Toni,
I am turning 65 in September and need to make my Medicare decision. I do not know where to start or what to do. I am being bombarded by telemarketers and mail telling me that if I do not sign up for Medicare when I turn 65, I will make a major mistake.
Can you please simplify the process?
Thanks,
Paula, from Atlanta, GA
Paula,
The Medicare community is exploding with an American turning 65 every 8 seconds daily, which means 10,000 Baby Boomers are entering Medicare every day for the next 10-plus years. Simplifying enrolling and understanding Medicare is what the Toni Says Medicare team specializes in. No one wants to make the wrong decision, which can add stress to retiring.
Here are the Medicare basics every Baby Boomer should know:
1. Learn the Parts of Medicare.
Original Medicare is Parts A and B, which cover hospital, medical, and provider expenses. Medicare Part C (also known as an Advantage Plan) is another way of receiving your benefits. Part D is the prescription drug plan that be a standalone plan or included with an Advantage Plan.
2. Medicare is NOT free.
Medicare covers a lot and there is a cost associated with Parts A and B. The premium for Part A is at no cost if you have worked 10 years (or 40 quarters) and paid Medicare taxes. Medicare Part B has a premium that is means-tested, depending on how much you have earned for that year.
In 2023, most Medicare beneficiaries pay $164.90 each month for their Part B premium. The Medicare Part A deductible for 2023 is $1,600 every 60 days. The Part B deductible is $226 once per year, with Medicare paying 80% of the Medicare-approved amount and you paying the remaining 20%.
3. Medicare covers what?
In Original Medicare, Part A covers in-patient hospital, skilled nursing, rehab facilities, home healthcare, and hospice care.
Medicare Part B covers doctor services, whether at the office or surgical care, outpatient care, lab work, x-rays, MRIs, durable medical equipment, and preventative services.
4. A Medicare Advantage Plan works a little differently than Original Medicare.
If you select a Medicare Advantage Plan (Part C), you may elect to receive HMO or PPO coverage that is offered by private insurance companies. An Advantage Plan has a provider network with healthcare professionals or facilities that provide lower in-network rates. You do not use your “red, white, and blue” Medicare card. You will have copays, deductibles, and maximum out-of-pocket to pay for your medical care.
5. Enroll at the right time.
The only way Medicare enrollment is automatic for those turning 65 is when one is already receiving their Social Security check. If you are not receiving your Social Security check and not working full-time with employer benefits, then you will want to enroll in Medicare Parts A and B online at ssa.gov.
Those turning 65, and working full-time with true employer group health insurance, whether it is theirs or their spouse’s benefits, may want to delay enrolling in Medicare until they retire or are laid off.
Read Next: WARNING: Taking Medicare Advice from Your Friends Can be COSTLY!
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Toni King
Toni King is an author, columnist, and radio and TV personality who specializes in Medicare, Social Security, and long-term care planning. While conducting a Medicare workshop in 2009, Toni was approached by a member of the audience who had received incorrect information about his Medicare Part B enrollment from Social Security. After taking a couple of days to help the gentleman straighten out his overwhelming problem, Toni’s new mission had become clear. Following more than 27 years as a top sales leader in the Medicare insurance industry, Toni would become an advocate for Americans receiving Medicare. Since then, Toni has devoted her life and career to putting Medicare into “people terms” with the help of her books, consultations, workshops, and website, ToniSays.com. Read more from Toni King here!
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Medicare Survival Guide Advanced Edition
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What You Don’t Know Will Hurt You!
Turning 65 in America is a milestone and one of the markers is enrolling in Medicare. But the system is so complicated, and there is a lot of false information out there.
In Toni King’s Medicare Survival Guide Advanced: Basics and Beyond, Toni gives you the critical steps you need to enroll in Medicare properly. Toni shares various situations that she has experienced with her many clients during Medicare consultations, and gives you the information and tools you need to enroll on time to avoid the “famous” Medicare Part B and D penalties.
Medicare Survival Guide Advanced helps you understand Medicare step by step…
Learn How to Enroll the Correct Way
• Still Working Past 65
• Turning 65
• VA Benefits
• Laid-off or Retiring
What Medicare Option Is Best for You
• Medicare Supplement vs. Advantage
• Losing Retirement Benefits
How to Avoid
• The Donut Hole
• Part B Penalties
• Part D IRMAA Penalties
If you are enrolling in Medicare and are confused by the commercials and telemarketers, or from the information that well-meaning friends or family members give, let Toni guide you through the maze of Medicare. Order TODAY!
