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Some 60 million Americans receive Medicare benefits each year to help pay for health care and prescription drugs...
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Easy ways to get Medicare benefits you – or loved ones – deserve
Beware: the most current Medicare schemes are Medicare Open Enrollment scams and COVID-19 scams.
Texas Senior Medicare Patrol shines light on scam prevention
Those new to Medicare or those considering changing their plans usually have a lot of questions. Here are some that have been asked frequently.
Medicare and some key questions
Medicare can speak in its “own language” with a large number of acronyms. Here is an explanation of many, if not all, of these commonly seen Medicare acronyms:
Find your Medicare acronym
Future Planning
It’s that time of the year. Medicare Open Enrollment started Oct. 15 and runs through Dec. 7.... Read More
2021: Navigate the Medicare Plan Finder tool
When it comes to Medicare health plans, there is often a lot of confusion as to what different options include.... Read More
Get to know what Medicare plans cover
When can you sign up for Medicare or when can you switch plans if your health needs have changed? Read More
New to Medicare or choosing coverage for next year?
About 1 in 3 people 65 and older in the U.S. enroll in Medicare Advantage, the private insurance alternative to traditional Medicare. Read More
Are Medicare Advantage Plans Worth the Risk?
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It’s that time of the year. Medicare Open Enrollment started Oct. 15 and runs through Dec. 7, so here is an opportunity to review Medicare health plans for 2021 and your prescription drug coverage, as well as any changes to better fit your needs in the coming year. That all happens with the new and improved Medicare Plan Finder at medicare.gov/plan-compare. If you are new to Medicare, and will be 65 prior to Jan. 1, 2021, it is suggested that you go online to Medicare.gov and create an account. You will be eligible to choose a plan during the enrollment period that will start the first day of 2021. The Medicare Plan Finder is now mobile-friendly, so you can use it on a smartphone, tablet, and desktop for convenience. The Plan Finder is there to guide you step by step in reviewing and comparing plans, and is designed to be much more user-friendly than in past years. The Plan Finder also is open to anyone to just review plans without logging in, but if you want a more personalized, rich experience, it’s wise to create an account using your Medicare card. If you set up an account after reviewing plans, you’ll need to re-enter your information. The Medicare Plan Finder also lists some new features such as such as suggesting lower-cost generic alternatives for prescription drugs, and added details about Medicare Advantage Plans (Part C).
Let's get started!
Go to Medicare.gov/plan-compare
Click on Log In/Create Account If you have an account, simply log in. All your information will be loaded. If you do not have an account, you will need to create an account and add your information before going to the next step. Click Next.
Answer a few quick questions This will ask you about coverages. If you are interested in Medicare, Medicare Advantage Plans, Medigap-Plans, or Drug Plans, this is where you will choose one. It will ask for ZIP code and you may have to select your county. Scroll to bottom of the page and click Next.
Confirm your drug list Verify any prescription drugs you have had filled the last 12 months so you will be up to date. You can add or remove drugs here. Click Done Adding Drugs.
Choose your pharmacy On the next page, you can then choose up to five pharmacies in your area that you will be using, or click on Mail Order. Click Done at bottom of the screen.
Coverage plans On the next screen, plans offered based on your ZIP code will be listed. At the side of the screen, click Filter Plans (There will be a variety of filters.) and choose coverage items you want to include such as dental, fitness, vision, transportation, etc. Then click Apply Filters. Plans will now be shown based on these preferences.
Review these plans When you see some you are interested in, check its box, Add to Compare. You can look at/compare up to three plans max at a time. When you have gone through the plans and selected your two or three to look at, click Compare at the bottom of your screen on the right-hand side. There will a large amount of information to review, so take your time looking at each plan’s copays, diagnostic costs, drug coverages and deductibles, hospital stays, maximum you will pay for health services, etc. “Plan Details” can show you more details.
Pick a plan After you have reviewed the compared plans and decided on a plan that fits your needs, click on Back to Results in the light blue box on the left side, and pick the plan of your choice and enroll.
Your Medicare plan After you sign up, this tool will walk you through your Medicare plan agreement.
