Here are answers to Medicare enrollment questions your clients may be asking:
Q: If I am still working, can I postpone enrollment?
A: It depends. If you’re employed when you turn 65, you can stay on your employer-provided group health plan and defer Medicare as long as you’re not drawing Social Security benefits. One caveat: If your workplace employs 20 or fewer people, you must enroll in Medicare even if your employer offers group insurance.
Q: How do I know which Medicare option to choose?
A: You have two choices: Original Medicare, consisting of Part A (hospital insurance) and Part B (medical insurance) or Medicare Advantage (Part C, a bundled alternative that includes Parts A, B and D prescription drug coverage). Those opting for Original Medicare need to purchase a Part D drug plan separately. You also may choose to purchase gap insurance. Work with your wealth advisor to help determine what coverage is right for you.
Q: What factors should I consider when deciding what coverage to have?
A: Here are a few things to think about:
- Whether you prefer to use any doctor, anywhere who accepts Medicare or stay within a cost-controlled network of providers
- What medical services, devices and equipment are covered
- Part B premium costs
- Deductible and coinsurance payment costs
- If you opt for Original Medicare, whether to purchase a Medigap supplemental insurance plan
This article is intended for investment professionals and is provided for informational and educational purposes only. No representations or warranties, either express or implied, are made regarding the accuracy or completeness of the information contained herein. Reliance upon information in this material is at the reader’s sole discretion.