When a person turns 63 and certainly 64, the mail increases on one subject: Medicare Insurance. Insurance companies that you never even heard of send you mail. AARP is the most prolific providing enough fuel for a bond fire.
The problem for 98% of us who get that mail, see terms and ideas that are really foreign to us. We begin to get confused because of these terms. As an agent, I like calling it the “alphabet soup”: Part A; Part B; Plan A, B, C, D, F, F*,J , K, L, M, N, O and P; Part C; Part D. Then the combinations of Part C and Part D; Part A and B and D. The website www.medicare.gov is an excellent resource for understanding these terms but most people do NOT have the time to become an expert in Medicare insurance. This is where an independent agent is indispensable.
You have three basic choices: Medicare Original with Part D; Medicare Original with Part D and a Supplement or Medicare Advantage. Choosing requires a knowledge of doctor/hospital provider networks, list of covered services, copays, co-insurance, out-of-pocket and deductibles. What is important is what is best for you?
Part D is the prescription drug coverage. What is very important is the Formulary for the plan that you are interested in. You need to know if your prescription drugs are covered or not. A good plan may not have your prescription drug. You do not want to find out after you sign up for a plan!
There is the Medicare premium costs for Part B and/or Part D. How much you pay is dependent on the Net Gross Income that you report on your tax return. There are levels and you need to know what your are going to pay. How you are going to pay will depend on whether you take Social Security or if you do not.
Independent local agents are trained and licensed to be the expert to save you the time to “know-it-all” to make a good choice. That is what I do!