1-800-MEDICARE (633-4227)
For more information:
Look for this button
Answer these questions before clicking "Next"
Add your perscriptions before clicking next
Choose your pharmacy
Select filters to view different plans
Compare different plans
Choose a plan
Click each step to interect with it.
OVERVIEW
The Employee Benefit Research Institute estimates that a typical 65-year-old couple will spend a total of $265,000 in health care costs over the remainder of their lives.
Four Ideas For Health Care Planning In Retirement
Some 60 million Americans receive Medicare benefits each year to help pay for health care and prescription drug...
Overview
Navigating the ins and outs of Medicare can be an intimidating experience if you’re not unfamiliar with terms related to it.
From deductibles to donuts: Key terms to know about Medicare Part D
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Medicare’s Annual Enrollment Period is here (Oct. 15 to Dec. 7), the time when people can make changes to their Medicare coverage for the year ahead. There are tools and resources to help you navigate the process and select a plan to meet your needs. Here's a roundup of frequently asked questions about Medicare and online resources that can help you get started in your own decision-making process. 1) Which type of Medicare coverage is right for you? Each person needs to make coverage decisions based on their health care needs and budget. To do that, it’s important to understand the options. Original Medicare (Parts A and B) is provided by the federal government and includes hospital and medical coverage. But it doesn't cover everything. You may have out-of-pocket costs like deductibles, copays and coinsurance. Coinsurance for most Part B services, for example, is 20% of the cost. In addition, Original Medicare does not cover prescription drugs. If you want additional coverage, there are two ways to get it: 2) Does Original Medicare cover dental, vision and hearing care? Original Medicare (Parts A & B) does not cover routine dental, vision or hearing care. Some costs may be covered if you have an eye injury or a certain medical condition, such as diabetes or cataracts. Many Medicare Advantage plans cover dental and vision care, including routine eye exams, eyeglasses or contacts. Medicare Part B covers diagnostic hearing and balance exams if your doctor thinks you may need medical treatment, but neither Part B nor Part A covers routine hearing tests or hearing aids. Many Medicare Advantage plans offer this coverage. 3) How can you get coverage for my medications, since Original Medicare doesn't provide it? You have two options for prescription drug coverage: You can add a standalone Part D plan to Original Medicare, or you can join a Medicare Advantage plan that includes prescription drug coverage. Look for plans that cover the drugs you take. Each plan has a formulary that lists which drugs are covered and what the cost is. Most formularies are tiered, dividing drugs into different levels of cost. Typically, low-tier drugs will cost less than high-tier drugs. 4) Why do the costs for prescription drugs go up? Can you switch plans? Part D prescription drug plans may change copays, premiums, deductibles and other costs from year to year. They may also add or delete specific drugs from their formularies. If your drug costs are going up, you are free to shop for a different plan during the Medicare Annual Enrollment Period. You can look for plans using the Plan Finder at Medicare.gov. The bottom line You have choices to make when it comes to Medicare. But you're not alone. There are many tools and online resources to help you navigate the process and select a plan to fit your needs. Looking to learn more? You may be enrolling in Medicare for the first time; you may be looking to change coverage during the Medicare Annual Enrollment Period; you may be helping a loved one with their Medicare decisions. No matter your situation, visit GetToKnowMedicare.com to access resources to help you prepare and make confident Medicare decisions. – BPT
– Add Medicare supplement insurance and/or a standalone Medicare prescription drug plan (Part D) to Original Medicare. – Choose a Medicare Advantage plan (Part C), which combines Part A (hospital insurance) and Part B (medical insurance) in one plan. Most plans include prescription drug coverage (Part D), and many offer coverage for things like routine dental and eye care. Medicare Advantage plans also put a cap on your out-of-pocket costs for the year. There's no cap with Original Medicare.
Health care costs are usually the largest expense for retirees.
About 1 in 3 people 65 and older in the U.S. enroll in Medicare Advantage, the private insurance alternative to traditional Medicare.
