If you are turning 65 or leaving an employer health plan and navigating through the Medicare maze, watch your step. There are 3 penalty traps you don’t want to get caught in when signing up for Medicare and making choices about Medicare plans.
So, back to my original question… you are tired of working and want to know if you can retire. How do you know? Simple. The question is do I have enough?
In order to get any other program, you must opt for Part B. Once you get your Part B, you then qualify for the supplemental plans. There are two basic plans to choose from. You can choose either a medicare supplement leads executive or a Medicare Advantage plan. Supplements have been available since the 1990’s, and the Advantage plans were created in 2003.
False. Of course each situation is different, but living at home can be lonely and often dangerous. If your mom or dad needs lots of help, there are several options which also may be less expensive than staying at home in a potentially unsafe environment.
First of all, the K plan covers the biggest gap in traditional Medicare at 100% just like all the other medicare supplements. This is the Part A co-insurance which is the 20% of hospital related charges that the subscriber must pay after the Part A deductible is met. Hospital and related facility-based care is really where the big costs are these days so having this covered at 100% with the K plan is a great start. Preventative is also covered similarly to the other Medicare plans which is also important although less actual exposure but more likelihood of actually using the benefit on an annual basis. That’s where the plans are the same. Let’s look at how they’re different.
Don’t want to switch because you are satisfied with your coverage? This is a common concern. The fact is that supplement plans are standardized by the federal government. An “F” supplement with ABC Insurance Company is the exact same as an “F” supplement with XYZ Insurance Company. The benefits are exactly the same, but the cost will vary from company to company. If you switch from like plan to like plan, your coverage will not change and you do not have to worry if your doctor will accept your plan as long as they accept Medicare.
Once the patient comes off Medicare reimbursement, if qualified, Medi-Cal will help to pay for the nursing home costs. If going to the facility directly from home, then, if qualified, Medi-Cal may help to pay for the nursing home costs from day one.