For most seniors, Medicare is vital for helping pay for medical needs. It you don’t know how to begin, the following article offers several great tips on how to get th emost out of your Medicare. Thanks for visiting us at Advocare of South Florida. Here are some of the key plan differences and seven ways to make the most of your Medicare coverage.
1. Enroll at the right time.
Most people have an initial enrollment period for Medicare that runs from three months before their 65th birthday until three months after their birthday month. Neil Krishnaswamy, a certified financial planner with Exencial Wealth Advisors in Plano, Texas, says enrolling in a timely fashion is important to minimize costs.
“Be sure to enroll in the proper time period, or you could be subjected to some late penalties,” he says. For example, Medicare Part B premiums increase 10 percent for every 12 months a person waits to enroll.
2. Pick the right type of plan.
The next way to maximize Medicare benefits is to select the right type of plan. Retirees have two main options:
- Original Medicare
- Medicare Advantage
Original Medicare includes Parts A and B and offers benefits paid directly by the government. Most people don’t pay any premiums for their Part A coverage. Part B premiums will cost most people $104.90 a month in 2015, and the coverage comes with a $147 deductible. Medigap, or Medicare Supplement plans, can be purchased to complement original Medicare coverage. Those who buy a Medigap plan should do so during their initial Medicare enrollment period to avoid medical underwriting and potentially obtain lower premiums.
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