Navigating the ins and outs of Medicare can be an intimidating experience if you’re not unfamiliar with terms related to it. Medicare Part D -- which helps cover prescription drug costs -- has its own terminology. Medicare Annual Enrollment is from Oct. 15 to Dec. 7, so it is a good time for a refresher on key words to inform your coverage decisions for 2021. Deductible, copay, coinsurance Formulary Part D plans are offered by private insurance companies, and each plan has what's known as a formulary, a list of the prescription drugs covered under the plan. "When considering a Part D plan, review the formulary to make sure your medications are covered," said Mike Anderson, CEO of the Medicare Part D business at UnitedHealthcare. And keep in mind that plan formularies can change from year to year, so don't assume that the prescription drugs covered under your current plan will carry over in 2021. Drug tiers A Medicare Part D plan's formulary is made up of tiers, depending on the cost of the medications. The lower tiers generally include preferred generic drugs, and many plans cover these medicines with low or no copay or coinsurance. Higher tiers generally include brand-name drugs and specialty medications and tend to have higher copays or coinsurance. So, talk to your doctor to see if the brand-name prescription you take can be replaced with a generic version. Preferred pharmacy network A Part D plan may designate a preferred network of pharmacies, and if you use these pharmacies, you can save money on prescriptions. "Make sure the plan offers access to pharmacies that are convenient for you," Anderson said. "Some plans also have mail-order pharmacy benefits, and you may be able to get prescriptions delivered to your home for a lower cost than purchasing from a retail location." The ‘donut hole’ The majority of Part D plans have a coverage gap known as a "donut hole." For example, in 2020, you enter this donut hole once your out-of-pocket costs (including deductibles, copays and coinsurance) for prescription drugs reach $4,020. Once you're in the donut hole, you will pay 25% of the cost of your drugs. In past years, this percentage was higher. In 2020, once your out-of-pocket costs reach $6,350, you exit the donut hole and pay a smaller coinsurance. Your Part D plan tracks your out-of-pocket spend progression and should be accessible on your plan website and monthly statements. If you meet certain income and resource requirements, you may be eligible for Extra Help, which helps qualified beneficiaries pay some or all Medicare Part D premiums, deductibles, copayments and coinsurance. Learn more It’s a good time to start thinking about your health and budget needs for the upcoming year. Whether you'll enroll in Medicare for the first time, are looking to change your coverage during Medicare's Annual Enrollment Period, or helping a loved one make decisions, visit GetToKnowMedicare.com to access resources to help you prepare and make choices. – BPT
– A deductible is the amount you pay out of pocket in a given year for eligible prescription drugs before your plan's coverage kicks in. The deductible can vary from plan to plan. – Some plans charge a copay, a flat fee, each time you fill a prescription. For example, a plan may require you to pay $2 when you fill a prescription for generic drugs and a higher amount for brand-name drugs. – With coinsurance, you pay a set percentage of the drug’s cost instead of the flat fee associated with a copay.
When can you sign up for Medicare or when can you switch plans if your health needs have changed?
Those new to Medicare or those considering changing their plans usually have a lot of questions.
Many are surprised to find out Original Medicare doesn't generally cover prescription drugs. For help with the cost of medications, you can choose a standalone Part D plan or a Medicare Advantage plan with prescription drug coverage. With Medicare Annual Enrollment from Oct. 15 to Dec. 7 -- the yearly window when you can make changes to your Medicare coverage -- it is a good time to arm yourself with information to help you make an empowered decision. Mike Anderson, CEO of the Medicare Part D program at UnitedHealthcare, recommends considering these three things when choosing a plan: 1. Your prescription drugs Prescription drug plans can vary significantly. Each Part D plan has a list of drugs, called a formulary, which shows the drugs it covers. "When considering a Part D plan, be sure your medications are covered," Anderson said. "Even if you don't expect to change plans, it's important to make sure your drugs will still be covered next year, as plans can change from year to year." 2. Your pharmacy Most Part D plans have preferred pharmacy networks. People can typically get their drugs for a lower copay when they visit preferred pharmacies. "Make sure the plan offers access to pharmacies that are convenient for you," Anderson said. "Some plans also have mail-order pharmacy benefits, and you can get prescriptions delivered to your home for a lower cost than purchasing from a retail location." 3. Total costs Plans sort drugs into several tiers, with generic or lower-tier drugs generally costing less than drugs on higher tiers. Talk to your doctor about whether a lower-tier drug might be suitable for you, which could help you save money. "A low monthly premium plan doesn't necessarily mean it will be the lowest-cost plan," said Anderson. "You should also understand the other out-of-pocket costs, including the annual deductible and drug copays." Bottom line Many are thinking about their health and budget needs for the upcoming year. Whether you'll be enrolling in Medicare for the first time, looking to change your coverage during Medicare's Annual Enrollment Period, or helping a loved one make decisions, visit GetToKnowMedicare.com to access resources to help you prepare and make choices. – BPT
Medicare Part D: Three factors could save you money
Medicare’s Annual Enrollment Period runs from October 15 to December 7, 2019. This is your yearly chance to shop for insurance coverage that best meets your needs.
