11/26/2024 | News release | Distributed by Public on 11/26/2024 09:50
Medicare is often an essential component of one's retirement plan, especially as healthcare costs continue to rise. Its many complex offerings can be challenging to navigate for retirees and those approaching retirement.
Ari Parker, co-founder and head Medicare advisor for Chapter, a leading Medicare advisory practice, and author of It's Not That Complicated: The Three Medicare Decisions to Protect Your Health & Money, highlights important elements to consider when signing up for Medicare or evaluating existing Medicare coverage.
Specific coverage under Part A and Part B:
Part A: Hospital Insurance (Inpatient)
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Part B: Medical Insurance (Outpatient)
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Original Medicare does not cover long-term care, defined by the activities of daily living, such as eating, bathing, or dressing oneself. And, while Medicare pays 80% of your medical costs under Parts A and B, you are responsible for the other 20%, with no maximum out-of-pocket costs.
Prescription drug coverage is purchased through a private insurance company. Parker suggests prescription drug coverage for the following reasons:
There are three main improvements to Medicare Part D taking effect on January 1, 2025.
Parker explains different options to secure comprehensive coverage to cover the 20% of medical costs that Medicare doesn't support.
Sign Up for or Keep Original Medicare and Add Medigap + a Standalone Part D Plan Enroll, have the flexibility of Original Medicare, and add a Medicare Supplement, also known as Medigap. This plan is designed to last a lifetime-your benefits do not change year-over-year. If you choose this route, you:
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Replace Original Medicare Medicare Advantage, or Part C, replaces Original Medicare administered by a private insurance company. It works similarly to work-provided coverage, has HMO and PPO-like features, and is subject to prior authorization. This plan:
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From now until December 7, you can:
It is important to review your coverage each year to decide if you need to adjust or reconfirm your plan. Premiums and costs, benefits, and physician networks are a few things that may change each year or even mid-year.
Each client's circumstances are different, and William Blair is pleased to provide general insights and new perspectives on the fundamental elements of Medicare. For questions concerning your particular circumstances, please contact your William Blair wealth advisor to access the webinar link or additional resources.
This content is for informational and educational purposes only and not intended as advice or a recommendation. Recommendations can be provided only after careful consideration of an individual's specific personal situation and needs. The factual statements herein have been taken from sources believed to be reliable, but such statements are made without any representation as to accuracy or completeness and are subject to change.