Medicare and Your Health Plan Options

If you’re like most workers in Rhode Island, you are eagerly awaiting your retirement and ready to bask in its glow. It’s also a time where new worries about paying for healthcare arise. In fact, healthcare is often cited as one of the top three concerns retirees have about leaving the working world behind.

Having a thorough understanding of Medicare is extremely important, particularly for anyone who is turning or has turned 65. Medicare is a complex topic with various plans and enrollment specifications. As the number of people eligible for Medicare grows, confusion about Medicare likely grows as well.

Here are five basic questions that people typically ask about Medicare:

1. When am I eligible for Medicare?

   You are eligible for Medicare the month you turn 65 or if you qualify on the basis of a disability or other special

2. Can Medicare plans cover spouses or dependents?

   Medicare plans are individual plans and do not cover dependents or Spouses who are eligible for Medicare can enroll in their own plans. A couple who are both eligible do not have to select the same Medicare plan.

3. What are the different types of Medicare choices?

   There are three major categories of Medicare choices: Original Medicare with a Part D plan; Medicare Supplement Plan (also known as Medigap); and Medicare Advantage Plan (also known as Part C).

4. Do I have to enroll in Medicare when I turn 65 even if I continue to work?

   Individuals typically enroll in Part A (hospital) when they turn 65 and wait until they are ready to retire from work to enroll in Part B (outpatient), a supplemental plus Part D, or an Advantage

5. If I don’t enroll in Medicare when I turn 65, will I be penalized?

   If you are covered under an employer plan and the plan is deemed credible coverage for both medical and prescription coverage, you will not be penalized as long as you stay on the employer plan.

Some healthcare providers have taken the initiative to provide education on the topic of Medicare. For example, United Healthcare created National Medicare Education Week (NMEW), which is celebrated annually. Once per year, Medicare holds an Open Enrollment Period (October 15 through December 7, 2016) when beneficiaries can make changes to their plans.

It helps to have a personalized visit from a licensed consultant who can outline the basics of Medicare, available plan choices, and guidance on when to enroll. Apple Valley Insurance CEO Nancy

Mendizabal serves as a United Healthcare independent sales agent. With her training and background, she is a trusted leader in Medicare and helps people understand their Medicare and supplemental insurance plan options

Among those who recently relied on Nancy’s guidance for their health insurance needs are Alfred and Josephine Cardente, of Lincoln, R.I. As an insurance agent himself for over 44 years, Alfred understands health plans and Medicare options better than most. Yet when shopping around for a supplemental insurance plan for he and his wife, he decided to contact Nancy

Please note, this article was written to help you in general terms.  Please consult an insurance professional to discuss your specific situation as it relates to things discussed in this article.

David Brush, CIC

Nancy Mendizabal, CIC

Apple Valley Insurance

Greenville, RI

Apple Valley Insurance helps people and businesses with insurance needs.  We are a locally owned  Smithfield, Rhode Island independent business that enjoys working with fellow small business owners.  We serve all of Rhode Island and have many options, providing personal and business insurance programs.  Contact us for a review or if you are concerned about having the right insurance coverage.