5 Tips To Make Sure You’re In The Right Plan
Medicare’s Annual Enrollment Period is here (Oct. 15 to Dec. 7), the time when people can make changes to their Medicare coverage for the year ahead.
Billions of dollars are lost every year due to fraud, waste and abuse in the Medicare system.
Some 60 million Americans receive Medicare benefits each year to help pay for health care and prescription drugs, according to the federal Centers for Medicare and Medicaid Services (CMS), the federal agency that runs the program. However, many don't get the right benefits for their health needs and their budget. "The biggest mistake people eligible for Medicare make is that they don't know enough about their options," said Kyal Moody, president of Medicare Benefits Solutions, a new offering from Health Compare. "As a result, people don't get the benefits they deserve." Confused about which plan is right for you or your loved one? Medicarebenefits.com can offer some help. The new, free service allows you compare Medicare plans. It also offers access to licensed, experienced Medicare insurance agents who can help provide information on thousands of plans from a range of Medicare health insurance companies. For information call toll free: 855-765-4028 (TTY:711), Monday through Friday, 5 a.m. to 6 p.m. PT. Here are three other ways to help ensure you get the right benefits: Find more information at Findmybenefits.org or by calling toll free at 1-800-794-6559, Monday through Friday, 9 a.m. to 5 p.m. ET, to be sure you are getting all benefits and services you might be eligible for. – BPT
1. Know the options. Two of every three eligible people are enrolled in Original Medicare, according to the CMS. The rest have chosen a Medicare Advantage plan, a popular option increased at 8% per year compared with less than 1% for Original Medicare. What makes Advantage plans so popular? In addition to covering all Medicare services, some Medicare Advantage plans also offer Medicare beneficiaries extra coverage through supplemental benefits, such as vision, hearing and dental services. Some also offer prescription drug coverage (Part D) as part of their plan. 2. Review your plan's drug coverage annually. Look for changes in prescription drug formularies – the list of medications covered by your drug plan. If a prescription drug drops off the formulary, it could cost thousands of dollars if you don't switch to a plan that pays for your medication. 3. Do a benefits check-up every year. The National Council on Aging, a nonprofit organization for seniors, offers a free, interactive site to check eligibility for a host of benefits from income tax relief to food, housing and utility assistance, transportation discounts, pension help and veterans' benefits.
When it comes to Medicare health plans, there is often a lot of confusion as to what different options include, as well as what they don’t cover.
Medicare’s annual enrollment period is now underway, and runs from October 15 to December 7, 2018.
