Aging in Place

HEALTH & WELLNESS

Navigating Medicare Medicare is the health insurance program provided for Americans aged 65 and older. These benefits, which people pay into over their working lives, are intended to provide affordable healthcare to older Americans at a time in their lives when they are facing higher healthcare costs and declining incomes.

Sounds simple, right? The reality is Medicare can be quite complicated. That ’ s because Medicare has several distinct parts you need to select from - each with its own rules, costs, and coverages. The big distinction is Original Medicare (Parts A and B), is public health insurance, while Medicare Advantage (Part C) is a form of for - profit private insurance funded with public money. With Medicare Advantage, you still have Medicare, but it is managed by a

private insurance company. There are other key parts, such Medicare Part D, (an optional add - on with Original Medicare; standard with Medicare Advantage) which provides prescription drug coverage, and Medigap supplemental coverage which can help cap out - of - pocket expenses like deductibles, co - pays, and co - insurance for people with Original Medicare. There are important differences between (and within) these options in terms of up - front premiums, benefits provided, out - of - pocket expenses, pre - authorization requirements, and network restrictions. Taking the time to carefully evaluate these options and choose the right plan for your circumstances is well worth the effort to ensure your up - front premiums are affordable, your health care needs are covered, and you are not opening yourself up to unexpected and/or large out - of - pocket expenses. If you ’ re not even sure where to start, you ’ re certainly not alone! Independent, expert guidance is available, usually through your local Area Agency on Aging. Details on how to find an advisor in your area can be found in the box below. Before you schedule an appointment with a Medicare advisor take a moment to use the self - assessment questions on pg. 31 to evaluate your priorities. This information will help your advisor identify options that are most aligned with your needs.

Helpful Resource

State Health Insurance Assistance Programs (SHIP) provide local, in - depth, and objective insurance counseling and assistance to Medicare - eligible individuals and caregivers. To find your local program go to shiphelp.org or call 1 - 877 - 839 - 2675

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Aging in Place: Your Home, Your Community, Your Choice

Health & Wellness