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Medicare
In 2024, the average couple retiring at age 65 will spend over $330,000 to cover out of pocket medical expenses in retirement. When nearing retirement, there are many critical decisions that retirees must make regarding healthcare; the multitude of choices alone can leave many feeling overwhelmed. Add in the constant changes to Medicare and many retirees feel left in the dark.
Our promise to each client is to help them explore the choices they have when it comes to Medicare, and understand which option is the best for their unique situation.
As an Independent Advisory Group, we are not tied to any single insurance company. We work for our clients to find the best plan that fits their own personal needs. Whether it’s a Medicare Supplement, Medicare Advantage, or an all-in-one Medicare plan with prescription coverage, we will explore plans from a wide variety of companies, show you the benefits of each plan and how it works, and help you make an informed decision.
The Parts of Medicare:
Medicare is divided into four parts: A, B, C, and D.
- Medicare Part A (Hospital Insurance): Covers inpatient hospital stays, skilled nursing facility care, hospice, and limited home health services. Most people do not pay a premium for Part A if they or their spouse have worked and paid Medicare taxes for at least 10 years.
- Medicare Part B (Medical Insurance): Covers outpatient care, doctors visits, preventative services, lab tests, and durable medical equipment. There is a monthly premium for Part B.
- Medicare Part C (Medicare Advantage): Offered by private insurance companies approved by Medicare. These plans include all Part A and Part B benefits, often with additional coverage like dental, vision, hearing, and prescription drugs.
- Medicare Part D (Prescription Drug Coverage): Helps cover the cost of prescription medications. Offered through private insurers and can be added to Original medicare or some Medicare Advantage plans.
What Medicare Does Not Cover:
Medicare does not typically cover:
- Long-term care (custodial care)
- Routine dental or vision care
- Hearing aids
- Most prescription medications (without Part D)
- Overseas healthcare
Medicare Options:
1. Original Medicare (Parts A & B)
- Provided by the federal government
- Flexibility to choose any healthcare provider that accepts Medicare
- Requires separate purchase of a Part D plan for prescription coverage
- May need a Medicare Supplement (Medigap) plan to cover additional costs
2. Medicare Advantage ( Part C)
- Offered by private insurers
- Often includes prescription drug coverage
- May offer additional benefits like dental, vision, and hearing
- May have network restrictions, like HMOs or PPOs
Dental and Vision Plans
Protecting Your Smile and Sight in Retirement
While Medicare covers many essential health services, it generally does not cover routine dental and vision care. However, maintaining your oral and eye health is crucial to your overall well-being. That’s why we offer guidance on affordable dental and vision plans tailored to your needs. Dental and Vision Plans can provide:
Dental Coverage May Include:
- Routine exams, cleanings, and X-Rays
- Fillings, crowns, and bridges
- Root canals and extractions
- Dentures and implants
- Periodontal care (treatment for gum disease)
Vision Coverage May Include:
- Annual eye exams
- Glasses or contact lenses
- Discounts on frames and lenses
- Screening and treatment for eye conditions like glaucoma and cataracts
- LASIK surgery (in some cases)
If you have a Vision for your retirement, We will help you to turn it into reality
Navigating Medicare can feel overwhelming, but you don’t have to do it alone. Taylor Advisory Group is here to:
- Help you understand your Medicare options.
- Find the right coverage that fits your healthcare needs and budget.
- Assist with enrollment to avoid penalties and maximize your benefits.
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