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The Dispatch/Maryland Coast Dispatch
November 8, 2013
MONEY SENSE
Your Guide To Medicare: Five Key Questions Answered
OCEAN CITY – At age 65, you're finally eligible to enroll in Medicare and reap some benefits from a program you've contributed to all these years. Yet getting the most out of Medicare can be daunting. According to the National Council on Aging, more than half of Baby Boomers ages 60 and older find the program and its alphabet soup of Parts A, B, C and D confusing. Missing your enrollment date may mean penalties or even higher premiums for the rest of your life. At the same time, you don't want to pay for additional coverage you don't need, especially if you're still working. Whether you're approaching enrollment age yourself or helping your parents understand the process, start by considering these five questions. Question 1: How do I sign up? A: If you are already receiving Social Security, you are automatically enrolled in Medicare Parts A and B (known as Original Medicare) at 65. You'll receive a Medicare card two or three months before your birthday, and coverage starts the first day of the month when your birthday falls. Part A covers hospitalization and comes with no premiums, assuming you or your erage ends. If you miss that window, spouse paid into Medicare while workyou may be subject to penalties that, ing. Part B, which covers medical serin the case of Part B, could last as vices, does require premiums, but you long as you remain covered. have the option of withdrawing if you Question 3: Where do Parts C wish. and D come in? If you aren't yet receiving Social A: Part C, known as Medicare AdSecurity, you will need to apply vantage, includes plans adfor Medicare during one of the ministered by private compadesignated annual enrollment nies such as health mainteperiods. Your initial enrollment nance organizations and preperiod lasts for seven months, ferred provider organizabeginning three months before tions. They offer the benefits the month in which you turn 65. of Parts A and B, and often To help avoid a potential gap in include such additional benecoverage, consider enrolling fits as vision, hearing and during the three months prior dental coverage. Costs for to your 65th birthday. Part C plans vary according Question 2: Should I to the insurer. enroll at 65 if I'm still work- BRIAN SELZER Part D offers prescription ing and covered? drug coverage for both brand-name A: Consider enrolling in Part A anyand generic prescription drugs. You way, as it is premium-free and may must be enrolled in Medicare to enroll cover some expenses not included in in a Part D plan, which you purchase your employer's plan. Premiums for from a private insurer. Although premiPart B may be higher as a result of ums, deductibles and co-payments your income, so it could be wise to vary by plan, the Affordable Care Act delay enrollment in Part B until after of 2010 limits the amount you can be you retire. You may enroll without charged for prescription drugs. penalty for eight months after you stop Question 4: What services aren't working or your employee health covcovered by Medicare? A: Original Medicare (Parts A and B) won't cover co-payments, coinsurance or deductibles, nor will it cover medical care when you travel outside the U.S. Some services, such as longterm care, acupuncture and cosmetic surgery, also aren't covered. Some of these services are likely to be covered if you enroll in a Part C plan. However, long-term care is not among them. Question 5: Where can I learn more? A: The official Medicare site, www.medicare.gov, offers detailed information on signing up; Parts A, B, C and D; costs associated with Medicare; penalties for missing enrollment; and other important issues. Your financial advisor can help you gain a deeper understanding of how health care costs can affect your current retirement strategy. Together you can explore Merrill Lynch's "Health Care Discovery" iPad app and discuss ways you can factor future health care costs into your planning. – Brian Selzer Special To The Dispatch (A Merrill Lynch Wealth Management Advisor who can be reached at 410-2138520.)
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