Enrolling in Medicare for Baby Boomers

Enrolling in Medicare for Baby Boomers

If you are a Baby Boomer, it’s your time!

Why?  Until the year 2030, 10,000 people daily will turn 65. Lucky you! When that happens, you will be eligible for MEDICARE. Image of a social security card

The government’s book on Medicare is more than 100 pages!  And it’s boring.  Below is my condensed version, more like a Reader’s Digest article.

What we are reviewing in this article is called the ORIGINAL MEDICARE, which is based upon the first implementation of Medicare in the mid-60’s.  (Yes, there have been plenty of changes since then.) This process is not for Medicare Advantage!

By the way, if you have not already registered for Medicare, NOW IS THE TIME to do so ONLINE at this link:  ONLINE MEDICARE ENROLLMENT

  • Scroll down on the first page you come to
  • Under RESOURCES, click on Apply for Medicare
  • On the next page scroll down until you see a BLUE button
  • Apply for Medicare Only is what it reads  (click on it)
  • Next is “Apply for Benefits” – go ahead and begin the app process
  • Next page look for the “Apply & Complete” section and START A NEW APPLICATION

The Devil’s in the Details of Medicare

NOTE:  Medicare does not pay 100%. You’ll understand this better when you see the Medicare Supplement plan, also known as MediGAP.

MEDICARE PART A is:

PART A is primarily a HOSPITAL medical expense plan that – after the small deductible – covers 80% of expenses for in-patient care for your first 60 days. After 60 days you begin to “help out” with expenses even more. (see below). For most seniors, if you qualify, you are not charged a premium for PART A.

MEDICARE PART B is actually two features:

When you sign up for PART B you are agreeing the pay MEDICARE a premium.

( For 2021, the premium is about $145/month.  That the first feature of PART B )

After registering for MEDICARE PART B, you can move on to find a MediGAP plan that fits your needs as well as your budget.

In the second feature of PART B is a plan that covers outpatient benefits such as preventive care visits, certain doctor visits, and lab services. This feature of PART B is the Medicare Supplement and is purchased from an insurance agent that represents private insurance companies. Monthly premiums run from $28/month to over $200/month.

MEDICARE PART D is the Medicare Prescription plan:

You will have different levels of RX plans to choose from beginning as low as $13/month.

Now, the MediGAP Security Blanket: MediGap plans pay for what Medicare doesn’t

Most beneficiary’s (that’s what those on Medicare are called) find it prudent to get a Medicare Supplement plan – also called MediGap – to reduce the risk of possible major expenses not covered by Medicare. REMEMBER, Medicare does not pay 100% of your medical bills. It only pays up to 80%. That’s why you need a MediGap plan. Imagine a $100,000 hospital bill where you end up owing $20,000 because you do not have a MediGap plan. MediGap plans can be as little as $28/mo. or as high as $200.

My purpose here is NOT to review the details of each of the 10 MediGAP plans available to you. Once I’ve sent you a MediGAP quote, which normally includes at least 3 plans quoted, we will get on the phone together and I will help you choose which plan is best for you.

If you would like to get a MediGap QUOTE just let me know. The quote I send you will show all that Medicare pays, what the MediGap plan pays, and the premium.

The doctor talks about MediGap plan

 

 

< Click the pic for a MediGap quote

 

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