What you Don't Know about Medicare may be costing you
Episode Description:
Aging well comes with its share of challenges, particularly when it comes to healthcare decision-making. This podcast episode addresses the nagging uncertainties surrounding Medicare, expertly guided by Wendy Green and her guest, Tim Hanbury, a Medicare expert.
The discussion begins with Green laying out the common fears and misgivings that many face when bombarded with promotional material for Medicare plans, often filled with technical jargon that can intimidate even the most informed individuals. Hanbury breaks down the fundamentals of Medicare, explaining the roles of Parts A and B, and elaborating on the significance of enrolling in a Part D plan for prescription drug coverage. He also highlights critical issues such as the impact of income on premiums, the concept of IRMAA (Income-Related Monthly Adjustment Amount), and the potential for penalties if enrollment timelines are missed.
This conversation is essential for anyone nearing retirement age or considering a change to their existing Medicare plan. It provides a detailed map of the Medicare landscape and equips listeners with the knowledge to navigate their health insurance options confidently.
Takeaways:
- Part A covers hospital services while Part B focuses on outpatient care and physician visits.
- It's essential to review your Medicare coverage annually to avoid unexpected costs and changes.
- Medicare Advantage plans often have lower premiums but can lead to higher out-of-pocket costs.
- Part D plans provide prescription drug coverage, and it's important to compare them each year.
- If you're still employed, you may delay enrolling in Medicare without incurring penalties.
Links referenced in this episode:
- Sign up for the Real Talk about Aging Well newsletter: https://bit.ly/navigateaging
- Check out Tim Hanbury's website and download the Medicare Blueprint medicareblueprint.com
- Tune into the "Fit Strong Women Over 50" from the becomingelli.com website
- Look into updating your financial plan with Greenwood Capital: https://greenwoodcapital.com