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Medicare
Medicare Explained
You may be doing everything right to prepare for a healthy retirement, but unexpected medical expenses can still arise.
That’s where Medicare comes in. However, Medicare isn’t always easy to navigate—and it’s not exactly cheap, either. From knowing when to enroll to understanding what coverage you’ll actually need, the process can feel overwhelming. That’s why we’re here to get Medicare explained clearly so that you can hopefully make the right decisions for yourself.
The ABCs of Medicare, Explained
First off, let's break down its different parts and what they cover:
- Medicare Part A: hospital visits, inpatient care, and nursing facilities
- Medicare Part B: doctor’s visits, outpatient care, medical supplies, and preventive services
- Medicare Part D: prescriptions and many recommended shots and vaccines
You may have noticed that we skipped “C.” That’s the Medicare Advantage plan—offered by private insurers—which combines Parts A and B and often includes Part D as well. These plans may also include additional benefits, such as dental, vision, and hearing coverage.
When does Medicare become Available to You?
Most people become eligible for Medicare when they turn 65. If you’re already receiving Social Security benefits, you’ll be automatically enrolled in Parts A and B. You may also qualify earlier if you’re receiving disability benefits through the Social Security Administration. If you’re considering a Medigap policy, your best option is to enroll during the six-month window that begins when you’re both 65 or older and enrolled in Part B. This open enrollment period gives you access to better pricing and ensures you won’t be denied coverage due to health conditions.
Saving For Medicare Expenses When Planning For Retirement
It’s wise to start planning now for Medicare-related expenses—they could be among your most significant retirement costs. If you need Medicare explained and the parts of it most important to you outlined, reach out to us. Whether it’s choosing the right plan or finding ways to set aside more retirement income, we're here to guide you every step of the way.