Ruth and I met a friend of hers, Lee, for lunch. As soon as we sat down we could tell Lee had something on her mind. Lee loves her job that she’s had for over 30 years and is healthy. We couldn’t imagine what was on her mind. “All my friends are retiring so I think I may, but I’m just not sure. I can live on my retirement income, but I sure would miss my paycheck. I’ve really gotten used to it. I know I can pay my bills on my retirement income, but I’m not sure I can do everything I want and buy what I want like I can now.” The more Lee talked the more she convinced herself to continue working – she didn’t really want to leave her job or her customers that she cares so much about. Lee said she’s 68 (doesn’t look it) and is getting her Social Security retirement benefits. She has group health insurance with pretty good benefits that do not cost her much. When she compared getting off her group plan and enrolling in Medicare, she decided to wait to enroll in Medicare Part B and Medicare products; she did enroll in Medicare Part A. Since she’ll stay on the group health insurance plan until she gets Medicare Part B, she will not incur a late enrollment penalty. A few days later I got a call “Caroline, can we talk?” It was Gary, Lee’s brother. Lee had told him to call me because he’s turning 65 in July. “What do I do? Who do I call – Social Security or Medicare?” Sometimes it is confusing to know who to contact and for what – Social Security or Medicare. They offer related services so you may not be certain who does what. Gary needs to contact Social Security. He is a self-employed farmer and needs to sign up for Medicare Part A (hospital insurance) and Medicare Part B (medical insurance). Once he gets his Medicare red white and blue card (or a letter stating when Part A and Part B are effective), he’s going to call me. Gary wants to know his medical and prescription options. He wants to look at several companies that offer Medicare Supplement plans. He’s heard the rates vary depending on the county or zip code you live in and the insurance company you select. He only takes Nexium now and can buy it over the counter or by prescription. We’ll see which will cost him less. Why get a prescription plan and pay that premium when all he takes is something over the counter? Good question. If he does not enroll in a Medicare prescription plan when he is first eligible and later enrolls, Medicare will charge him a penalty for every month he could have had a prescription plan and did not. The penalty never goes away. Do you need to call 501-868-6650 and say “Caroline, can we talk?” What’s next for Gary?
0 Comments
|
AuthorCaroline Beauchamp specializes in personalized life and health insurance solutions. Archives
September 2023
Categories
All
|