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Originally Posted by WarChiefs89
I have the licenses to sell health insurance and Medicare supps but don't because it's too complicated to do it and my regular job (financial advisor). I know enough to be dangerous though.
Here's my rundown of Medicare:
Part A - this is free and covers hospital visits
Part B - this has a fixed cost ($170 a month base price but can be higher based on your income) and covers doctors visits
Part A & B are original Medicare, but they don't cover all your typical healthcare needs... so that's where either Medicare Advantage or a Medicare Supplement + a drug plan comes in. There are different schools of thought when looking at a $0 premium advantage plan vs paying for a supplement + drug plan. I think most professionals tell you to buy a supplement if you can afford it. I believe most people, depending on their income, would rather spend an extra $150 a month for their insurance and drug costs and basically know they will not have any surprises when it comes to medical bills.
As other have said, Plan G is very popular. One item to note: Every company offering a Plan G Supplement offers the exact same benefits. Pick a company that is reputable and easy to work with but don't spend extra for a name. In our area BCBS is typically $40+ per month more than other solid options because they carry a lot of name recognition.
Part D - Drug Plan - You need this if you buy a supplement (like Plan G). Use the government's website and get out all your prescriptions. There is a very handy tool that allows you to plug in your scripts & your preferred pharmacy and look at all the plans by annual cost (premium + cost of buying meds). If you go through a professional they should do this for/with you.
Finally -- your wife has a 6-month enrollment window surrounding her 65th birthday. 3 months on either side. Best practice to do it sooner, but don't sweat if she just turned 65.
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That's a really good 43rd post. I think I'll go back and look at your previous 42.