Medicare

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How to Prepare for the Cost of Aging with Long-Term Care Insurance

Insurance involves thinking about the possibility of misfortune—everything from a damaged car, to a damaged home, to damaged heath. And the older we get, the more we need to consider the possibility of long-term care (LTC) insurance to help in our twilight years. What is Long-Term Care Insurance? LTC is an insurance policy that pays for care when you can no longer manage yourself. Should you need to enter a nursing home, move to an assisted-living facility, use an adult daycare center or have a caretaker in your home, LTC can protect you, and family members, from financial disaster. How…

Vision Coverage on Medicare: What You Need to Know

Millions of Americans experience vision problems. This number continues to rise as the population ages. In fact, a study by the National Institutes of Health indicates that by 2050 the number of Americans with a vision problem will hit more than 8 million people, double what it is today. If you’re on Medicare and experience vision problems, you may be wondering about your coverage for eye exams and vision care. The risk of vision loss increases with age but most routine eye exams are not covered by Basic Medicare (Parts A and B). So what is covered and what do…

What You Need to Know About Your Medicare Card

When you enroll in Medicare, you’ll receive a card that proves your enrollment. Like most other health insurance cards, you present the card when you get medical care. Social Security and Your Medicare Card If you’re turning 65 and you’re already receiving Social Security benefits, you’ll get a Medicare card automatically – it should show up in the mail three months before your 65th birthday. If you’re turning 65 and not yet getting Social Security benefits, or if you need Medicare for other reasons, you can apply in three different ways: online at www.socialsecurity.gov, by calling Social Security (800-772-1213) between…

5 Ways to Save on Medicare Supplement Plans

Making sure your healthcare needs are covered in retirement is essential. There are a variety of factors to consider when it comes to Medigap coverage, also known as Medicare supplement plans. Use these tips to get the coverage you need while finding ways to save. Know Thyself With so much advice swirling around, it is easy to lose sight of what’s important. Your healthcare needs are about you. What works well for one person might be disastrous for someone else. Before you start to find ways to save on Medicare supplement plans, you need to understand your health history and…

7 Resources for Making Sense of Medicare

It’s open enrollment season for Medicare. If you’re currently enrolled in Medicare, you have until December 7 to review the various plan options. This is the time when to decide which are right for your health insurance needs and finances. These are the same decisions you would make if you’re enrolling for Medicare for the first time—which you can do starting three months before your 65th birthday and up to three months afterward (or eight months after retirement if you work past 65). If you fall into either camp, or need to help make these choices for a parent or…

On Medicare? Is Your Flu Shot Covered?

There are a lot of questions that go into planning for retirement, and some of those questions concern healthcare costs. Among the more simple, straightforward questions many people have is this one: “Does Medicare cover flu shots?” The basic answer is, “Yes.” But to understand flu shot coverage, we need to do a basic lesson in Medicare 101. A lot of supplemental types of insurance have been added to the world of Medicare, but the essential program known as “Original Medicare,” is made up of two parts: Medicare Part A: Hospital insurance that covers inpatient hospital stays, care in a…

How to Avoid Mistakes When Choosing Medicare Plans

“A problem well-stated is a problem half solved,” said renowned inventor and businessman Charles F. Kettering. With the number of options, choices and deadlines facing you when making Medicare decisions, it’s not difficult to run into a few problems. In some cases, you may not realize it until it’s too late. So, what are some mistakes when choosing a Medicare plan? Here are five of the most common: Staying the Course Without Reviewing Your Current Medicare Coverage You signed up when you were eligible. That’s good. But inertia can be a dangerous thing. One of the most common mistakes is…

Top 7 Questions to Ask When Shopping for Medicare

Cake. Balloons. Medicare?! Your 65 birthday represents a milestone in your retirement. When you turn 65 it’s your golden opportunity to select a Medicare plan to meet your needs. Medicare may seem complicated at first glance, but it doesn’t have to be. The help of a knowledgeable SelectQuote agent removes uncertainty when shopping for Medicare. He or she will simplify the process for your current and long-term healthcare needs. When purchasing your Medicare plan, it’s important to consider the plan premium and the value it provides. “Think about your healthcare long term,” advised David Perlberg, a licensed SelectQuote insurance sales…

Understanding Medicare Prescription Coverage

If you’re among the 59 million Americans on Medicare – 18 percent of the population and growing – you’re probably well aware of the Medicare prescription coverage gap, often called the “doughnut hole.” With 2019 just weeks away, fall is the time to plan your Medicare coverage, as certain rules change for the coming year. The good news is that Congress passed a bipartisan prescription drug coverage deal in February, so you should spend less on drugs in 2019. Open enrollment began October 15 and you’ll want to compare your Medicare Part D prescription drug coverage options to make sure…

Getting on Medicare Before Age 65

The annual Medicare enrollment period is about to begin, bringing with it a lot of questions about choosing your coverage, understanding the alphabet soup of its various parts and finding out why and how to get supplemental coverage. Among the many questions people have around this time of year is, “Can I get on Medicare early?” Before we start talking about that, let’s get some perspective on Medicare by looking at some statistics from the 2018 Annual Report of the Boards of Trustees of the Federal Hospital Insurance and Federal Supplementary Medical Insurance Trust Funds. It’s the annual report of…

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