Medicare is insurance for our citizens with vast life experience starting at 65 currently. But everyone should know especially if you have older parents and so you can plan for the future. Medicare is often confused with Medicaid and is not the same thing.
Know the Parts
Medicare has different “parts” which is groupings of services. Part D for example covers prescription drugs. They also come in plans. Switching to Plan F allows for some different options but is tricky. Once on plan F you can only switch back once and it is at a certain time. My dad went through this and it was very tricky.
Get Fully Covered
Supplemental plans to Medicare are beneficial. Medicare only covers 80% so you are left with the other 20% if you do not have a supplemental plan. Those who retire and carry insurance from their former employer that becomes a supplemental plan. My mom had this and when she passed away she spent a month in the hospital and Medicare and her supplemental paid everything.
Not All Benefits Are Helpful
There are many providers of Medicare Plans especially when you do supplemental plans because you usually deal with that service provider. Be careful because they may add a lot of perks that sound good, but then don’t cover everything they should. With all insurance it is very tricky and you need to read the fine print and ask questions. Also, beware of door to door companies. My parents were sold prescription drug coverage with a supplemental plan and life insurance plan. While the life insurance was good, the rest was a rip off scam.
I am not an insurance agent or broker, nor do I play one on TV. This is meant as general education and not as advise. Please be sure to do your own research it is the only way to find what is best for you.