As we work with families and individuals who all have a unique financial plan, with different resources and varying levels of risk, they all have one thing in common: they want to know how to pay for potential health challenges, and they want to do it as efficiently as possible. As Americans we probably know more about healthcare now than we ever have, but we still find a great deal of confusion about Medicare.
We are in the annual open enrollment for Medicare Advantage and drug plans, which runs until December 7. You can click the link at the bottom to download our Medicare Health Care Quick Reference Guide which will help you answer questions about how Medicare works, and the expenses associated with it. Please note the following:
- Cost of monthly premiums as income increases
- Deductibles, based on the type of plan and care needed
- Online resources to help you choose the plan that is most appropriate for you
- Medigap policies can be used to supplement Original Medicare (Parts A and B) and are standardized in what they cover
- Medicare does not pay for long-term care
You should also be aware that Medicare is mailing new cards this year, which will give Medicare users a new unique number, aside from the Social Security number. This should help to protect the identity of Medicare users. The new card will completely replace the old card, which should be destroyed. Click here for a peek at the new card.
We are not Medicare specialists, and we do not offer insurance plans that supplement Medicare. However, we do know that Medicare can have a profound influence on financial plans at all net worth levels. If we can help you with any other wealth management resources to help you use your money to have the life you want, please contact us at hello@bfsadvisorygroup.com.
And, as promised: