Medicare

[Elmer Fudd]

My wife will be signing up for Medicare soon and I will be next year. She is weighing her options and leaning towards an Advantage plan. I'm leaning towards Traditional plus a gap plan. What did you guys do?

[Del.]

Medicare and a Plan G supplement. I love it. $250 out of pocket, go anywhere you want and rest is covered 100%.

[Smit]

My wife will be signing up for Medicare soon and I will be next year. She is weighing her options and leaning towards an Advantage plan. I'm leaning towards Traditional plus a gap plan. What did you guys do?

Definitely traditional Medicare with a Plan G. Cut the insurance companies out of it.

Advantage plans may cover some things like dental and vision, and some will even offer gym memberships and stuff like that, but if anything catastrophic happens your deductibles will be very manageable with traditional medicare with plan G compared to what you will likely get with a medicare advantage plan.

And you won't have an insurance company denying your treatments and/or claims.

It's best to be absolutely sure of your choice because you're likely to be stuck with it. Everybody is entitled to medicare when you first sign up, no underwriting necessary, regardless of your health. You won't be able to switch to traditional medicare easily after choosing medicare advantage. You will need to pass an underwriting exam if you want to change after the initial enrollment period is over.

That includes medigap (Plan G) also. You can't wait until you're sick to sign up. I would urge you to join a plan G during your initial sign up. If something catastrophic happens you won't be able to sign up for plan G after you're diagnosed.

There are lots of medicare consultants and many will push medicare advantage plans. Do enough research to clearly understand the differences, and the pros and cons of each.

One of the things a consultant told me which made a big impression is "it's not if you will have serious health problems when you get older, it's when you have serious health problems you have to plan for."

You may save some dollars in the short run with medicare advantage, but it may cost you hugely in the future.

Sorry for the long winded reply but this is something I'm passionate about.

[Incogneeto]

Definitely traditional Medicare with a Plan G. Cut the insurance companies out of it.

Advantage plans may cover some things like dental and vision, and some will even offer gym memberships and stuff like that, but if anything catastrophic happens your deductibles will be very manageable with traditional medicare with plan G compared to what you will likely get with a medicare advantage plan.

And you won't have an insurance company denying your treatments and/or claims.

It's best to be absolutely sure of your choice because you're likely to be stuck with it. Everybody is entitled to medicare when you first sign up, no underwriting necessary, regardless of your health. You won't be able to switch to traditional medicare easily after choosing medicare advantage. You will need to pass an underwriting exam if you want to change after the initial enrollment period is over.

That includes medigap (Plan G) also. You can't wait until you're sick to sign up. I would urge you to join a plan G during your initial sign up. If something catastrophic happens you won't be able to sign up for plan G after you're diagnosed.

There are lots of medicare consultants and many will push medicare advantage plans. Do enough research to clearly understand the differences, and the pros and cons of each.

One of the things a consultant told me which made a big impression is "it's not if you will have serious health problems when you get older, it's when you have serious health problems you have to plan for."

You may save some dollars in the short run with medicare advantage, but it may cost you hugely in the future.

Sorry for the long winded reply but this is something I'm passionate about.

EXCELLENT ADVICE!!! and I'm Listening. Thank You Smit!!

[Elmer Fudd]

Thanks guys. Hey, you agree on something.    What about part D?

[Smit]

I'd recommend creating a profile at medicare.gov. You can store your prescriptions there and modify the list as needed.

Medicare.gov is extremely useful. And unbiased also. Most websites want to sell you a product. Medicare.gov gives you information so you can make an educated decision.

You will want to sign up for part D during the initial enrollment period or there will be a penalty later. If you don't have any prescriptions sign up for a free or very cheap plan.

Part D is very individualized. You can go to medicare.gov and in the pick a plan D section give it your zip code, add in the prescription drugs you take and it will recommend plans that are available in your state.

I do 2 generic prescriptions so I have a very cheap plan. It was 50c last year, free this year.

If you have more expensive prescriptions you will likely need a different plan. And you can change plans every year no problem. If your needs change you can go back to search for a new plan D, add your additional prescriptions, and look for the plan that fits your new requirements.

You and the wife can have different a plan D to fit your individual needs.

Add your zip code in the link below it will bring up a list.

https://www.medicare.gov/plan-compare/#/?year=2025&lang=en

[Elmer Fudd]

Thanks for the info Smit.

[Incogneeto]

Thanks for the info Smit.

Don't tell anyone.

[Elmer Fudd]

Don't tell anyone.

Don't tell anyone what?

[Surface]

Because Medicare can be confusing, many community senior centers have advocates which can explain options and look at plans customized to your individual means and needs.

I know people in several states who have been impressed with the services and knowledge of their local senior facility.