Covering the Bases: Understanding the options if you're new to Medicare
Annapolis Capital, November 15th, 2009
Q: I am new to Medicare. I have my Medicare Part A and
Part B. I elected a Medigap plan to complement my Medicare A and B.
However, I am not on any medicines and so do not see the advantage for
enrolling in Medicare Part D. What are the advantages of having Part D?
A: Insurance is a contradiction. You pay good money
for something you hope you never need. We pay homeowner's insurance and
hope we never have a fire. We pay auto insurance and hope we never have
a car accident. Health insurance is the same. We pay our premiums and
hope we never are in need of a doctor or a hospital.
The same is
true of Medicare Part D. Many people are not taking any prescriptions.
However, it is advisable they consider Part D. Many people are aware
that if they delay in enrolling in Medicare Part D they will incur a
penalty if they enroll at a later date.
However, the more
concerning scenario are the "healthy" people who forgo Medicare Part D
and then have an unfortunate, unexpected illness. The most poignant
illustration is a "healthy" person who is newly diagnosed with an
illness such as cancer, diabetes and/or heart disease. The medical
treatment of such illness can be extremely expensive. By having
prescription insurance, you are protecting yourself if you need
high-cost medicines.
Q: I am new to the
area. I have original Medicare and Medigap supplemental insurance. I
have already contacted Medicare to change my Part D to a Maryland plan.
My question is, how do I find a doctor in this area?
A:
Medicare has a wonderful database of providers. You may call
800-MEDICARE and they can assist you with finding a doctor. You may
also log on to www.medicare.gov and click on "Find a Provider in Your Area." This tool allows you to search by location and by specialty.
Q:
My mother was admitted to a rehabilitation facility after her
hospitalization for her broken hip. She remained there for 35 days. I
was told her Medicare Part A covered up to 100 days of rehab. However
she received a bill for $2,002.50 for days 21 through 35. Why?
Read more of this article.
Supplemental Medicare Insurance: work with a pre-screened insurer
to find the right Medicare Advantage program for you and your medical
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Professional Financial Advisers: Find out what a financial adviser can do for you at NewRetirement.com.