when you are first eligible and then enroll in one down the road during the Annual Election Period, you may be penalized for not having credible prescription drug coverage. The penalty is not a time time penalty; it goes on as long as you have the coverage.
4. If you have health insurance through your employer, find out exactly what it is costing you. This includes premium and deductibles. You will also want to make sure that the prescription drug coverage of your plan is deemed credible. This means that your prescription drug coverage is equal or better than the guidelines that Medicare sets for prescription drug coverage. If you are unsure, go to your human resources department of your employer and ask them. They are required to give you a notice each year sharing with you if the prescription drug coverage is credible.
5. Give us a call to set up an appointment to discuss Medicare. We will go over what Medicare covers and doesn’t cover. We will share with you the difference between Medicare Supplemental and Medicare Advantage plans. If you are still working and have credible coverage, we will compare what you have to what you can have with Medicare. There are many times when it makes sense to stay where you are, but seeing this is black and white and knowing the cost will help you to make that decision.
We know that it’s difficult to know where to start. We know that some may feel that understanding Medicare is an impossible journey.
As Tony Robbins states, “The only impossible journey is the one you never begin.”
Begin with Balanced Care. We will journey with you and make it easier to know where to begin.
Terri Trepanier is the owner of Balanced Care Health and Supplemental Insurance and a licensed insurance consultant and broker with Associated Brokers. Licensed in both Maine and NH, her specialty is working with small businesses, individuals, and families with their health and life insurance needs. She is certified to offer health plans both on and off the exchange and is contracted with every health insurance company that offers plans in both New Hampshire and Maine. Her other passion is assisting Medicare beneficiaries with their Medicare Supplemental, Medicare Part D Prescription Drug Plans, and Medicare Advantage plans. Terri has seen firsthand the importance of insurance products and how they help families. Her goal with Balanced Care is to “Insure Security and Peace of Mind One Family at a Time”.