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. ……….