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You also must factor in your health currently. Do you take meds? Which ones? Do you have a primary doctor who will be included in your plan. Cost, deductible is a factor. Look at the Medicare website for your zip code. Forget the salespeople. They want to sell you what they represent.
Yep. I never carried the prescription part because I took no meds at all. However, I just had quadruple bypass, so things have changed (Xarelto about $440 a month). So I am going to add this to my policy this time.
there is a 1% a MONTH penalty on the premium amount for every month you had no drug coverage since starting medicare. that can really add up and eat up anything you saved . plus without a supplement you will hit the donut hole with your costs .
Look for your state's State Health Insurance Assistance Program (SHIP) counseling service. They have trained counselors who provide free assistance with selecting a Medicare plan. In my state, they work in the county senior centers, but other states may offer the service in different areas.
No one is obligated to take their advice or sign up for anything they recommend, but they can help navigate the different plans and help people narrow down the options based on their particular needs for things like certain meds or health conditions or specific doctors, etc.
The counselors are volunteers (at least they are here), so they are not being paid to steer anyone toward specific plans.
I can't even log in to pick a plan, keeps telling me We're sorry we cant`t process your request right now. Please try again.
Before that it didn't like my password. Have to fill out a form to reset it including a challenge question to prove you're not a bot. I can't see elderly trying to navigate their site.
It looks like Consumers Checkbook also includes Medicare information, but I think that may only be how the FEHB plans interact/coordinate with various Medicare options.
there is a 1% a MONTH penalty on the premium amount for every month you had no drug coverage since starting medicare. that can really add up and eat up anything you saved . plus without a supplement you will hit the donut hole with your costs .
I was told I would accrue a penalty if I didn’t sign up for part b (which comes out of my check and is going up to $135.50 a month) not if I didn’t sign up for drug coverage. Right now I just have a and b and unless I get a part time job, I can’t affford any supplements and don’t qualify for Medicaid because yearly income is too high, $22k. Just have to stay healthy I guess (knock on wood ).
Some choice is good. So is competition. But needless complexity is something else entirely. And we know from behavioral science that, faced with too many choices, humans often make poor decisions or …do nothing.
Hence, Medicare—the poster child for choice overload:diligent research and creating detailed spreadsheets. And she is baffled.
Some choice is good. So is competition. But needless complexity is something else entirely. And we know from behavioral science that, faced with too many choices, humans often make poor decisions or …do nothing.
Hence, Medicare—the poster child for choice overload:
The rules
If you have just turned 65, you need to enroll in Part A, even if you still are working and have insurance through your job. If you don’t have employer-sponsored health coverage, you need to decide whether to go with Medicare Advantage managed care (Part C) or with traditional Medicare (Part B), also called original Medicare. If you pick traditional fee-for-service Medicare, you also should choose a Part D drug plan (basic Medicare doesn’t pay for most drugs) and decide whether to buy a Medicare Supplemental (Medigap) policy to cover costs basic Medicare doesn’t.
If you decide to buy a Medigap policy, you have to choose between 10 different plan designs (lettered A-N). Each letter represents a different benefit package. And, of course, you need to remember that Medicare Supplemental plans A,B,C, and D are different from Medicare Parts A,B, C, and D.
You could simplify your life and enroll in a Medicare Advantage plan. Because these generally provide comprehensive benefits, including drugs, you won’t need a Part D plan or a Medigap policy. But once you get into MA world, it is hard to get out. You can go back to traditional Medicare, but you may not be able to buy an affordable Medigap policy if you have pre-existing medical conditions.
More rules
Deciding which version of Medicare you want is just the first step. You still need to pick specific insurers.
Be aware that once you are signed up initially, if you want to change your plan you are subject to underwriting. Choose wisely the first time on the advantage plans and hope your choice doesn't drop out of the area after you have contracted a major illness.
I was told I would accrue a penalty if I didn’t sign up for part b (which comes out of my check and is going up to $135.50 a month) not if I didn’t sign up for drug coverage. Right now I just have a and b and unless I get a part time job, I can’t affford any supplements and don’t qualify for Medicaid because yearly income is too high, $22k. Just have to stay healthy I guess (knock on wood ).
MJ is correct. When DW and I signed up for A, my employer plan already covered us- including drug prescriptions. When we switched over and signed up for B, there was an interesting period where we had to prove that we not only had an employer prescription plan, but it had to be what is known as a 'creditable' prescription drug plan in order to prevent lifetime penalties. A creditable plan is one that pays on average (at least) as what is paid for by part D. It was, but we received a notice of penalty anyway, and had to have some interaction between our company and Medicare before it was finally resolved. That was the one surprise for us during that changeover period between working and retirement. We were lucky that it was creditable; it is good to check with your employer to make sure that this is the case when you sign up for Medicare A, or else you need to get D also.
MJ is correct. When DW and I signed up for A, my employer plan already covered us- including drug prescriptions. When we switched over and signed up for B, there was an interesting period where we had to prove that we not only had an employer prescription plan, but it had to be what is known as a 'creditable' prescription drug plan in order to prevent lifetime penalties. A creditable plan is one that pays on average (at least) as what is paid for by part D. It was, but we received a notice of penalty anyway, and had to have some interaction between our company and Medicare before it was finally resolved. That was the one surprise for us during that changeover period between working and retirement. We were lucky that it was creditable; it is good to check with your employer to make sure that this is the case when you sign up for Medicare A, or else you need to get D also.
I don’t have an employer. I signed up for part a when I turned 65 but I was still working. Signed up for part b after I retired and was no longer covered by my employer. Drug coverage was offered but she never said it was mandatory and I declined it since it would mean more money coming out of my check every month.
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