Friday, June 1, 2018

Happy Summer Birthday Baby Boomers

By Charity Young, Lawson & Young Insurance Services LLC

Do you turn 65 this summer? While planning your summer celebrations and vacations, you'll also want to plan your Medicare Enrollment.
You've been receiving endless postcards and fliers for months now...but what do they all mean?  The whole subject may be overwhelming but with help you can ease into the transition and make an educated choice that is right for you.
If you're still working, you may not need to make any changes. You should speak with your company's HR department regarding your current insurance and how they work with Medicare. If you are receiving coverage through a union or retirement plan, check with that plan's representative for your options.
If you're retired and/or don't have employer sponsored coverage you'll need to make sure you are enrolled in Original Medicare Parts A and B. If you are already accepting your Social Security benefits, you will be automatically enrolled. You'll receive your red, white and blue Medicare card in the mail. Not accepting your benefits yet? No problem. You'll simply call up Social Security and request to be enrolled. They'll verify your eligibility and send out your card.
But is Original Medicare enough coverage for you? This is where things can get a little confusing. Original Medicare alone will only cover 80% of your medical costs and does not include coverage for Prescription Drugs. This leaves you responsible for significant costs.
To protect yourself against these additional expenses you may enroll in a Medicare Supplement Plan and a Part D Prescription Drug Plan. Or maybe a Medicare Advantage Plan will suit your needs better.
When considering which type of plan to enroll in you'll want to review the monthly premium for each option as well as the monthly and yearly out of pocket costs you may accrue. It is important to make sure your Doctors accept the plan you intend to enroll in, that your drug plan covers all your medications and that your pharmacy will fill those prescriptions at the optimum rate.
Reach out to friends and family that have already made the transition to see what they have done and what they recommend. You may also find it valuable to work with a licensed Medicare Broker that can present all of your options and review costs and doctor and pharmacy availability.
With reliable information, your Medicare Enrollment can be smooth and worry free leaving you time to enjoy your birthday celebrations and a wonderful Meadow Vista summer!

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