Your Medicare Open Enrollment To-Do List
When can you sign up for Medicare or when can you switch plans if your health needs have changed? Understanding Medicare's enrollment periods helps you get the coverage you need when you need it. If you're signing up for Medicare for the first time, your enrollment window is unique to you and based on your birthday month. Here's a guideline for what timeframe applies to you. New to Medicare Your Initial Enrollment Period (IEP) occurs around your 65th birthday, including the three months before and the three months after it. For example, if your birthday is in July, your IEP would be from April to October. Once you're enrolled in Medicare, there are set dates for when you are allowed to change your plan. During the Annual Enrollment Period of Oct. 15 to Dec. 7, all Medicare beneficiaries have the chance to choose plans for the following calendar year. This is the time for you to decide if your current plan fits your budget and health needs. Already on Medicare The Medicare Advantage Open Enrollment Period is Jan. 1 through March 31. If you are enrolled in a Medicare Advantage plan, you can take these steps from Jan. 1 through March 31. Changes will be effective the first day of the following month. Special Enrollment Periods are times when you can sign up for Medicare or change your plan if you qualify due to a life event like moving or retiring. Want to learn more? You may be enrolling in Medicare for the first time; you may be looking to change coverage during the Medicare Annual Enrollment Period; you may be helping a loved one with Medicare decisions. Visit GetToKnowMedicare.com to access resources to help you prepare and make confident Medicare decisions. – BPT
New to Medicare or choosing coverage for next year? Know key dates
1. Switch to a different Medicare Advantage plan 2. Drop your Medicare Advantage plan and return to Original Medicare (Parts A and B) 3. Sign up for a Medicare Part D prescription drug plan or Medicare Supplement plan, if you return to Original Medicare
I have good news for you because Medicare does allow employees with “true” employer benefits to delay Medicare Part B enrollment without penalties if you enroll later.
Turning 65 with employer health insurance; need Medicare help
Understanding Medicare does take time, but having the right kind of assistance is important.
Medicare: HICAP is here to help Texans who need it
When it comes to Medicare health plans, there is often a lot of confusion as to what different options include, as well as what they don’t cover. Medicare coverage is based on federal and state laws; national coverage decisions made by Medicare about whether something is covered; and local coverage decisions made by companies in each state that process claims for Medicare and decide whether something is medically necessary and should be covered in their area. Medicare health plans are typically offered by a private company that contracts with Medicare to provide Medicare Part A (hospital insurance) and Medicare Part B (medical insurance) benefits to people who enroll in these plans. In general, Part A covers: Part B coverages – It covers medically necessary services and preventive service (like the flu), with things like: What’s NOT covered? Medicare does not cover everything, and some of the items and services it doesn't cover are: You won’t be expected to pay anything for most preventive services if you receive them from a health care provider who accepts an agreement to be paid directly by Medicare and not to bill you for more than your Medicare deductible and coinsurance. Medicare health plans include Medicare Advantage Plans, which are another way to get your Medicare Part A and Part B coverage. Medicare Advantage Plans are required to follow rules set by Medicare. These plans, which are sometimes called “Part C” or “MA Plans,” are offered Medicare-approved private companies and usually include drug coverage (known as Part D). With these plans, you will typically need to use health care providers who participate in the plan’s network and service area for the lowest costs. These plans have limits on annual out-of-pocket costs for covered services, which are intended to protect consumers from unexpected costs. Some plans also offer out-of-network coverage, though it may be at a higher cost. Consumers must use the card from their Medicare Advantage Plan to get Medicare-covered services and will need to have it hand if they choose to switch back to an Original Medicare Plan. To find out if Medicare covers the services or supplies you need, you should talk to our doctor or health care provider and inquire about them. If your provider believes Medicare won’t cover it for your specific situation, you’ll need to read and sign a notice stating that you may have to pay for it. You can also look up your item or service on www.medicare.gov/coverage to find out if it’s covered.
– Inpatient care in a hospital – Skilled nursing facility care – Nursing home care (inpatient care in a skilled nursing facility that’s not custodial or long-term care) – Hospice care – Home health care
By Emilia Benton | Freelance Writer
– Clinical research – Ambulance services – Durable medical equipment (DME) – Mental health – Indent Inpatient, Outpatient and Partial – Outpatient – Partial hospitalization – Limited outpatient prescription drugs
– Long-term care (also called custodial care) – Most dental care – Eye exams related to prescribing glasses – Dentures – Cosmetic surgery – Acupuncture – Hearing aids and exams for fitting them – Routine foot care
Does your phone ring all day with offers of free items, for a Medicare number? Billions of dollars are lost every year due to fraud, waste and abuse in the Medicare system. However, since 2008, the Better Business Bureau Education Foundation of Metropolitan Houston has had the Senior Medicare Patrol grant for the state of Texas. Its mission is to protect, detect, and report Medicare fraud, errors, and abuse. The TXSMP helps educate and empower Medicare beneficiaries in the fight against health care fraud. The team can help you with your concerns or complaints about potential fraud and abuse issues. The most current Medicare schemes are Medicare Open Enrollment scams and COVID-19 scams. Medicare Open Enrollment for Medicare Part D and Medicare Advantage plans began Oct. 15 and runs through Dec. 7. It is important that you review your plans every year due to possible changes with your choice of physician and prescription drug coverage. Medicare Open Enrollment scams to beware of include: Stop fraud during Open Enrollment: Note: Another scam making the news is fraudsters attempting to bill Medicare for sham tests or treatments related to COVID-19. These criminals are targeting individuals to illegally obtain Medicare numbers. COVID-19 scams to avoid: Stop COVID-19 Medicare fraud with these helpful tips: Jennifer Salazar is the BBB Education Foundation Texas Senior Medicare Patrol program director.
