If you’re nearing age 65, you’re likely starting to receive lots of information about Medicare, and it can be quite overwhelming. It’s no secret that Medicare is complex, but you don’t have to approach your Medicare journey alone.
That’s where RetireMed comes in. For over 15 years, RetireMed has simplified Medicare for more than 50,000 local individuals in Ohio, Kentucky, and Indiana, and we’re here for you, too.
Read more to learn about RetireMed and the basics of Medicare.
RetireMed provides you with information, support, and guidance to help you select the health insurance plan that best meets your budget, needs, and lifestyle—at no cost to you. Our goal is to simplify the process of finding the right health care plan.
By partnering with RetireMed, you can expect:
Our services are always provided at no cost to you. We are compensated directly by insurance companies when you enroll in any of their plans. Gain Medicare clarity in 5-10 minutes with a phone assessment.
Medicare Part A covers inpatient care: hospitalizations, skilled nursing care, hospice, and home health care. Medicare Part A is premium-free for most people. If you or your spouse have worked at least 10 years by the time you turn 65, you receive Medicare Part A at no monthly cost. While you might not owe a monthly Part A premium, you will still pay out-of-pocket costs for medical services.
Medicare Part B generally covers two types of medical services: medically necessary services or supplies and preventive services.
Medicare Part B costs include an annual deductible, a monthly premium, and coinsurance for covered medical services. After the annual deductible is met, you typically pay 20% of the cost of services and Medicare covers the rest. It’s important to note that there is no cap on the 20% you are responsible for paying. One way to lower your out-of-pocket costs is by exploring Medicare Advantage or Medicare Supplement plan options.
Medicare Part C, also known as Medicare Advantage (MA), offers an alternative to Original Medicare (Part A and Part B) for medical and drug coverage. MA plans are all-inclusive plans offered by private insurance companies that are contracted and approved by Medicare. They roll Part A (hospital insurance), Part B (medical insurance), and often Part D (prescription drug insurance) coverage into one plan.
Although Medicare Advantage plans are required to provide the same basic coverage as Original Medicare, these plans also feature extra benefits, such as dental, vision, hearing, fitness memberships, and more.
The amount you pay for an MA plan varies based on the specific plan you select and the benefits it includes. Many plans are available with a low or $0 premium. MA plans also cap your out-of-pocket costs for covered services during the plan year. When you use MA services, you pay copays, coinsurance, and possibly deductibles.
You can purchase Medicare Part D (prescription drug insurance) coverage in addition to Original Medicare. Standalone Medicare prescription drug plans have a monthly premium that varies based on the specific plan. You can save on this monthly premium, however, when you purchase a Medicare Part C plan that includes Part D coverage - a Medicare Advantage Prescription Drug plan (MAPD).
Medicare Supplement plans, also known as Medigap, are health insurance policies sold by private insurance companies. Medicare Supplement insurance is designed to be paired with Medicare Part A and Part B (Original Medicare) to “fill in the gaps” that Medicare does not cover, such as copays, coinsurance, and deductibles. Many individuals choose Medigap plans because they have very few out-of-pocket costs. However, you will likely pay a much higher monthly premium for a Medicare Supplement compared to a Medicare Advantage plan.
It’s important to know that you must be enrolled in Medicare Part A and Part B to obtain a Supplement plan. Medicare Supplements do not offer Part D benefits. In order to get prescription drug coverage, enrollment in a standalone Medicare Part D plan or another form of creditable drug coverage (coverage equal to or greater than Medicare’s minimum standards of coverage) is necessary.
How do you know which Medicare plan is right for you? There is an overwhelming number of Medicare plan options available in Kentucky, each with unique features. Taking the time to understand how these plans could work for you is tedious, but it is a key part of optimizing your healthcare costs and benefits.
At RetireMed, we assess your individual needs and preferences and conduct research to find the plans that meet your needs at the lowest cost, potentially saving you hundreds or thousands of dollars per year. On top of this, we don’t charge you for the services we provide and there’s no obligation to enroll in a plan.
Learn how our team can help you compare Kentucky Medicare plans.
Getting started is easy. You can call today or schedule a call with one of our advisors at a day and time that is convenient for you. We look forward to helping you!
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