Our Medicare Blog
A growing number of Americans are choosing to work past their 65th birthday. According to data from the Bureau of Labor Statistics (BLS), approximately 20% will decide to continue working well into their 60s and 70s. The top reason for the shift is a positive one. As many as 75% of Americans over the age of 65 describe their health as good or excellent, and seniors feel more capable to continue working than they have
Medicare drug coverage for outpatient self-administered prescription drugs is an important benefit available to those covered by Medicare. It’s crucial to understand how to maximize your benefits and use your Medicare prescription drug coverage effectively to reduce out-of-pocket costs. Your Doctor Prescribed You a Medication: Now What? To take full advantage of your Medicare plan’s prescription drug benefits, the first thing you need to do when your doctor prescribes medication(s) for you is confirm if
Original Medicare (Part A and B), introduced in 1965, did not cover outpatient prescription drugs. Over time, Medicare beneficiaries paid increasing amounts for out-of-pocket drug costs that, by 2003 were rising by roughly 12% annually. These higher costs to beneficiaries led Congress to pass the Medicare Prescription Drug Improvement and Modernization Act of 2003 to create Medicare Part D Prescription Drug Coverage. Now, almost 46 million beneficiaries have obtained Medicare drug coverage. Let’s explore Medicare
The average Medicare beneficiary must deal with a combination of increasing healthcare costs and possibly a growing number of medical needs. As of 2019, a typical couple might spend a total of almost $300,000 in medical expenses over the course of their retirement. 80% of those costs can be traced back to Medicare premiums, medical copayments and pharmacy costs and deductibles. These figures make it clear: enrolling in only Original Medicare (Parts A and B)
If you’re considering enrolling in a Medicare Advantage plan, it’s important to evaluate your options based on your situation and needs. Here are some top factors to consider when exploring your options: your geographic location, total plan costs, additional plan benefits, formulary composition and medical provider network. Read our concise guide for tips on comparing Medicare Advantage plans and finding the options best suited for you. The Types of Medicare Advantage Plans Available in Your
When you need to supplement your Original Medicare (Parts A and B) plan with additional healthcare benefits, it’s important to know your options. The three most commonly chosen options are Medicare Part D, Medicare Advantage and Medicare Supplement plans. In this blog, we will cover the similarities and differences between Medicare Advantage plans and Medicare supplement plans, and how one of these options can potentially be a better fit for your medical and financial needs.