Heading into retirement years may provide a sense of relief, but it also brings about many questions, the biggest of which may be regarding Medicare coverage. Everyone knows that Medicare is out there waiting, but many people do not have enough accurate information to make informed decision regarding their coverage. Here are some facts you need to know.
Medicare Doesn’t Pay for 100% of Your Medical Bills
While you may expect Medicare to fully pay for all of your medical expenses, the reality is that the basic Medicare policy (Part A and B) only covers about 80% of your medical bills. Prescription drug coverage (Part D), is also a separate option, and often includes deductibles and copays. Filling in the coverage gaps, plus covering any deductibles or copayment amounts is achieved through supplemental insurance which is purchased separately. Your Webb Financial Group advisor can help you understand the complex Medicare system so you know which options are best for your lifestyle and financial situation.
You Could Have Access to Free Preventative Services
Many preventative and screening services can be available to Medicare recipients including diabetes screenings, cardiovascular screenings, mammograms, colorectal and lung cancer screenings, flu shots, annual “wellness” visits to develop or update a personalized prevention plan and more. Details can be found in the Medicare handbook, or your Webb Financial Group agent may be able to answer specific coverage questions.
Many Services are Not Covered by Medicare
There are some surprising services that are not covered by Medicare policies. Long-term care, such as a nursing home or assisted living facility, does not qualify as a covered expense. Also not included are vision services, like eye exams or eyeglasses, dental care, like cleanings or dentures, or hearing services, like exams or hearing aids.
There are Penalties for Delaying Coverage
Typically, you must enroll in Medicare Part A and B during the time frame starting 3 months before the month you turn 65, up to three months after your birthday month, and there can be significant penalties for not meeting this deadline. Additionally, if you choose to not enroll in the Part D drug plan when you become eligible at age 65, you could face a lifelong penalty if you decide to enroll at a later time. There are ways to avoid these enrollment requirements, such as continuing to work with an approved employer health plan. There are specific rules that must be followed, so always speak to a qualified advisor to determine if you meet the requirements.
Medicare Coverage Does Not Apply While Out of the Country
While there are a few exceptions to the rule, typically Medicare will not pay for medical expenses incurred while outside of the US. Additionally, Medicare drug plans do not cover prescription drugs you buy outside the US. However, a Medigap policy may provide foreign travel emergency health care coverage when you travel outside the U.S. Check with your Webb Financial Group advisor to see which benefits are available if you are planning any foreign travel.
Determining which Medicare coverage is right for you can seem overwhelming, but Webb Financial Group has extensive experience and can help you decide on the best options at the best rates. We can also provide options for things Medicare does not cover, like long-term care insurance, so you know you have the best protection for your future. Contact us today at 847-235-6001 or email [email protected] to request additional information on Medicare plans.
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