– “Medicare” or another health plan calls and wants to send you a new health card for $299. – You receive a call about a refund from last year’s premiums or your drug plan cost. – An agent tries to sign you up for a plan that you don’t need, isn’t right for you, or doesn’t even exist. – You receive a call offering big discounts on a new health insurance plan. – An agent pressures you with time limits to enroll in their plan. – An agent offers you gifts to enroll in their plan. – Someone requests your Medicare number, Social Security number, and/or bank information just to provide you with information. Someone can use this personal information to enroll you in a plan without your permission.
By Jennifer Salazar | BBB Education Foundation
– Robocalls offering new health care coverage for all COVID-19 procedures – Free masks for a Medicare number – Cybercrimes, such as offers for COVID-19 cures via email or social media – Text messages offering a free COVID-19 test for a Medicare number – Billing schemes that add extra charges for tests not performed
– Medicare will never call, visit, or text. Medicare will only send information via postal mail service. – Don’t give out your Medicare number, except to doctor or providers you know. – Don’t let someone pressure you into making a quick decision about your health care plan. – No health care plan is allowed to cold call.
– Don’t give out your Medicare number. – Don’t click on links from sources you don’t know, which could put your computer or device at risk. – Be cautious when purchasing medical supplies from unverified sources. – Ignore online offers for vaccinations. If you see ads touting prevention products or cures for COVID-19, they are most likely a scam. – Review your Medicare Summary Notices, and contact the TXSMP at 888-341-6187 if you have concerns.
Those new to Medicare or those considering changing their plans usually have a lot of questions. Here are some that have been asked frequently. Q: I have been receiving so many pieces of mail about Medicare, how do I even start? A: To start, it is important to know that if you are already on Social Security you will be signed up automatically. However, you will still need to create an account online. To create an account, go to www.mymedicare.gov and click on Create an Account and follow the user-friendly directions. This is where all your information will be stored -- your Medicare health plan, prescription drugs, doctors, etc. You will also be able to review all health plans here as well. Q: Should I enroll in Medicare at age 65 if I'm still working and my employer provides a health plan? A: You might consider enrolling in Part A, since it is premium-free generally, and may cover some expenses that are not included in your employer’s plan. Premiums for Part B may be higher because of your income level, so it may be good to delay enrollment in Part B until after you retire as long as you work at a company with more than 20 employees on staff. Q: I lost my Medicare card. How do I get another one? A: First, don’t panic, since it is easy to get another card. Log in to your account at www.mymedicare.gov, and scroll down to Print My Medicare Card. Print with your home printer. Q: I am new to Medicare went to the doctor for the first time and forgot to get the information to file a claim for Medicare to pay. What do I do? A: If you have Original Medicare, the law requires doctors and suppliers to file Medicare claims for covered services and supplies you receive. If you have a Medicare Advantage Plan (Part C), these plans do not have to file claims because Medicare pays these private insurance companies a set amount each month. It is rare for a person on any Medicare plan to file a claim. Q: What if a claim is denied and I want to appeal it? A: To check the status of an appeal, appeal a claim, know your Medicare rights, or to file a complaint, go to Medicare.gov and click on the sixth tab at the top, Claims and Appeals, and use the drop-down menu to walk through these processes.
