How Medicare works: eligibility, enrollment, cost, and coverage options, with Danielle Roberts
#48: Seniors often enter retirement (a) thinking Medicare is free, and (b) not at ALL clear how the details work – rules, restrictions, limitations, costs.
But it’s most certainly not free: your portion of costs could be unlimited and bankrupt you. And, like other healthcare matters in the US, “how it works” gets complicated fast!
How can seniors (and their loved ones, like you) make sense of it all?
This week, I talk with Danielle Kunkle Roberts, a nationally-recognized expert on Medicare insurance, about how to evaluate, navigate, calculate, and decide on the best configuration of Medicare coverage for you and your family. If health insurance “peace of mind” is important to you in your elder years, this is an action-packed episode you do not want to miss.
What you’ll learn:
- Medicare eligibility requirements
- Options for expats who haven’t paid into Medicare taxes
- What exactly Medicare covers, how each “part” works, and premium costs
- How to determine which doctors, hospitals, clinics, and pharmacies will accept your Medicare coverage
- How the premium surcharge (IRMAA) works if your income exceeds certain thresholds
- All-in costs you can expect to pay for Medicare coverage
- How the “initial enrollment period” works, including how the penalty works
- How Medicare Advantage works + when it’s a better choice than original Medicare (tradeoffs, considerations, cost differences, network differences)
- How Medigap works and tradeoffs and considerations
- How expat retirees should plan for Medicare, given it generally doesn’t cover them overseas
What other questions do you have about Medicare? If you’re looking into Medicare for yourself or a loved one, are you leaning toward original Medicare or Advantage? Why? Let me know by leaving a comment right now.
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Links mentioned in this episode:
- Boomer Benefits website
- Boomer Benefits Book: 10 Costly Medicare Mistakes You Can’t Afford to Make
- Boomer Benefits private Facebook group
- Boomer Benefits YouTube video: Will Medicare Cover My Procedure?
- Medicare.gov: What Medicare Covers
- Medicare.gov: Find & compare doctors
- Medicare.gov: Medicare plan finder tool
- CPT codes & ICD 10 codes: How medical billing & insurance claims work (HYW020)
- HYW private Facebook community
Intro/Outro: Old Bossa by Twin Musicom.