Ten Things You Should Know About Medicare
- Medicare is not free. (See my article here.)
- There are no out of pocket limits on Original Medicare.
- The best time to buy a Medicare Supplement is when you turn 65 or when you first become eligible for Part B.
- In most situations, Medicare will not pay for Long-term care or Custodial Care. Custodial Care is non-skilled personal care, like help with daily living activities, such as bathing, dressing, eating, etc.
- Original Medicare does not cover medical emergencies outside of the United States. You can read my article on foreign travel here.
- You cannot find the right Part D prescription drug plan by comparing premium cost and deductibles alone. You must run (or find an agent like myself) to run your prescriptions through the Plan finder at the Medicare.gov website.
- Original Medicare does not cover everything. I jokingly tell my clients if it’s part of your head (i.e. eyes, ear and teeth) Original Medicare doesn’t cover it.
- You cannot have both a Medicare Advantage Plan and Medicare Supplement Plan.
- Though Medicare Supplement Plans are standardized (example: all Plan F must offer the same exact coverage) pricing varies from company to company. You could pay a substantially higher monthly premium for the same exact coverage if you do not shop around or find an agent to shop the plans for you.
- If you miss your enrollment deadline, you may end up with a gap in your coverage and may face a lifetime late enrollment penalty imposed by the federal government.
Medicare can be confusing I can provide you with the information you need to make an informed decision. Please do not hesitate to call or email me with your questions.
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