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The Medicare Maze
Welcome to the world of Medicare. Its an interesting maze. Like a mouse maze, Medicare has different paths. Some dead ends, others successful. Although Medicare is difficult to navigate, there is an ability to plan a successful health care plan at age 65.
Life is about planning and goals. This was taught when we were all young in school. Each grade progressed in difficulty with Math and English class in particular. First grade to Sixth grade progressed each year cumulating on the year before. Life truly becomes these simple steps. As life progresses, the planning becomes longer time frames. This can be seen by moving up the corporate ladder to retirement planning and beyond. All this planning leads to achieving your longer term goals.
In a nut shell, planning with goals allows you to have options in the future. Having options are key to a successful future.
Well thought out planning leads to options. One very important option is the ability of working past age 65. Some people have accidents (disability), or unplanned illnesses that make working past age 65 difficult or impossible. Others choose to work past age 65 for many reasons such as the excitement and the need to be active to achieve fulfillment in life.
Medicare has different levels of participation. Part A everybody has to participate at age 65. From there it gets into the options depending on if you work or not. Working past 65 is key. Why? It allows you to be in a regular health insurance plan. These plans vary but also allow you to choose the type of health care you want similar to an a la carte restaurant menu. As mentioned, it goes back to having options. Depending on the pricing or medical choices, the health plan can vary as a good option or not. A summary of Medicare options is below. Each option will vary among each individual needs and budgets.
Medicare health options can be broken down into 5 major areas:
Age 65 with part A and still working with employment health insurance.
Age 65 with supplemental Part G, K, L, M, or N insurance and Part D plan
Age 65 with Medicare Advantage Plan only and a separate Part D plan
Age 65 with Medicare Advantage with part D plan.
Age 65 with military TriCare plan or American Indian / Alaska Natives (AI/AN’s) Indian Health Services (HIS) and/or Medicare advantage and/or Part D
Also, there’s stand alone dental and vision plans that can be used. Some plans allow integrated use of stand along plans with a Medicare plan.
As you can see, there are many Medicare options but it depends on each individual needs. The full details of Medicare can be seen at Medicare.gov or 800-633-4227 24 hours a day, 7 days a week. Although Medicare may seem like a maze, there are some ways to plan it with options. Talk with an advisor.
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