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Medicare Planning for Secure Coverage

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The Truth About Medicare Myths

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Founded in 1965, Medicare supports over 65 million Americans today. The federal health insurance program covers a variety of health services for seniors and individuals with disabilities, including hospital visits, medical services, and prescription drugs. While Medicare protects against steep healthcare costs and provides financial security, the unfortunate truth is that there are many myths being perpetuated about the program.

Here are five common misconceptions about Medicare:

Myth #1: Medicare coverage begins automatically when you turn 65.

 Truth: Enrollment in Medicare is generally required once someone becomes eligible and meets certain criteria. Most individuals are automatically enrolled in Medicare Part A (hospital insurance) at age 65 if they’re already receiving Social Security Benefits. On the other hand, Medicare Part B is optional, and covers medical services and supplies not fully covered by Part A.

There are designated 7-month initial enrollment periods for Medicare Part A and B – depending on whether someone qualifies because of age or due to a disability. Missing the enrollment deadline could result in penalties or gaps in coverage.

Discover when your Medicare coverage starts here.

Myth #2: Medicare is free and will handle all of your healthcare needs.

 Truth: Medicare Part A, which covers hospital insurance, is generally free for individuals who have paid Medicare taxes while working for a sufficient period (at least 10 years). On the other hand, Medicare Part B requires payment of premiums, which are usually standard amounts deducted from Social Security benefits. Medicare Part D, which ensures prescription drug coverage, is offered through specific payment plans from private insurance companies.

While Medicare Parts A and B cover a number of hospital and medical needs, they do not encompass things such as dental, vision, and hearing services. Additional services like transportation to doctor visits are not covered either. And as referenced above, prescription drug needs require a Part D standalone plan or a Medicare Advantage plan.

Myth #3: Medicare pays for all nursing home costs.

 Truth: Medicare provides limited coverage for nursing home costs, only under certain conditions and for a short duration. Note that the rules and coverages for nursing home care can vary depending on your circumstances and the state in which you reside. It’s advised that you consult with a Medicare Planning professional to determine what your options are.

Myth #4: Medicare plans are all priced the same.

 Truth: Medicare plans vary in cost based on several factors, including the type of Medicare coverage, the insurance company offering the plan, and the healthcare services and items that are used each year.

Learn more about Medicare costs here.

Myth #5: Medicare Supplements and Advantage Plans are identical.

Truth: Medicare Supplements, also known as Medigap plans, and Medicare Advantage plans (Part C) are two different types of private health insurance plans that work alongside Original Medicare (Part A and Part B) to provide additional coverage.

Medicare Supplements are designed to help cover gaps in Original Medicare coverage, such as deductibles, coinsurance, and copayments. With Medicare Supplements, you can see any healthcare provider nationwide who accepts Medicare. Ultimately, these plans offer more flexibility in coverage compared to Medicare Advantage Plans.

Medicare Advantage Plans are comprehensive health insurance plans that often include additional benefits – prescription drugs, dental, vision, hearing, and more. These plans are more structured and tend to have more rules and restrictions. And often, Medicare Advantage Plans have provider networks for health care services.

 Know Your Options and Take Control of Your Future

Original Medicare. Medicare Supplements. Advantage Plans. Medicare is a complex program that can create unnecessary stress. And with no shortage of myths being perpetuated about Medicare, it can be hard to get the care that you need.

At Elder Life Group, we can pair the right options with your needs. As your partner, we’ll help you evaluate your coverage options, starting with a free consultation. By handling all the legwork, we’ll simplify the complex and help you enjoy the carefree life you’ve earned.

To speak with an Elder Life advisor about Medicare Planning for secure coverage, contact us today.

RetailEvent

The Ultimate Guide to Successful Aging

Seven in 10 Americans will spend an average of two to three years in a nursing home or assisted living facility. Affording long-term care is one of the biggest risks facing Americans during retirement. It can be difficult to know where to begin planning for retirement and long-term care. This educational event will provide strategies to help you navigate the long-term care maze, and help secure your future.

Topic highlights will include:

  • The impact of the long-term care crisis ahead, and how it will affect you and your family
  • How to protect you and your family’s legacy
  • The difference between Medicare and Medicaid
  • Asset protection and long-term care plan designs

Get answers to your questions:

  • How can I avoid losing control of my assets?
  • Do I have enough money to pay for an unforeseen event that may or may not happen?
  • When would I qualify for nursing home financial relief?
  • At my age is long-term care insurance affordable, and would I qualify for it?
  • Are my IRA’s protected from long-term care and Medicaid?

Event Details

Where: Rotary Botanical Gardens, 1455 Palmer Drive, Janesville, WI
When: Tuesday, October 25 at 5:30pm OR Thursday, November 3 at 10:00am
Cost: Free
All attendees will have FREE admission to the Gardens the day of the event!

Seating Is Limited, So Reserve Your Space Now!

Call (800) 898-3572 or register online at seminar.rsvpyes.com/435696
If calling, use RSVP Code 435696.

Medicare enrollment form

Open Enrollment for Medicare Begins Soon!

Open enrollment for Medicare occurs Oct. 15 – Dec. 7. This is the designated time period where Medicare allows participants to review and change their coverage. It is also known as the annual enrollment period (AEP). However, let’s first begin with the basics.[/vc_column_text][vc_column_text]Who is eligible for Medicare?
You are eligible for Medicare Part A and Part B at age 65 if:

  • You are a U.S. citizen or permanent legal resident who has lived in the U.S. for five continuous years.
  • You or your spouse have worked long enough to be eligible for Social Security or Railroad Retirement benefits.
  • You or your spouse are government employees or retirees who have not paid into Social Security but have paid Medicare payroll taxes.

[/vc_column_text][vc_column_text]You can meet Medicare eligibility under age 65 if:

  • You have been receiving Social Security disability benefits or certain Railroad Retirement Board disability benefits for at least 24 months.
  • You have ALS (amyotrophic lateral sclerosis or Lou Gehrig’s disease).
  • You have End-Stage Renal Disease (ESRD) and you or your spouse have paid Social Security taxes for a certain length of time.

[/vc_column_text][vc_column_text]If you’ve established that you are Medicare eligible or think you might be, what does the open enrollment period mean? First, open enrollment is for those who currently have either a Medicare Supplement/Medigap or Medicare Advantage. If that is the case, you may switch coverage to another company, if it falls in line with the companies’ guidelines.[/vc_column_text][vc_column_text]During this Open Enrollment period, you can:

  • Enroll in, make changes to or disenroll from a Medicare Advantage plan (Medicare Part C)
  • Enroll in, make changes to or disenroll from a Medicare Prescription Drug plan (Medicare Part D)

[/vc_column_text][vc_column_text]Remember any changes you make during the 2022 Medicare Fall Annual Enrollment Period go into effect January, 2023.

Elder Life Group can impartially shop for Medicare coverage to help clients review their Medicare coverage options in their location. We compare costs, companies and help shop for drug coverage to ensure our clients are aware of all the costs associated with their plans. Medicare is confusing and many clients have questions on aspects such as the difference between traditional Medicare Supplements and Medicare Advantage Plans. We can help, talk and educate about the difference between these two and provide options for both types of coverage. We’re also happy to answer any other questions about Medicare. Request a free consultation today!