Health care costs in retirement: Medicare Facts & Myths
(BPT) – As their 65th birthday looms, many people eagerly anticipate the affordable access to health care that Medicare will provide. After all, Medicare covers everything, right? Not exactly. Because of this common misconception, many peopleare caught off guard when they realize that each one of the dozens of Medicare options available to them comes with its own set of out-of-pocket cost implications. In fact, a survey of the newly retired found 43 percent are spending more on health care than they had planned & have a hard time understanding Medicare Facts & Myths.
The more you know about Medicare plans and costs, the better prepared you’ll be to avoid unpleasant surprises. Think you’re savvy enough to discern myth from fact when it comes to your health care costs in retirement? Read on to put your knowledge to the test.
Myth: When comparing Medicare plans, it’s best to choose the lowest-premium option to help minimize your costs.
Medicare Fact: While premiums are an important factor when choosing a health care plan, they should View full post…
Posted: September 21, 2018 Under: Insurance By: BPT
The real bottom line: Maximize the value of your Medicare coverage
(BPT) – In a recent survey, 43 percent of newly retired people said they were spending more on health care than they planned. One of the primary reasons? An unintentionally misguided approach to choosing their Medicare coverage.
To make the process of comparing their plan options easier, too often people focus largely on their monthly premiums.
“Although it may seem like the obvious choice to select a plan with the cheapest monthly premium, it’s important to look beyond the premium and focus instead on the overall value a plan provides,” said Ben Kehl, vice president of consumer experience for UnitedHealthcare Medicare & Retirement. “One of the best ways to do this is to give careful consideration to what’s important to you in a Medicare plan as well as what isn’t.”
Not sure where to begin with this value-focused approach to your Medicare choices? The following three questions can help you move beyond a plan’s premium and consider other factors that contribute to a plan’s value. Your answers can help you maximize your Medicare health care dollars by selecting a plan that provides the greatest value for you.
How much financial risk are you comfortable with?
All Medicare plan options cover some health care costs, but they vary in the amounts View full post…
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