What is Medicare?

Medicare is a federal health insurance program that covers millions of Americans. In general, you are eligible for Medicare if you are 65 or older, or you are younger than 65 and meet criteria for certain disabilities.

The Medicare Annual Election Period (AEP) is October 15th through December 7th. This is also when you can make changes to your current Medicare coverage in Idaho. Since plans, premiums and benefits can change, it’s to your advantage to review your coverage and consider your options.  I will review your current plan and changing needs with no cost to you.  Making the right choice can save you thousands of dollars a year. So let’s dig in and compare the details.

If you’re turning 65, you have a 7-month period to enroll that begins 3 months before the month you turn 65 and ends 3 months after your birth month.

To enroll in Medicare, you need to turn on Parts A & B.

Part A — hospital — is free if you or your spouse have paid into Social Security for at least 40 quarters (10 years).

Part B — medical — DOES have a premium. The standard is $170.10 per month (this can vary based on income). You still need to cover the bulk of your prescription drug costs, as well as things like dental and vision.

The graph below shows the two main ways people attain their Medicare Coverage in Idaho

Medicare is good but it is not great! There are “holes” or “gaps” left in Original Medicare.

In general, Original Medicare — Part A and B only — covers 80% of your medical bills, and you are responsible for the other 20%. That means if you become ill or injured, your savings could be at risk. In addition, Original Medicare doesn’t come with Prescription Drug Coverage. Plus, there’s no out of pocket limit to what your share of medical expenses could be!  This is why people will add more coverage such as a Prescription Drug Plan (PDP), and a Medicare Supplement Plan (Medigap Policy), or a Medicare Advantage plan

Your Medicare Coverage Options in Idaho

Everybody’s individual needs are different.  Let’s discuss all your plan options to supplement Original Medicare and find a plan that best meets your specific needs.

Request an appointment with Matt

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