Medicare Webinar Recap

A couple of weeks ago, Medicare specialist Tim Harrigan joined me for a webinar outlining the basics of Medicare. It was a helpful presentation, so I wanted to send out a very brief recap about some of the important points. This is a very brief synopsis and shows what Medicare covers and when you need to sign up.

The Four Parts of Medicare

• Part A – Hospital Insurance: Covers inpatient care in a hospital, up to 100 days of skilled nursing, and hospice. Most people don’t pay a premium for Part A if they’ve worked at least 10 years.
• Part B – Medical Insurance: Covers outpatient services such as doctor visits, lab tests, and preventive care. Part B has a monthly premium starting at $185 per month (2025) and increasing for those with incomes above a certain amount. Part B generally covers 80% of costs, but you are responsible for the other 20%, with no cap.
• Part C – Medicare Advantage: Private plans that combine Parts A and B (and often D). These plans may include extra benefits like dental or vision, but usually have network restrictions.
• Part D – Prescription Drug Coverage: Stand-alone plans that help cover the cost of prescription medications. These plans vary as far as costs and which prescriptions are included.

In addition to these 4 parts, there are other private plans called Medicare supplements that compliment Parts A & B by covering things like deductibles, coinsurance and copays. These plans have a monthly cost, but can make your out-of-pocket costs much more predictable.

When to Sign Up

• Initial Enrollment Period (IEP): Starts 3 months before the month you turn 65 and ends 3 months after. Enrolling on time helps avoid late penalties for Part B and Part D.
• If You’re Still Working at 65: You can delay Part B and Part D if you’re covered by a group health plan through active employment (yours or your spouse’s). Once that coverage ends, you’ll have an 8-month Special Enrollment Period to sign up.
• Medicare Advantage and Part D Annual Enrollment: Each year from October 15 to December 7, you can review and change your plan for the next year.

Conclusion:

Making the right choices around Medicare can help protect your health and your lifestyle in retirement. This piece is very much a basic outline, so I encourage you to reach out to a Medicare specialist to review your options and make sure that you get the best coverage you can. If you have questions, please feel free to reach out to me or directly to Tim.