Page 11 - Mid Valley Times 2-6-20 E-edition

Thursday, February 6, 2020 | A11 | Mid Valley TiMes
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Retirement and Medicare
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Retirement is on everyone’s mind as we get closer to age 65. ere are decisions to be made and plans to be mulled over. is includes what to do about health insur- ance. All through our adult lives, we have heard about Medi- care. Now it is time to understand what Medicare is all about.
Several months before you turn 65 information starts to arrive alerting you to the various choices you have to decide when you become eligible for Medicare. Should I get an Ad- vantage Plan that raps my entire Medicare into one? Or should
I get a Medigap plan that pays secondary
to Medicare? What about a prescription drug plan? How do
I want insurance to work for me? What is the best way to go?
Although many companies are trying
Now What?
to be helpful, initially you are bombarded with marketing cir- culars by large insur- ance companies that are paid through the Medicare System. One thing is true
very quickly, the more you want to control your own health care destiny the more you have to be willing to pay. e more willing you are to have oth- ers make decisions on your behalf, the more you can save.
Medicare has sev- eral parts. Medicare
A covers in-patient hospital stays and skilled nursing facility rehabilitation stays, hospice care and re- spite care, and home health care. Part B is used for doctor visits, outpatient care, out- patient services like physical therapy, some home health care services, and durable medical equipment.
Medicare parts A and B work together
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to provide basic med- ical needs but they don’t pay for every- thing. Expenses such as deductibles, premi- ums and coinsurance could still be your responsibility.
One option for medical coverage is to use Original Medi- care and a Medicare supplemental (Me- digap) insurance.
e supplemental insurance plans are
set up to pay for the expenses or the part of the bill that Origi- nal Medicare does
not pay for. Using Original Medicare and a supplemental plan gives you the most freedom to be seen by the doctor
or specialist of your choosing and go to any hospital of choice. ere are plans with high deductibles and plans with no deduct- ible. e Medigap plans are set up with
a monthly premium. ese plans tend to have up-front costs with monthly premi- ums but it gives peace of mind when the service is needed be- cause the non-covered Medicare expenses would be paid by the insurance. One way to limit the cost of
the Medicare supple- mental plan is to get
a plan with a deduct- ible. ese plans cover completely once the deductible has been paid.
Medicare Part D is the prescription drug plan. When you pur- chase a Medigap plan you will need to get
a Part D plan as well. e prescription drug coverage may have
a monthly premium payment and may include the amount Medicare requires you pay as your part of
the costs with Medi- care paying part of the costs. Your cost will vary depending on which plan you choose and whether or not you need Extra Help. Extra Help is for individuals who have limited income and resources.
Another way to go into Medicare cov- erage is through a Medicare Advantage Plan. ese plans bundle Medicare A and B and at times even D into one plan. e advantage plans have low to no premium payments, so they are great on the monthly budget. ese plans usu-
ally pay a xed dollar amount and you pay copays and possibly
a deductible for all medical needs. e advantage plan has a network of doctors and hospitals and short-term nursing home rehabs for you to choose from. Only the doctors, hospitals and special services in the network are used for services. Referrals are often required for specialist services.
When you look for Medicare coverage it is important that you look at the options to get the right policy for you. One place to start your research is your doctor’s o ce to see what plans they are accepting. ere are knowledgeable people in and around Reedley who would be happy to sit down to explain the di er- ent plans and sell you a plan. Residents at Sierra View Homes Retirement Commu- nity have made choic- es before they came to live on campus. Each year there is an open enrollment period al-
lowing them to switch insurances. Residents can get advice from each other and we refer our residents to a couple of trusted insurance brokers to assist an individual on the particular cover- ages that are right for them. An insurance broker can give you options, advice and help you with un- derstanding the dif- ferences in types of coverage.
Medicare is in place to help you through your medical crisis and to provide chron- ic intervention, as we get older. It provides for health issues in numerous ways and gives us the ability to remain healthy and active long into the retirement years. Do not ignore impor- tant information and preliminary medical intervention as pre- ventative medicine thus avoiding major medical crisis.
RETIRED...
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