We have been trained that we need to have health insurance in Longmont, Fort Collins, Greeley, Loveland, Windsor, CO, and the surrounding areas, and this doesn’t change when we enter our retirement years. What does change is that now you have a whole new set of health insurance details to understand, but our team at Volk Insurance Benefits can help to demystify all of the different parts, explain what Advantage plans are, and more. Moreover, it is important that those eligible for Medicare enroll at the proper time to avoid penalties, unless you are still working and have an employer-sponsored health insurance plan. Another important distinction is that Medicare is designed to be individualized so that each person has their own personal retirement health insurance, rather than the family plans that we are used to during our working years. Contact us today to set up a time to go through all of the details so that you understand Medicare insurance and are ready when you become eligible.
Understanding All of the Parts of Medicare
Medicare has four parts to it, conveniently labeled A, B, C, and D. And then it gets complicated. Medicare Part A is for hospital care, while Medicare Part B is for medical services. So far so good, so what is Part C for? Well, that’s actually for Medicare Advantage plans that cover both Parts A and B but are administered by private health insurance companies. And then there is Part D, which is for prescription drug coverage, but if you opt for a Medicare Advantage plan, you may already have your prescriptions covered as part of the deal.
And then there are the Medicare Supplement, or Medigap policies that can help to cover the out of pocket expenses that might be associated with traditional Medicare, which is Parts A and B, and possibly Part D. Advantage plans don’t offer such supplements, and what many don’t understand is that they need to sign up for Medicare at the right time.
When Can You First Sign Up
There is a 7-month rule with Medicare and signing up for it. You have a period of time starting 3 months before your birthday and ending 3 months after the month that you turn 65. You can be assessed penalties if you fail to sign up for Medicare Part B during your initial enrollment period. The same can be true, though not as steep, for Medicare Part D, even if you don’t have any prescriptions at the time of enrollment.
Understanding Medicare, when to enroll, what choices to make, and more can leave a person in Longmont, Fort Collins, Greeley, Loveland, Windsor, CO, and the surrounding areas in tears. Thankfully, our team at Volk Insurance Benefits can help make sense of it all and help you make important decisions regarding Medicare coverage. Contact us today to schedule time to review your options and be prepared when you become eligible.