Robert Cole
Don't hold me to this but, Medicare Part A is the "hospitalization" part. It's no charge but if you don't sign up for it when you're 65 you get hit with a penalty for the rest of your life. So, even if you're employed, sign up for Part A.
Part B is the "major medical" part and it is optional if you have other coverage, like an employer plan. It is the part that is not free. But, the cost and coverage aren't bad. Whenever you lose your other coverage you can enroll for Part B. No penalties.
In my case, my employer had no coordinating plan with Medicare. Medicare would pay first and they'd pay what's left. But, it would still cost me as much as the full employee plan. So, I dropped the employer plan altogether and went full Medicare. Still good coverage and saved a bundle.
Part D is drug coverage, costs and is optional.
Lots of other options for other coverage. "Supplemental" covers the gaps Medicare doesn't cover. There are retstrictions there so get help.
Part C is "Medicare Advantage". Those are plans offered by insurance companies that take over your Parts A, B and maybe D, and may offer greater coverage, and other benefits like dental (remember, Medicare doesn't cover dental or eye coverage, like most employer plans do). There are a million of those and they change every year. Some are better if you need hospitalization. Some have better physical therapy benefits, if you regularly use that. Some have better drug coverage, if you take a lot of drugs. Some have no monthly premium. Some have an additional monthly cost. Some offer freebies like free health club memberships or free medicalert medallions ("I've fallen and I can't get up!") So, picking those depends on your individual situation. I found that Medicare Advantage plans were most like the traditional employer plan I was used to, so I went that route.
But, I couldn't have done any of this without the Medicare expert I consult with once a year. Yes... all this is available online but it's huge. An advisor can summarize it all for you and make it a lot easier. And, like I mentioned, they should be no charge to you. They're compensated by the insurance companies. And, the one I deal with isn't affiliated with any one, or group, of companies. He's independent so I get independent advice.
It's nice to see that, after paying into Medicare for decades, I finally get something back!
Now, if Social Security can just hang on until after I die.
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