157. Replay: Everything you always wanted to know about Medicare

“Does Medicare cover assisted living?” is a common question Lori Williams gets as a senior living professional. Since Medicare functions as health insurance and doesn’t cover senior living, she welcomes an expert back to the show to share what it does cover.

You’ll get a simple overview of the Medicare puzzle from June Kim, a community relations specialist with BlueCross BlueShield of Texas. With Medicare enrollment October 15 through December 7, it’s a great time to learn - though it’s always helpful to understand what you’re getting into! She’ll answer common questions like:

·What is Medicare Part A, B, C and D?

· What’s a Medicare supplement? What about Medicare Advantage?

· I’m still employed - should I enroll in Medicare?

· How much does it cost?

· Where do I enroll?

If you need to learn the basics of Medicare or just need a refresher, this is a great place to start. Plus, you’ll also be aware of what changes are coming.

Takeaways from this episode:

-Enroll for Medicare Part A (hospital insurance) once you turn 65 - even if you’re still employed. You’ve already paid into it, so it’s free.

-Only enroll in Part B when you’re fully retired because your employer may already offer health insurance coverage.

-You can’t be on Medicare Part A and B (traditional Medicare) without a drug plan - Part D.

-Medicare covers 80% of the costs, and you’ll have to pay the last 20% out of pocket unless you have Medicare Supplement insurance.

-Medicare Part C is an “all in one” plan run by private insurance companies. You wouldn’t get Part A, B or D if you already have Medicare Advantage, nor could you get a supplement.

-You must be reasonably healthy to qualify for a Medicare supplement, and costs vary according to lifestyle. The older you get, the more expensive it is.

-Medicare Part C is like an HMO health insurance plan; whereas Medicare A and B are like a PPO.

- If you have Medicare Part A, B and D, and supplement insurance, you can use your Medicare in all 50 states - any doctor and any hospital that takes Medicare, with little to no out-of-pocket expenses.

-Choosing the plan for you comes down to many factors, including network and resources. What’s most important is that you understand the plan you choose.