Understanding Medicare does take time, but having the right kind of assistance is important. If you need guidance with finding and sorting through Medicare options in Texas, or if you’re searching for free benefits counseling or if you need assistance paying Medicare premiums, copays and prescriptions, there is a place you can go. The Texas Health Information, Counseling and Advocacy Program, which can aid in the enrollment process, can help find information and provide counseling about various options. This involves a partnership between area agencies on aging, the Texas Legal Services Center and the Texas Health and Human Services system, which trains and oversees certified benefits counselors throughout the state. Danielle Pestrikoff, assistant press officer for Texas Health and Human Services, explained how partnering with a statewide network of area agencies on aging (AAA) and Texas Legal Services Center (TLSC), the Texas Health and Human Services Commission (HHSC) oversees the Health Information, Counseling and Advocacy Program (HICAP). “The program improves access to care and affordability of benefits by providing Medicare and Medicare-eligible beneficiaries and their caregivers accurate information and person-centered counseling on public and private health benefits and community-based services,” Pestrikoff said. Through HICAP, information and education on Medicare and Medicaid are provided as well as assistance with original Medicare eligibility, enrollment, benefits, complaints, rights, and appeals. Details, enrollment, disenrollment and comparisons on Medicare Supplemental (Medigap) insurance policy benefits, Medicare Advantage (Part C), Medicare Prescription Drug (Part D) coverage, and long-term care insurance can be found at HICAP. In addition, the partnership is able to assist with programs such as Medicare Savings Programs – which can help pay for all or some of the Medicare monthly payments, copays and deductibles – and Medicare Preventive Services. Trained benefit counselors can help to decipher and explain the fine details if you are looking to apply to a plan that fits your lifestyle. They also can be an advocate to aid in getting the services you need. It’s important to know what to expect before you come. “Appointment policies and procedures differ from each AAA,” Pestrikoff said. “For more information and to obtain services, a person can call 800-252-9240. In addition, information is available at hhs.texas.gov/services/health/medicare.” Locations in Houston include The Harris Center for Mental Health and IDD on 9401 Southwest Freeway, Harris County ADRC on 4802 Lockwood Drive, and Harris County AAA on 6901 Bertner Ave. For more information, go to medicare.gov.
By Valerie Sweeten | Freelance Writer
Health care costs are usually the biggest budget expense for retirees, certified financial planners (CFP) are sure to include these costs in a client's financial plan for retirement. After all, Medicare is not free. “A CFP can examine your personal needs and help navigate the Medicare choices available to maximize your benefits at the lowest possible cost. For example, you may be better off paying a higher Medicare premium to reduce your copay expenses,” said Andrew T. Gardener, CFP, and president of Tanglewood Legacy Advisors LLC. Keep in mind that Medicare plans include many options, but plans will not cover all your costs. “Long-term care expenses can disrupt retirement unless a client has a solid. For example, there are different options such as at-home care, assisted living, adult day care, or a nursing home, all of which can be expensive,” said Melissa A. Maier, a financial advisor with Edward Jones. Certified financial planner will help make sure long-term care cost are part of a client’s financial strategy. “We have many detailed – and often uncomfortable – conversations with our clients when looking at their retirement plans, such as how long a client’s family lived, to range a life expectancy for a client, and note that people are living longer,” Maier said. Are you still working? “Also, if you or your spouse continue to work after 65, your CFP can compare your employer’s benefit options with Medicare so that you may make an educated choice,” Gardener said. Before retirement, a Health Savings Account may qualify someone for a tax deduction for contributions made, and all distributions are tax free if used for qualifying health care expenses. “A CFP can also help determine if one is eligible for a Health Savings Account from their employer and whether or not it is appropriate,” Gardener said.
