Page 30 - Leisure Living Magazine July 2017

Are You Turning 65
And Going On Medicare?
Four Tips For You
By Steve Gulas, Bolte Insurance, www.bolteinsurance.com
1. How do I get enrolled in Medicare Part A & B?
It is important to make certain you will be enrolled in Medicare Part A and B when turning 65 if you do not have other coverage. Whether you need to do anything to enroll usually depends on whether you are receiving a Social Security Check prior to age 65. People who are receiving a Social Security check prior to age 65 usually will be automatically enrolled in Part A and B of Medicare and there is noth- ing you will have to do to enroll. Typically your Medicare Card will arrive in the mail about 3 months prior to the month in which you turn 65. For people who are not receiving a Social Security Check prior to age 65, you will need to enroll in Medicare. This can be done easily online or by contacting your local Social Security Office. You can also call 1-800-MEDICARE for assistance with this process.
2. Are their any Premiums to pay for Medicare Part A or B?
Medicare Part A typically has no premium. Most people will pay a premium for Medicare Part B. Individuals making less than $85,000 or married couples making under $170,000 per year will typically pay the standard Medicare premium of $134 per month. People exceeding these income figures two years prior to enrolling in Medicare will typically pay a higher premium.
3. What are Medicare Parts A, B, C & D and what do they cover?
Part A - Hospital Insurance - Covers you when you are hospitalized, in a skilled nursing facility or Hospice.
Part B - Medical Insurance - Covers out- patient doctors office visits, Emergency Room, Urgent Care, outpatient testing, ambulance, out- patient surgery, and injectable medications such as chemotherapy and radiation treatment.
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Part C - Medicare Advantage - These plans are offered by private insurance companies that cover service covered by Medicare Part A and B. Some plans include Part D drug coverage and others do not. Typically these plans are PPO or HMO style plans and have provider networks you will need to use in order to be covered or have lower costs for services.
Part D - Prescription Drug Coverage - These are stand alone drug plans. There are 22 Stand Alone Medicare Part D Plans to choose from in 2017 in Ohio.
4. Do I need any coverage besides Medicare Part A and B?
Yes for two reasons. 1.) Medicare Part A and B do not include Part D drug coverage. 2.) If you have only Medicare Part A and B you could subject yourself to potentially tens of thousands of dollars for out of pocket for medical bills. Medicare Part B typically only covers 80%, thus leaving you with 20% to pay. Also Original Medicare does not have an annual out of pocket maximum so your 20% keeps going on forever.
In order to reduce the potential of having large out of pocket medical bills and prescription drug costs most people choose one of two paths to take their Medicare Benefits.
1.) Medicare Part A & B combined with a Medicare Supplement and Stand Alone Part D Drug plan.
2.) Enrolling in a (MAPD) Medicare Advantage Prescription Drug Plan.
These types of plans are available through pri- vate insurance companies and there are many to choose from. In Ohio there are over 200 different combinations of ways to take your Medicare ben- efits. Bolte Insurance represents many Medicare plans and we specialize in listening to you and helping you find a plan you feel best meets your needs and budget.
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