Shownotes Transcript
On this episode of the Ready for Retirement podcast, James provides listeners with a broad but detailed overview of Medicare. Medicare is the federally maintained health care plan for all qualifying Americans aged 65 and up. There is always something in the news about Medicare and it can seem daunting to understand all of the different parts and supplemental plans, but James breaks down the basics during this episode. Medicare Part A is also known as hospital insurance, covering inpatient and skilled nursing facility treatments as well as related prescription drugs for a specified length of time. Medicare Part B is also known as medical insurance, covering outpatient treatment by healthcare providers and preventative care. Medicare Part D is prescription drug coverage and is often paired up with a Medicare Supplement plan (Medigap).
Medigap plans coupled with Medicare Part D is one option for reducing your risk in the case of medical emergencies. These plans typically have higher premiums with lower out of pocket costs and are good for folks with health concerns or pre-existing medical conditions.Medicare Advantage plans are similar to employer-sponsored healthcare plans and typically feature lower premiums and higher deductibles and copays. These plans are good for people who are in good health and do not anticipate needing medical care outside of their network or by specialists. James recommends that people looking for more comprehensive information to refer to Ashby Daniels’ book “Medicare Simplified.” LET'S CONNECT!
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