When learning about Medicare first be sure you’re working with somebody who’s licensed and understands the plans because
- everyone’s health needs are different
- You want an expert who is familiar with different medicare plans and companies.
Be proactive when planning for Medicare.
- Eligible at age 64.5
- This is when you should start talking with a professional.
- You do have 3 months after you turn 65 to enroll.
There are two choices when selecting a plan.
- Medigap – medicare supplement plan
- No networks
- Can go to any doctor that takes medicare.
- Advantage plan
- Works like an HMO
- Lower premiums
Once this decision is made, then you find out which doctors are in the plans you choose.
How are prescription drugs handled?
- If you don’t take any drugs, you don’t have to take the drug plan, BUT when you DO need to start taking any drugs, the government will penalize you for every month you didn’t take the plan. The penalty is in effect for life.
- If you don’t currently take drugs, the best option is to enroll in the least expensive drug plan. That way, if you should start taking a drug, you are covered.
- Medicare Advantage plans have drug plans built into them.
Who pays the insurance expert who sells these plans?
- Best to work with an independent insurance agent who can select the best plan from a reputable company and has years of experience and knowledge with the different carriers.
- The person selling the plan is paid by the insurance carrier. NOT by the person buying the insurance plan.
- A knowledgeable insurance agent can assist with finding drug costs, assist with claims and always be available to answer questions.