Jun 24, 2020
This week I’m talking about how much healthcare will cost in retirement.
Today, I’m talking about Medicare 101. Now, Medicare is so complicated, at some point I’ll devote a week or more to this topic, but for today, I just want to cover the basics and some common misunderstandings.
First of all, a lot of people think that when they go on Medicare at the age of 65 they’ll be covered and won’t have to pay out of pocket for healthcare costs like doctor’s visits and prescriptions. Not true. You’ll still have to meet deductibles and pay premiums and other expenses after you enroll in medicare.
As far as the plans themselves, there’s Medicare Parts A, B, and D, as well as Medicare Advantage and "Medigap" supplemental insurance plans. They all provide different types of coverage and you’ll end up having multiple plans.
If you scratch your head every year trying to sort through your health benefit options at work, I’m sorry to say that Medicare is even more confusing, so it’s important to start researching the options and understand the Medicare ins and outs at least several months before you’re eligible at 65.
With Medicare, you have an enrollment period that actually begins before you turn age 65, so it’s important that you do your homework and understand the various plans and what they cover so you can plan for your out-of-pocket costs as well and pick the best plan for your situation.
That’s it for today. Thanks for listening. Tomorrow I’m going to continue with the basics of Medicare to help you understand more about this often confusing topic.
My name is Ashley Micciche and this is the One Minute Retirement Tip.
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