THE CARDINAL GUIDE TO:
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￭ Medicare Part A and Part B start (for most people) on the first of the month before their 65th birthday. Part A is free and Part B has a monthly cost. If you are still working at 65 and covered by group insurance, sign up for A at 65 and delay enrolling in B until you retire.
￭ Choose a Medicare Advantage plan (Parts C and D) if you want no or a low insurance premium, deductibles, and copayments, and don’t mind the insurance company choosing your doctors and hospitals for you. Choose a Medicare Supplement Plan G or F plus a separate Part D plan if you want low or no deductibles and no copayments, plus you want the freedom to go to any doctor or hospital that takes Medicare.
￭ Buy Part D after going into Medicare.gov and running a comparison of Part D plans.
￭ Buy your Medicare Supplement Plan G or F from an independent agent who does not have a vested interest in steering you to one company. Look at a premium comparison report before you buy.
￭ If you have been on a Medicare Supplement plan for a few years, you might be paying too much. Shop around.
￭ If you qualify for LIS (the low-income subsidy program) or Extra Help, the government will pay your Part B premium for you and reduce your Part D drug copayments.
￭ Prepare to pay higher-income surcharges for Medicare Parts B and D if your income is over $85,000 as a single person or $170,000 as a couple.
￭ Long-term care implication of Medicare: Don’t rely on Medicare to pay your long-term care bill. It doesn’t!
Want more information? The Centers for Medicare & Medicaid Services (CMS) produces “Choosing a Medigap Policy: A Guide to Health Insurance for People with Medicare” to inform the public about Medicare supplements. We made a simplified version to highlight the most important parts. You can download both of those by clicking the links below. ……….
Want to read the Medicare chapters in from “The Complete Cardinal Guide to Planning for and Living in Retirement” and the accompanying workbook? Click below to read those!