Medicare

MAKE AN INFORMED DECISION

If you are 65 or older, and you qualify for Medicare, you really have two choices.  You can choose a Medicare Advantage Plan (which is very popular), or you can keep your Original Medicare Plan.  To make it even a little more complicated, you can add a Medicare Supplement Plan, often referred to as a Medigap Plan, to fill the gaps that Original Medicare doesn't cover. It can help pay some of the out-of-pocket costs that Original Medicare (Part A and Part B) doesn't pay, such as coinsurance, copayments, and deductibles.  That being said, no single plan is perfect for everyone, so that is why I think it is important for seniors to have a detailed discussion about which plan to choose, rather than be sold something that might not be the best fit.

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There is a lot to consider when choosing a plan, especially in light of the fact that we are all living longer.  According to Fidelity.com, a healthy 65-year-old with Medicare coverage retiring in 2019 (with a life expectancy of 85 years) will need an average of $285,000 to cover medical expenses. Certainly, this number will go up in future years.  That is just one reason why it is so important to educate yourself on which plan best addresses your needs. It is NOT a “one size fits all” scenario. Many things, not just cost, need to be considered. Medicare Advantage might be the best plan for many because often there are no premiums to pay. However, if a catastrophic event occurs, or if you want some choice of hospital or doctor, then the MA plan might not have been the best option.  

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In some cases, not all, the initial choice of plan can be one of the most important decisions that need to be made at this phase of your life.  Choosing the wrong option can be devastating, both physically and financially.  It is vital to have confidence and clarity about the details beforehand.

Contact me so we can go over which plan best fits your needs. Having talked to many seniors, I have learned that most have no idea of what the pros/cons of their current plan are.  Most don’t consider worst case scenarios, and they are unaware that a catastrophic health event could wipe out their life savings and everything they own, if they are in the wrong plan.  Please let me help you to make an informed choice, and the right choice for you.