Turning 65 can be a birthday that we don’t want to deal with. Is this a millstone or a milestone? Do we have to retire? Do we want to or should we retire? Do we have to go on Medicare? I think many of us would rather put our heads in the sand especially since the information out there is so confusing. Let’s try to make a few bullet points to provide clarity:
- If you are on an employer work plan see how much is being deducted from your paycheck and compare that to your $121.80 Part B Medicare Premiums* and either a Supplement or Medicare Advantage Plan (“Do I have to enroll in Medicare”)
- If you’re not collecting Social Security or have a disability most likely you’ll have to enroll in Medicare. Save time and enroll online @ www.medicare.gov
- Find out if your primary care doctor is part of any of the Medicare Advantage HMO plans. If he/she is than you might want to consider one of those options as in most Southern CA counties they’re zero premium plans. No. Ca counties such as San Francisco have zero premium plans and many other No. counties offer low premium options. Most of these plans include Prescriptions and are known as Medicare Advantage Prescription Drug Plans or MAPD’s.
- The Best Medicare Supplement which allows you to see any doctor who accepts Medicare without referrals will run you somewhere between $130 & $160 per month depending on the specific carrier and the county that you reside.
- If you opt of a Medicare Supplement you’ll also need to purchase a Prescription Drug Plan or PDP. Most prescription Drug plans range between $20-$50 monthly.*
Relax and enjoy the fruits of your labor. You and/or your spouse worked and paid into Medicare at least 10 years to qualify for this excellent coverage. Most likely it will be superior to the coverage you currently have and will be less money. Let us walk you through the process and help you push the easy button.
* Both Part B Medicare Premium and Part D Prescription Drug have an IRMAA or Income Related Monthly Adjustment Amount, which is an extra charge added to your premium for singles who make more than $85,000 and/or Joint tax returns over $170,000.