The Boomer Essentials: Understanding the basics of Medicare

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Health care in retirement can be one of the most overwhelming series of decisions a retiree can be faced with. But with a little planning, it can be very manageable.

There are many components to consider when thinking about health concerns. The most manageable way to process the confusion is to break it down in small bite: How do you eat an elephant? One bite at a time!

Medicare Basics

The first rule to remember and understand is that it is crucial to file for your Medicare on time!

Medicare is made up of two basic parts, and two additional components, which are Part C and D. The Part A, or hospitalization, is automatic, and most will file for Part B or medical simultaneously when they retire.

However, in some cases a person could work past 65, which may only require that they file for part A and still use their employer’s health coverage until retirement.

Upon retirement, it is important to keep in mind that there is a seven month window for part B, and if not filed for on time could result in a period without coverage and penalties.

Remember though, Part A has a $1,260 deductible for the first 60 days, and Part B has a $104.90 per month premium, a $147 deductible, and up to 20% co-insurance on Medicare approved rates.

Once you have Part A and B, it is time to move on to Part D, or Prescription Drug coverage.

 

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