Medicare Planning

Decisions about Medicare coverage plans have become more complicated than ever, with more choices than ever, amid ongoing changes.

We prescribe a healthy dose of guidance.

As you near retirement, you’ll need to start planning for your health insurance and think about enrolling in Medicare. There are different options available, and making sure you understand them all is paramount to having a healthy retirement.

Our advice is to ask someone who’s been through it more than once. We’re familiar with Medicare and Medicare Advantage plans and can help you navigate the options to get the best medical coverage available for you and/or your spouse. Our wider experience can help guide you to the right plan based on multiple factors, including premiums, preferred doctors and hospitals, and the right drug plan. Just ask.

When it’s time to plan for your health insurance coverage, consult with the advisors at Berkshire Money Management. We offer Medicare planning services to our clients in Berkshire County and beyond. Contact our team to find out more about our Medicare planning services today.

Medicare Eligibility & Enrollment

Before enrolling in Medicare, you’ll first have to check that you meet the eligibility requirements. People can only sign up for Medicare at certain times. Some people (typically those who are receiving Social Security benefits) may automatically be enrolled while others will need to submit an application to receive coverage.

You are given a seven-month enrollment period. The enrollment period starts three months before the month you turn 65 and lasts until three months past your birthday month. For example, if your birthday is on April 15, your enrollment period begins on January 1 and ends on July 31. In special cases, younger people may be eligible for the program. People who meet the following requirements are also able to enroll:

  • Younger people with certain disabilities
  • People with end-stage renal disease (ESRD/kidney failure requiring dialysis)

If you fail to enroll when you’re first eligible, you may be subject to a Part B late enrollment fee. You can find out if you’re eligible by submitting your information through the Medicare website, or by contacting Berkshire Money Management for your appointment.

The ABCs of Medicare Planning

There are different plans available through Medicare, and understanding each will help you determine the best route to take for your future. Below is a list of the different Medicare plans and the features of each:

Medicare Part A

Most people are advised to enroll in Medicare Part A when they’re 65, regardless of whether they have health insurance through an employer. Because you already paid Medicare taxes while you worked, you won’t have to pay a monthly premium for Part A coverage. Medicare Part A covers hospital stays, nursing facility care, hospice care, and some at-home health care.

Medicare Part B

If you have Medicare Part A, you can also enroll in Part B coverage. Taxes aren’t paid for Part B plans before retirement, so there will be a monthly premium for this option. The cost for Medicare Part B varies depending on your income. Medicare Part B covers certain doctors’ visits, outpatient treatment, medical supplies, and preventative treatment.

Medicare Part C

Medicare Part C is the official name for the program known as Medicare Advantage. This plan combines the benefits of Parts A and B with the added benefit of Part D—Medicare’s prescription drug insurance. With Part C plans, you’ll have access to a local network of doctors, similar to the group network plans held through your employer. In order to be eligible for Part C, you must already be enrolled in Parts A and B and you must not have ESRD.

Navigating these options alone can be overwhelming. Allow the financial advisors at Berkshire Money Management to help you with Medicare planning. Contact our team today to make your appointment.

Medicare Planning with Berkshire Money Management

When it’s time to make arrangements for your health insurance during retirement, you can trust Berkshire Money Management to answer your questions. Our experienced team proudly offers Medicare planning services to clients in Berkshire County, MA and across the country.

Get the health care coverage you deserve by planning for your Medicare needs with Berkshire Money Management. Contact our team to get started!