Medicare Social Security & Planning 6

Medicare Social Security & Planning 6

It is also important to keep in mind that neither private health insurance nor Medicare policies usually cover nursing homes or long term care. These needs must be planned separately. For those who choose to postpone enrollment in Part B, there is a special application period available for those with employer plans. The special enrollment period allows you to enroll in Part B at any time while you are still covered by the group medical policy and about 8 months after termination of group or employment coverage (whichever will comes first) with no penalty. Get information on Medicare insurance by heading to https://www.medicareadvantageplans2020.org

If you choose to enroll in Medicare Part A and Part B, you can purchase Medigap, which is a supplemental Medicare policy. Medigap is private insurance that helps pay for some of the healthcare costs that Medicare does not cover, such as co-payments and deductibles. Medigap is different from a Medicare Advantage (Part C) plan and cannot be utilized if you have coverage for Part C. Best Medicare Advantage plans are a way to get Medicare Part A and B benefits through private insurance, while Medigap supplements the costs of the original benefits of parts A and B through Medicare. There are about 14 Medigap plan options, labeled A through N. (Plan A offers the lowest coverage; Plan N offers the maximum).

Medigap providers can usually use the medical signature to decide whether to accept your request and how much to charge for your policy. However, there is an open Medigap application period during which you can purchase any policy that the company offers at the price available to someone in good health, even if you have health problems. If you sign up at any other time, there is no guarantee that you can protect a Medigap policy or that it will not be prohibitively expensive. What about Medicaid? Although Medicaid and Medicare are usually mentioned together, they are separate programs. Medicaid is based on income, not age, and is supervised by the states. Every state decides who is eligible and what is insured are different. If you suspect you may qualify for Medicare and Medicaid, it is important to make sure you understand what each program covers and what does not. Social Security and Medicare may present several additional financial planning issues beyond the scope of this article. However, if you consider the basics, you can begin to integrate these policies into a balanced overview of your financial plan for the last part of your working life and permanent retirement.