The Complete Cardinal Guide
TO PLANNING FOR AND LIVING IN
RETIREMENT
WE HELP YOU EMBRACE THE 7 WORRIES IN RETIREMENT
When it’s time for Medicare, consider the following:
Option 1: Original Medicare, is the choice most Medicare beneficiaries take when they start Medicare. Medicare is made up of Parts A and B, which cover hospital and medical expenses. Part A is premium-free for most while Part B requires that the user pay a small deductible and 20% of the costs. After signing up for Part A and Part B, you have the option to add a Medicare Supplement, or Medigap, policy. These policies cover the 20% of costs that Original Medicare does not cover.
The Pros and Cons of using Medicare plans for your healthcare needs:
Pros
No Networks
You are allowed to go to any doctor or hospital who accepts Medicare, which is a large majority. .
Option to have no copays or coinsurance, even no deductibles
With certain Medicare Supplement plans, you can have no copay, coinsurance, or deductible costs. That means you just have to pay your premium each month and nothing else. This is great for people who go to the doctor a lot.
Choice of Supplement
There are 10 different standardized Medicare Supplement plans, which are all named with a letter. Every letter plan has different benefits, but the benefits offered by the plan you choose are the same no matter which company you get it from. The only difference in the companies is price, which means you have the ability to shop around and get the best price.
Supplement can be changed at any time during the year
Unlike Advantage plans, Supplements can be changed at any time during the year if you want to save money.
Some plans offer extras, such as gym membership
Certain companies offer extras with their Medicare Supplement. The most used extra is the free gym membership.
Cons
More expensive
You have to pay for your Medicare Supplement, Drug plan, and, if you choose, dental and vision coverage all separately. If you have really limited funds, you might want to consider a Medicare Advantage Plan.
Health Questions for Medicare Supplement
If you want to change supplement plans to save money, you must answer health questions, unless you are in your open enrollment period. This can prevent some people from switching.
Does Medicare Pay for Long-Term Care?
“Medicare does not pay for long-term care, so you may want to consider options for private insurance.” This is stated on every person's Social Security Earnings Report (as seen in the photo), yet many people still have not planned how they...
How much will Medicare cost me yearly?
We get this questions about yearly cost a lot from clients. The cost of Medicare is hard to sum up because it is so different for every person. While some parts of Medicare everyone has, there are other parts of Medicare that individuals get to choose. Due...
Should I Enroll in Medicare if I am still working?
In a perfect world, the day you turn 65, you retire, stop your work medical coverage, and start Medicare. While this is great in theory, most people do not live this lifestyle. According to the U.S. Bureau of Labor Statistics, 40% of people over age 55...
Cardinal Guide
Durham Office
2530 Meridian Parkway,
Suite 100
Durham, NC 27713
Charlotte Office
8307 University Executive Park Dr,
Charlotte, NC, 28262
Greensboro Office
6520 Airport Center Drive,
Suite 100
Greensboro, NC 27409
Contact
Hans@cardinalguide.com
Mon-Fri: 9 am - 6 PM (EST)
Saturday-Sunday: Closed
919-535-8261
Charlotte and Greensboro office visits by appointment only.
CERTAIN CONTENT THAT APPEARS ON THIS SITE COMES FROM AMAZON SERVICES LLC. THIS CONTENT IS PROVIDED 'AS IS' AND IS SUBJECT TO CHANGE OR REMOVAL AT ANY TIME.
