When you turn 65, you have a seven month window (the 3 months before your birth month, your birth month, and the 3 months after your birth month) to enroll in the federal Medicare program. This time frame is knows as your IEP (Initial Enrollment Period).
Traditional Medicare is an 80/20 cost share, meaning Medicare will pick-up 80% of the cost of Medicare approved services. The other 20% is on the individual to cover the cost.
This 20% gap in coverage is where many people seek help to mitigate costs. Medicare eligible persons can shop for a Medicare Supplement or Medicare Advantage plan.
So how do you make the best choice for yourself?
Our top take-aways should help more people go from confusion to clarity when it comes to making the right Medicare choice for themselves.
1) Don’t start focused on the Medicare options. First start with your desires and health circumstances. Is there a particular doctor you want? What are your current medications? Those two answers will help eliminate options that might be right for someone else but are not right for you.
2) Work with an Independent Medicare Insurance Agent. Individual companies provide their plans through independent agents like us. However, they also sign people up directly over the phone and through their own local offices. We believe the later two ways allow the companies to focus more on the plans they offer and trying to fit you into one of those plans. An independent agent should focus on your needs and find the plan that fits you.
The great part for Medicare recipients: the help of an Independent Medicare Insurance Agent costs you nothing!
If you'd like to know more about your Medicare options, please reach out to us at (702) 462-7233.
To learn more about Medicare, download this great resource from the CENTERS for MEDICARE & MEDICAID SERVICES: Medicare & You 2018