Page 18 - Leisure Living Magazine June 2016

18 |LeisureLiving June 2016
www.LeisureLivingMagazine.com
Are YOU Turning 65 And
Going On Medicare?
By Steve Gulas, Bolte Insurance, www.bolteinsurance.com
Answers To Four Commonly Asked Questions
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 upon 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 nothing you will have to do to enroll. Typically your Medicare Card will arrive in the mail about 3 months prior to your Medicare effective date. For people who are not receiving a Social Security Check prior to age 65 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 there 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 $121.80 per month. People exceeding these income figures will typically pay a higher premium.
3. What are Medicare Part A, B, C & D and what do they cover?
Part A is Hospital Insurance
It covers you when you are hospitalized, in a skilled nursing facility or for Hospice.
Part B is Medical Insurance
It covers outpatient doctor’s office visits, Emergency Room, Urgent Care, Outpatient Testing, Ambulance, Outpatient surgery, and Rehabilitation Care.
Part C is Medicare Advantage
These plans are offered by private insurance companies that cover services 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.
Part D is Prescription Drug Coverage
These are stand alone drug plans. There are over 20 Medicare Part D drug plans to choose from in 2016 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 be subjecting yourself to potentially have tens of thousands of dollars for out of pocket 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 to have 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 private insurance companies and there are many to choose from. Bolte Insurance represents many Medicare plans and we specialize in helping YOU find a plan that best meets your needs and budget. If you need help contact Steve Gulas or Chuck DeVore at 419-732-3111.