1. It doesn’t cover everything
Make sure you understand what Medicare covers and what situations may change or impact your coverage and costs. Medicare has a great tool you can use to learn more about what is and isn’t covered at medicare.gov/coverage.
2. Enroll on time to avoid penalties
In general, be sure to sign up in the seven-month period that opens three months before the month you turn 65 and closes three months after that or during your special election period if you work past the age of 65.
3. If you’re waiting until after 65 to take social security benefits, remember to still enroll for the parts of Medicare that you may want
So you can avoid penalties.
4. By managing your taxable income in retirement, you can control your Medicare Premiums
Why pay more?
5. Your coverage
Remember to check whether coverage extends beyond your local area. That way there won’t be any surprises if you need healthcare while traveling.
6. HSA and Medicare
If you have a health savings account (HSA), Medicare says to stop contributing to it at least six months before applying for Medicare to avoid tax penalties. However, you can still use HSA money to pay Medicare Part B and D premiums.
7. Two choices for a Medicare insurance plan:
Original Medicare Under Original Medicare, the government pays directly for the healthcare services you receive. For out-of-pocket costs, you may want to consider Medigap insurance and Part D (prescription drug benefits).
Medicare Advantage* Is offered by private insurance companies that must follow Medicare guidelines and be Medicare approved. Part D is included in most Medicare Advantage plans. You cannot purchase Medigap with Medicare Advantage to help with out of pocket costs.
8. Medigap enrollment
If you choose Original Medicare and want to enroll in a Medigap policy, you get a one-time, 6 month Medigap open enrollment period starting the first month you are enrolled in Medicare Part B and are 65 or older. During that time an insurer can’t deny coverage based on your medical history.
This guide helps explain Medicare in simple terms and will help you with some things to consider before selecting a Medicare insurance plan.
*Medicare Advantage is not available in Alaska.
Medicare overview information on this brochure/website was developed by Transamerica Resources Inc. to help consumers understand certain aspects about Medicare. Viewing this Medicare overview does not require you to enroll in any Transamerica plans. Plans are insured and offered through separate Transamerica companies.
Transamerica Resources, Inc. is an Aegon company and is affiliated with various companies which include, but are not limited to, insurance companies and broker dealers. Transamerica Resources, Inc. does not offer insurance products or securities. The information provided is for educational purposes only and should not be construed as insurance, securities, ERISA, tax, investment, legal, medical or financial advice or guidance.
Please consult your personal independent professionals for answers to your specific questions. Transamerica Resources, Inc. is an Aegon company and is affiliated with various companies which include, but are not limited to, insurance companies and broker dealers. Transamerica Resources, Inc. does not offer insurance products or securities. The information provided is for educational purposes only and should not be construed as insurance, securities, ERISA, tax, investment, legal, medical or financial advice or guidance. Please consult your personal independent professionals for answers to your specific questions.
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