By Marnina Delahanty
It's Open Enrollement and there's no better time to educate ourselves about the complexities of Medicare. Understanding Medicare is more crucial than ever, as expected retirement-long Medicare-covered healthcare costs have reached $285,000! That’s for healthy male/female couples retiring at age 65 in 2019, according to Fidelity Investments’ annual Retirement Health Care Cost Estimate. In just one year, it has increased $5,000.
This does not include out-of-pocket expenses such as dental, basic vision, over-the-counter medicines, and long-term care. Working with a Medicare specialist, many will find that added coverage provides the protection they need. Breaking down Medicare’s components is a crucial starting point to determine individual needs. AARP’s Medicare Guide clarifies it in time for Open Enrollment, which runs 10/15/19 - 12/07/19.
Medicare Part A
While everyone eligible for Medicare receives time-limited inpatient hospital coverage at no expense through Medicare Part A, seniors can easily exceed its time and facility limitations.
Medicare Part B
At an added cost, Part B covers medically necessary preventive services, ambulance services, durable medical equipment, and outpatient coverage. In addition to its monthly premium, seniors are required to pay 20% for doctor visits and other outpatient services.
Medicare Part C (Medicare Advantage Plan)
Adding a carefully chosen Advantage Plan can offset the gaps left by Parts A and B. The federal government requires these privately insured plans to cover everything that Parts A and B cover, and some plans pay for services that original Medicare does not, including dental and vision care, and, often, prescription drugs. Choosing a plan with broad in-network provider options is crucial to keeping costs down by avoiding out-of-network providers.
Medicare Part D
Prescription drug coverage, alone, is addressed by Part D. Depending on regional availability, some Part C plans may include prescription coverage in their bundles.
With stakes so high, it's essential that plan selections meet individuals’ needs. That’s undeniable asseniors' anticipated healthcare costs rise to $285,000. Clearly, partnering with a Medicare specialist is more crucial now than ever before. Contact Asurea for a reliable agent to navigate your way to the best Medicare fit for you.