Risks

Health Care

We’ll help you navigate the complexities of Medicare so you know how to plan for health insurance costs – along with what it does and doesn’t cover.

Retirement brings tons of change, most of it good -  days spent doing what you love while you enjoy the benefits of years of hard work. Other changes can be overwhelming, however, such as the loss of your employer sponsored health insurance at the time in your life when you need it most.

–––

The most common type of insurance for retirees is Medicare, a government sponsored program that you’ve likely paid into while you worked. It is comprised of 4 parts, and each come with their own uniqueness.  Navigating the complicated Medicare system, including medigap supplemental insurance plans and Medicare Advantage, can be overwhelming. Fortunately, you’re not alone in this adventure! We’ll help you understand your new insurance so that unexpected medical costs don’t change your financial plans.

Below are a few of the things we will help you with:

  • Medicare Part A

    This covers hospital visits and other inpatient care. If you receive Social Security benefits, you’ll be automatically enrolled in Part A. You have no monthly payment, but you do have a deductible and copays that you’ll want to factor in to your retirement expenses.

  • Medicare Part B

    You’ll need Part B for outpatient care, like doctor’s visits or mental health care. This has a monthly cost, and this cost goes up depending on how much you make.

  • Cash Accounts

    Medicare Part D

    Part D is an optional program offered by insurance providers that will help you cover prescription costs. This comes with an added copay and premium.

  • Medicare Part C

    Also called Medicare Advantage, Part C is Medicare coverage offered by a private insurer, which will cover everything in Part A and B – plus potentially a little more, like prescription drugs, vision, and dental coverage.

  • Medicare Supplement / Medigap

    Medicare Supplements pay the 20% gap that Medicare Part A and Part B do not. Future beneficiaries can get a Plan G to cover this gap.

TOP ADVICE:

Have a clear plan for handling premiums, copays, and out-of-pocket costs associated with Medicare.

  • If you haven’t signed up for Medicare Advantage, you can purchase Medigap, a supplemental insurance product offered by private insurers. Give us a call if you think Medigap is the right option for you.

  • No, Medicare does not cover long term care. Long term care insurance offered by private insurers can help cover what Medicare does not.

  • Part A is free, because you paid for it while you worked. Part B, however, comes with a standard premium ($170.10) with an income-adjusted monthly amount added. Most will only pay the standard premium, but if your income passes certain thresholds, you’ll pay more.

RECENTLY IN THE NEWS

“Retirement savings aren’t what they used to be years ago.”

— Read full article at New York Times >

“There’s never been a better time to get your retirement accounts in order.”

— Read full article at CNBC >