Aging Wisely

TIP # 4 For A Caregiver Helping a Loved One Navigate Medicare

Stay organized. To enroll for Medicare, be sure to communicate with the person you are caring for to make sure they have the documents they’ll need to sign up for Medicare. This generally includes a birth certificate, proof of U.S. citizenship or residency, social security card, and tax information. In some cases, you might also need to provide health insurance information when using Medicare in conjunction with existing coverage. Individuals receiving military or veteran benefits might also need to show records that indicate proof of military service.

TIP # 3 For A Caregiver Helping a Loved One Navigate Medicare

Remember deadlines. There are specified enrollment periods where people can sign up for Medicare, and if they miss this window of opportunity, they might have to pay penalties. Caregivers can help so that deadlines are not missed. As a person gets ready to turn 65, they can sign up during their Initial Enrollment Period (IEP), which spans seven months total: three full months before the 65th birthday, the entire month in which a person turns 65 and three full months after the birthday month. Individuals who miss the IEP can enroll during the General Enrollment Period/Open Enrollment Period (GEP/OEP), which happens every year from January 1st through March 31st.In some situations, people become eligible to apply for Medicare during a Special Enrollment Period (SEP). Also, those who have existing Medicare benefits can change health coverage during the Annual Enrollment Period (AEP) ever year between October 15th through December 7th. This is outside of their IEP and the GEP/OEP.

TIP # 2 For A Caregiver Helping a Loved One Navigate Medicare
Financial assistance may be available. There are options for those with lower incomes to qualify for financial assistance to help pay for their prescription drug costs. As a caregiver, investigate to see if this is an area where you might be able to help the senior you’re assisting save money.

TIP # 1 For A Caregiver Helping a Loved One Navigate Medicare

If you’re a caregiver helping a family member or friend enroll or manage their Medicare plan, navigating the complexities and nuances of healthcare plans can be challenging.

However, learning some basics can make managing Medicare easier for caregivers, which helps ensure the right coverage for the needs of the person they are caring for. Here are some tips that can help caregivers navigate the Medicare landscape.

1) Familiarize yourself with the Medicare alphabet

Take the time to learn the ABCs of Medicare – Medicare has parts A, B, C, and D.

*Part A is hospital insurance
*Part B is medical insurance
*Part C, known as Medicare Advantage, covers both hospital and medical insurance and is offered by private companies approved by Medicare.
*Part D provides prescription drug coverage, and most Medicare Advantage plans include Part D. Part D can also be purchased as a stand-alone plan to cover costs when a Medicare supplement plan is in place.

Though Original Medicare covers most healthcare costs and supplies, there are healthcare costs that aren’t covered. This includes copayments, coinsurance, and deductibles. Purchasing a Medicare Advantage or Medicare Supplement plan, also known as Medigap, might be a good option. These plans cover gaps in coverage that exist with Original Medicare.

With a Medicare Advantage plan, both providers and facilities need to be a part of a specified network. These plans often include prescription coverage (Part D) and may also include hearing, dental, vision, fitness memberships, and other additional benefits. Premiums are usually low for these plans compared to Medicare Supplement plans.

Medicare Supplement plans are another option to help cover Medicare expenses after Original Medicare pays its share of the Medicare-approved amount for healthcare costs. Medigap policies are only available for seniors with Original Medicare plans and not Medicare Advantage plans. Medicare Supplement plan benefits are determined by Medicare and are sold by private insurance companies. These plans allow the plan holder to see any provider that accepts Medicare, though they generally don’t cover long-term care, prescription drugs, vision, or dental. You will need to get a stand-alone drug plan to accompany your Medicare Supplement plan.

There’s help for caregivers, too
If you’re caring for an elderly, ill, or disabled family member, you’re one of about 44 million Americans who care for loved ones with a chronic illness, disability, or frailty. Family caregivers provide an average of 24 hours of care per week. When you’re a caregiver, it can be hard to care for yourself.

Now maybe a perfect opportunity to reach out for caregiver support if you’re caring for someone with Medicare. H ere are 4 things you can do to help you help your loved one:

1) Visit Acl.gov to find caregiver support programs and resources that can help you.
Make sure your loved one’s Medicare coverage still meets their needs.

2) Make sure your loved one's Medicare coverage still meets their needs. Medicare Annual Enrollment Period (AEP) is from October 15 to December 7, and it’s important to take a few minutes to review coverage and pick a plan that works for your loved one.

3) See what home health services Medicare covers and find a home health agency in your area.

4) Find resources near you by visiting the Administration on Aging’s Eldercare Locator.
Don’t forget to make sure you’re getting the care you need for yourself. If you or someone you’re caring for is uninsured, learn more about the Health Insurance Marketplace.

As some of you know, Original Medicare pays 80% of medical costs. This means where can you find a way to pay the other 20%. Usually people turn to the private Medicare Supplement plans (Medigap) plans to cover the rest. Medicare does not have an out-of-pocket maximum cost. Here is a chart that compares Original Medicare and Medicare Advantage Plans.

"I've learned people will forget what you said. people will forget what you did, but will never forget how you made them feel" Maya Angelou.

What Is the Full Retirement Age for Social Security?
Eligibility for full retirement benefits is based on your birth date. People born between 1943 and 1955 reach full retirement age (FRA) at 66 years. Those born between 1955 and 1959 earn 100 percent Social Security benefits at 66 years plus a specific number of months. For example, if you were born in 1955, your FRA is 66 years and two months. Individuals born in 1960 or later will have to wait until 67 years of age to reach their FRA.

A Medicare mistake is not knowing when your initial enrollment period is, or not not knowing when you can change your Medicare coverage. Here is a chart that I found helpful.

Those who have Medicare will find this important. Medicare has made over-the-counter, take-home COVID test free to beneficiaries.

https://www.cms.gov/newsroom/fact-sheets/medicare-covers-over-counter-covid-19-tests

Knowledge: Did you know the Social Security Administration offers Benefit Calculator to estimate your monthly Social Security Benefit

https://www.ssa.gov/OACT/anypia/index.html

When Should I Take Social Security?
As you move toward retirement, it's essential to have a clear understanding of how much Social Security you'll receive based on the age when you initiate your claim. Before pulling the trigger on monthly Social Security benefits, Curtis Smith shares, “If you can manage it, consider waiting to claim your benefits after reaching your full retirement age (FRA). Your monthly benefit will continue to increase as long as you delay collecting benefits, until age 70,” said Smith. “For example, your monthly payment can be as much as 32 percent more starting at age 70 than what you would have collected at age 66.”

Funny Friday.

Hello All,
We are Senior Financial Living and we're excited to facilitate a space to discuss the importance of living in retirement with dignity. Living longer is great! As we live longer expenses increase, and we can help you and your loved ones prepare for it. In the coming weeks, months and years, this page will provide information and resources to help you .