Puzzled . . Perplexed . . Confused . . Overwhelmed . . Baffled . . Frustrated . . These are just a few of the words to describe how clients feel about Medicare.
When it comes to Medicare, you will have questions. You will get a substantial amount of postcards and mail from several insurance companies prior to you turning 65.
You may ask or get advice from friends, family, and neighbors. Some of that advice may leave you with even more questions.
For the last ten years, one of the specialty areas of Balanced Care is in Medicare. We have compiled a list of questions that continually arise that we hope will help you as you seek answers when you become eligible for Medicare.
Am I automatically enrolled into Medicare? If you are currently receiving Social Security benefits, you will be automatically enrolled into Medicare Part A and Part B. If you aren’t receiving Social Security benefits, you will have to sign up for Part A and Part B.
Do I have to sign up for Medicare if I am still working? This depends on the size of your employer as well as if the coverage you have through your employer is credible coverage. This means that the group plan you have through your employer is equal or better than what Medicare offers. Your employer’s human resources department will be able to give you this information. If the coverage through your employer is not deemed credible, you will have to sign up for Medicare Part A and Part B. If you don’t and decide to enroll into Medicare at a later time, you could be penalized for not having credible coverage while you were eligible for Medicare.
How long does it take to apply for Medicare and get my Medicare card? Applying for Medicare online will take you about 20 minutes to complete the application. If the application is done correctly, your card should arrive about fourteen business days after applying.
Now that I have Medicare, do I need a Medicare Supplemental Plan or a Medicare Advantage plan? Medicare covers approximately 80% of your healthcare bills, excluding medications. To help fill in the gaps that Medicare doesn’t cover, you can purchase either a Medicare Supplemental plan or a Medicare Advantage plan. At Balanced Care, we believe in sharing information on all your options so you can decide what will best fit your specific healthcare needs.
I don’t take medications. Do I have to purchase a prescription drug plan? Prescription drug plans are not required, however, if you decide to enroll into a prescription drug plan at a date later than when you were first eligible for Medicare and didn’t have credible coverage through your employer, you can be penalized for not having coverage. This penalty along with other penalties don’t go away after the first time of you paying them. They go on as long as you have the plan.
How do I know if I should have a Medicare Supplemental Plan or a Medicare Advantage plan? Balanced Care believes in sharing information and education on all Medicare products that are available in your area. We share what they cover, what they don’t, and let you ask questions. We believe that this helps you to know what the possibilites of the plan will do for your needs.
There are so many plans available in my area. Which one works best for me? This is always up to your comfort level, but again, we go over every option and let you take your time to go over the plans. We realize that one appointment or phone call may not be enough to make an informed decision which is why we suggest meeting/talking about three to six months prior to you turning 65. This way, there is plenty of time to have your questions answered while at the same time, letting you take your time to make this important decision.
Will I have a deductible/co-pays to pay out of pocket? This will all depend on the plan you choose. Some plans will have a deductible and out of pocket co-pays. Others will have little or nothing at all. This is why we like to go over your options so that you will be to know what to expect for healthcare costs.
We often find that when one question is asked, other questions follow.
If you have questions about Medicare, turning 65, and just are unsure what steps to take, please reach out.
We are happy to assist you in a decision that we know is important to you, your family, and most importantly, to your health.
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 insurancCare is to “Insure Security and Peace of Mind One Family at a Time”.