Six Steps to Effective Medicare Coverage
Why Having a Plan for Medicare is Important
Fact: 10,000 people turn 65-years old in the United States each day. Most of these 10,000 individuals also become eligible for Medicare the first day of the month they turn age 65. Unfortunately, many of them will make costly and potentially life-long mistakes when they enroll in Medicare because they do not understand the choices they are making when they enroll. Others will waste money with Medicare because they will continue to own an insurance plan that has changed making it less than ideal for their unique needs.
We understand you want to make the best decisions with your finances so that you can fully enjoy retirement. To do this, you need a simple to follow plan that will allow you to make the best choices for your situation. This is the purpose of our 6 Steps to Effective Medicare Coverage.
So here they are with an explanation of why they are important:
Step 1 – Check Your Timing – When should you actually enroll into Medicare. Many they should enroll at right at age 65, but that is not always the case. Sometimes, delaying Medicare is the best course of action if they continue to be covered by an employer’s health insurance plan. If they delay, they have the potential to save thousands of dollars in wasted premiums. On the other hand, if they delay and it turns out they were not eligible for a special enrollment period, they could be subject to penalties or NOT be accepted by the Medicare insurance plan that is best for them.
What to do: Research and understand your timing. Understand when you are eligible for Medicare and if it makes sense to delay. If you need help, our “Medicare RoadMap” is a simple and inexpensive solution to helping you understand your Medicare timing and it will save you the time and energy of having to worry about making a bad decision. Learn More..
Step 2 – Choose Your Medicare Path – Which type of Medicare coverage is the best for you? This is probably the most important decisions you will make when you enroll into Medicare. The right decision will give you the coverage and flexibility to make changes in the future if needed. The wrong decision could not only cost you unnecessary expense, but also limit the changes you can make in the future.
Questions you will want answers to are:
- Is Original Medicare (Parts A and B) with a Medicare Supplement Plan right for you?
- Is a Medicare Supplement Plan with Prescription Drug Coverage best?
- Are you eligible for a Retiree Health Plan and should you take it?
- How about Veterans Benefits?
What to do: Familiarize yourself with the pros and cons of each type of coverage option before selecting a course. This is critical to avoiding costly and potentially irreversible mistakes. If you want help, our “Medicare RoadMap” is a simple and inexpensive solution to helping you understand your Medicare timing and it will save you the time and energy of having to worry about making a bad decision.
Note: 90% of Medicare Mistakes happen when people skip steps 1 and 2. These mistakes can cost you thousands of dollar and many times can not be undone. These mistakes include:
- Cost – both premium and out-of-pocket costs
- Getting stuck with the wrong and costly coverage FOR LIFE
- Unwanted delays is when Medicare coverage takes effect leaving your financially exposed
- Repaying previously “covered” health expenses And more...
Step 3 – Select Your Medicare Plans– At this stage, it is critical a person look beyond premiums. Each plan should be judged on three criteria:
- Cost – both premium and out-of-pocket costs
- Coverage – Does the plan include all the doctors, medicines, services and coverage areas you need?
- Quality – How is the Medicare plan rated based on customer service, complaints, fairness of appeals, etc.?
What to do: Many people depend on Medicare insurance agents to help them pick the right Medicare plan. They interview various agents and attempt to sort through the confusing information to pick the right plan for them. You can help yourself by comparing plans at Medicare find a plan. You can also enroll in our “Medicare RoadMap” where our experts will help you narrow down your choices to the Top 3 Medicare plans in your area for your situation. If you would like, you can also consult with a Medicare expert who’s mission is to help you find the right Medicare plan for your situation regardless of which company is offering it. There are more enjoyable things to do than worry about picking the best Medicare plan. Our Medicare RoadMap simplifies the process and allows you to do more important things in your life. Learn More…
Step 4 – Enroll in Medicare – If you aren’t already receiving Social Security when you reach age 65, you need to actually enroll in Medicare when the time is right. You can do this three ways:
- Enroll online at www.SocialSecurity.gov/medicareonly. Be aware, some people may not be able to use this method (especially people over age 65.)
- Call Social Security at 1-800-772-1213
- Visit a Social Security office
Step 5 – Enroll in the Medicare Plans You Selected – Once you are enrolled in the government’s health insurance program in Step 4, you can now enroll in the plan you chose in Step 3. You should enroll in these plans at least Four Weeks before coverage begins.
What to do: Choose an agent to work with. Decision Tree Financial has a list of Medicare insurance agents who work with all the various plans. If you have a Medicare RoadMap, you can use this document to show your insurance agent the plan you choose and why making the process simple and hassle free.
Step 6 – Review Your Coverage Annually – Each year during Medicare’s open enrollment, all beneficiaries enrolled in a Medicare Advantage Plan or Part D drug plan should review their coverage for the coming year. Did their current plan change? Are they taking a drug that has poor coverage with their current plan? Will their favorite physician still be on their plan next year?
What to do: If you want to take the time and figure all of this out on your own, you can go to ww.Medicare.gov/find-a-plan to review how your current plan will change for the upcoming year and ensure that it is still the best plan for you. You can also contact multiple insurance agents representing various plans to see who comes up with the best solution.
As a financial planning firm, we believe the best solution to make sense of all your Medicare choices is to learn about our Medicare plan reports. If you are enrolling into Medicare for the first time, our Medicare RoadMap will give you step-by-step instructions on when and what path you should chose. Or, if you are already enrolled, take advantage of one of our open enrollment reviews to make sure you are still in the right plan for you.
