Medicare Options to Consider Before You Turn 65: Insights from a Supplemental Medicare Broker in St John, Indiana

If you are approaching the age of 65, one thing you should prioritize is getting Medicare — the government’s health insurance option for people who are 65 and older. It is an investment in your future that can pay for up to 80% of your healthcare expenses. For everything else, you can invest in supplemental coverage (known as Medigap) to save yourself from the troubles of things not covered under Original Medicare.

Are you Interested in learning more about Medicare and how it works? Below, this supplemental Medicare broker in St John, Indiana is going to provide some in-depth details on how it works.

Different Medicare Options

If you are thinking about taking advantage of Medicare, it’s best to start looking into your options before you turn 65. Your supplemental Medicare broker in St John, Indiana can help you start determining which types of coverage you may need based on any insurance plan you may already have, as well as your working plans post-retirement.

Original Medicare

Consisting of Part A (hospital insurance) and/or Part B (medical insurance), Medicare provides sufficient coverage for many individuals. In addition, there is usually a deductible and coinsurance, and the overall premium can vary based on your income.

Medicare Advantage

Medicare Advantage (MA) plans, also known as Medicare Part C, can be obtained via Medicare-approved private companies and includes Part A and Part B insurance. The premium for the MA plan is often higher than Part B, but it requires fewer out-of-pocket expenses on your end.

Medicare Prescription Drug Plan

These plans are beneficial for prescription drug coverage in addition to your Original Medicare. Part D is optional, and almost everyone with Medicare can choose to purchase it as an add-on. It helps reduce the cost of prescription drugs that aren’t covered in your primary health plan.

Enrolling in Medicare

It’s recommended that individuals apply for Medicare either (1) three months before turning 65, (2) in the month an individual turn 65, or (3) up to three months after turning 65. There is a total seven-months enrolment period — if you somehow miss this tenure, you can apply during the general enrolment sessions (January to March). With the latter, your coverage doesn’t come into effect until almost half of the year has passed. Medicare also has an open enrolment period from October to December, when you can join, drop, or even switch plans.

It’s important to give yourself plenty of time to find a reliable supplemental Medicare broker in St John, Indiana to make sure you are thorough with your plans. Don’t forget: if you don’t apply for Medicare when you’re eligible, you might face a penalty or see an increase in your premiums.

Social Security and Medicare

In specific circumstances, your social security may impact your Medicare coverage. Once your social security benefits begin, it’s mandatory to enroll in Part A; however, Parts B, C, and D remain optional. Do not hesitate to speak to a knowledgeable supplemental Medicare broker in St John, Indiana to learn how social security works with Medicare.

Supplemental Coverage

Also called Medigap, supplemental coverage can be obtained if you require help paying for out-of-pocket expenses that Medicare doesn’t cover. A private agency will be able to help you find a suitable plan that pays for co-payments, coinsurance, and deductibles. Here, the open enrollment period begins the first day of the month an individual turns 65 and are enrolled in Medicare Part B.

For more information about the specifics, you can always reach out to a trustworthy, experienced, and qualified supplemental Medicare broker in St John, Indiana.

Looking for a Supplemental Medicare Broker in St John, Indiana?

Are you looking for more information on Medicare and Medigap plans? Ready to meet with a knowledgeable supplemental Medicare broker in St John, Indiana? If so, our agents at Senior Care Insurance Services would be happy to discuss your options with you. Contact us today to learn how we can help.


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