(NAPSI)—The Employee Benefit Research Institute estimates that a typical 65-year-old couple will spend a total of $265,000 in health care costs over the remainder of their lives. This staggering amount of money has the potential to derail even the best-laid retirement plans. Vanguard and Mercer recently developed a new framework, “Planning for Health Care Costs in Retirement,” that identifies practical tips for forecasting your health care expenses. Here are four top ideas: 1. Personalize health care costs. Start by understanding how your health history and current health status will influence expenses. Even your geographic location, marital status and age at retirement will impact your forecasts. 2. Plan for long-term care. This is a tough one to assess because half of retirees won’t even incur these costs, but on the other end of the spectrum, 15 percent of retirees will spend more than $250,000. Consider potential long-term care options, such as unpaid care from family and less-expensive available facilities. 3. Create a hedge in your budget for other expenses. Research shows that retirement spending in virtually all categories other than health care tends to decline with age. By forecasting steady spending in other expense areas, you may create a buffer in your budget to deal with rising health care expenses. 4. Forecast costs in annual spending. There are so many variables involved in estimating health care costs in retirement that trying to plan around a total lifetime budget can be overwhelming. Experts recommend that you focus on annual spending plans instead, provided that you understand costs will rise as you age. For seniors who are struggling to find cash in their retirement budgets to offset unexpected health care expenses, it may be a good idea to take stock right now of all your assets. Many seniors are surprised to learn that one potential asset for generating immediate cash is a life insurance policy. You should review your life insurance policy from time to time and determine whether or not it’s still needed. A life insurance policy is considered your personal property, so you have the right to sell it anytime you like. When a consumer sells a policy—something called a “life settlement” transaction—the policy owner receives a cash payment and the purchaser of the policy assumes all future premium payments, then receives the death benefit upon the death of the insured. Candidates for life settlements are typically aged 70 years or older, with a life insurance policy that has a death benefit of at least $100,000. If you own a life insurance policy you no longer need or can afford, you may be able to generate immediate cash to pay your health care expenses by selling that policy for immediate cash. To learn more about life settlements, visit www.LISA.org or call the LISA office today at 888-921-3793.
Four ideas for health care planning in retirement
By Jennifer Salazar | BBB EDUCATION FOUNDATION
Many are surprised to find out Original Medicare doesn't generally cover prescription drugs.
Courtesy of NAPSI
(NAPSI)—Medicare’s Annual Enrollment Period runs from October 15 to December 7, 2019. This is your yearly chance to shop for insurance coverage that best meets your needs. People covered by Medicare will have even more plans with a host of new benefits to choose from for 2020. Here are five things to keep in mind for Medicare’s Annual Enrollment Period. 1. Review your 2020 coverage options. Medicare Advantage plan details change each year, so the policy that was the least expensive or best match for you in 2019 may not be right for 2020. Changes to premiums, deductibles and co-pays can be costly. A recent eHealth analysis of people using eHealthMedicare.com to compare Medicare plans found that fewer than one in ten were enrolled in the lowest cost plan for their personal prescription drug regimen. Those who switched to their optimal drug plan stood to save an average of $900 per year. 2. Look out for drug coverage changes. It’s common for insurance companies to tweak their list of covered drug and prices. That can mean higher out-of-pocket expenses. Check to make sure that the medications you need are still covered by your plan in 2020, and pay close attention to any special rules you need to follow to get the most coverage for your medications. Online tools, including eHealthMedicare.com’s prescription drug coverage comparison tool, can help you find the best option for 2020. 3. Make sure your doctors are still covered. The doctors and hospitals that participate in your Medicare plan’s network often change each year as well. Make sure your preferred providers are covered under your current plan or any new plan that interests you. The amount you’ll pay when you get care from a doctor or hospital that does not participate with your plan will be higher than what you’ll pay if you stay within your plan’s network, and some health insurers won’t cover out-of-network providers at all, except in an emergency. 4. Compare benefits. Along with price comparisons, be sure to review the full range of services and benefits offered by competing Medicare plans. These can include everything from preferred pharmacy and mail-order prescription discounts to dental, vision, hearing and even fitness benefits. And for 2020, many Medicare Advantage plans will offer supplemental benefits that provide additional assistance to people with chronic illness, such as non-emergency transportation, virtual medical visits, caregiver support, nutritional counseling and meal delivery, and air conditioning, among others. 5. Work with a professional to understand your choices. To make sure you’re viewing a wide range of plans available on the market, work with an expert in Medicare products that represents more than just one insurance company. It doesn’t cost anything extra. A licensed agent can help you understand and make sense of all your options and select coverage that best matches your needs, budget, and lifestyle.
Medicare Enrollment Season Is Coming: 5 Tips To Make Sure You’re In The Right Plan
