Medicare Guide

[AtlasShrugged]

All,

Thanks for the positive response to my papers on long-term care insurance, Roth conversions, and Short Money Rules (now Smart Money Rules). I’m back with another one. This one is a Medicare Guide. Here’s the link to it.

https://www.dropbox.com/s/ze881zpdkqxfoiy/Medicare Guide.pdf?dl=0

I’d like to share a quick backstory.

I turned 65 earlier this year and went through the Medicare sign-up process starting late last year. A high school friend who lives in my town turned 65 one month before me. We worked together on understanding Medicare and signed up around the same time. We were both struck by how much there was to understand.

While I’m pretty healthy, she is a cancer survivor. This combination made me look at Medicare from the perspective of a healthy person as well as a person with a serious condition. That focused me to look at Advantage vs Medigap plans and prescription drug plans in a way I might not have done on my own. As with my other papers, I try to present an objective overview of the subject.

If you are getting ready to sign up for Medicare within the next few years, this guide may be useful. If you already have Medicare, it may help you think through whether you have the right coverage.

My guide does not make any recommendations as to what you should do. It simply provides information and considerations to help you make a good decision for yourself.

Rick

 

[phil1ben]

Rick, thank you for posting. Spent my working life owning my own business and paying for the healthcare of my employees but never paid any attention to medicare. Now that I am about to turn 61 I was thinking it was time to understand Medicare and I was about to do some research. Then I stumbled upon your post. The Guide is great.

Thank you again.

 

[MurfAtHome]

Hi Rick - my sister in TX sent me a link to this post and I was hoping to download the guide but when following the link to Dropbox it states the file has been deleted. Can you repost an active link or is there another method for getting a copy of this guide? Thanks in advance.

 

[AtlasShrugged]

Hi Rick - my sister in TX sent me a link to this post and I was hoping to download the guide but when following the link to Dropbox it states the file has been deleted. Can you repost an active link or is there another method for getting a copy of this guide? Thanks in advance.

Hi Murf,

I discovered a very minor error in the paper that needed correction. I deleted the file in Dropbox until I could fix it. I intend to repost it early tomorrow. Please check back then.

Rick

 

[AtlasShrugged]

As I mentioned in my last post, I needed to modify my Medicare Guide. I deleted the link to the original version in my opening post until I had time to fix it.

I've completed the modifications. Here's a link to the revised guide.

https://www.dropbox.com/s/if224zy51xub0v5/Medicare Guide.pdf?dl=0

Rick

 

[MurfAtHome]

Thanks for reposting and sharing this guide.

 

[Gremlin]

Thanks so much for this. Medicare is a complicated beast!

 

[harllee]

Thanks for this guide--it will be helpful to many on this Forum signing up for Medicare. One thing you might want to add for Medigap supplements is the issue of changing to another Medigap supplement plan after your guarantee period has past. In many states you have to go through underwriting to change. DH and I signed up for a Medigap plan and then a few years later the premium increased substantially. I was able to change to a less expensive plan but DH could not change because of a preexisting condition so DH is stuck with a very expensive Medigap plan.

 

[AtlasShrugged]

Thanks for this guide--it will be helpful to many on this Forum signing up for Medicare. One thing you might want to add for Medigap supplements is the issue of changing to another Medigap supplement plan after your guarantee period has past. In many states you have to go through underwriting to change. DH and I signed up for a Medigap plan and then a few years later the premium increased substantially. I was able to change to a less expensive plan but DH could not change because of a preexisting condition so DH is stuck with a very expensive Medigap plan.

Thanks for the heads up on the Medigap pre-existing conditions issue. I did not run into that issue during my research or experience. I need to look into it. This issue is challenging because guaranteed issue rights vary by state.

 

[GenXguy]

I'm a decade from Medicare under current law, but I downloaded it anyway. Thanks.

 

[AtlasShrugged]

All,

An E-R member who has in-depth Medicare knowledge was kind enough to review and comment on my Medicare Guide. They shared their comments with me via private message. This member made a number of good points that I felt needed to be reflected in the guide. While the substance of the guide is essentially unchanged, it is a better document as a result of their suggestions.

Here is the link to the revised version.

https://www.dropbox.com/s/w7l6x1czla2w06y/Medicare Guide.pdf?dl=0

The previous link will no longer work.

I'd like to thank this member for taking the time do this.

Rick

 

[braumeister]

New link added to the FAQs forum.

 

[jim584672]

The official "Medicare & You 2021"

https://www.medicare.gov/Pubs/pdf/10050-Medicare-and-You.pdf

 

[harllee]

All,

An E-R member who has in-depth Medicare knowledge was kind enough to review and comment on my Medicare Guide. They shared their comments with me via private message. This member made a number of good points that I felt needed to be reflected in the guide. While the substance of the guide is essentially unchanged, it is a better document as a result of their suggestions.

Here is the link to the revised version.

https://www.dropbox.com/s/w7l6x1czla2w06y/Medicare Guide.pdf?dl=0

The previous link will no longer work.

I'd like to thank this member for taking the time do this.

Rick

Excellent guide, thank you Rick

 

[bmcgonig]

" You are also fully covered outside of the U.S. under many Medigap plans. "

This is new info to me. Anyone have this benefit? I know that Medicare will cover emergencies up to 50k I believe.

 

[Finance Dave]

Thank you Rick...I'm 59 (just turned yesterday LOL) but DW is 62 so we are beginning to research and this will be helpful!

 

[PandaBear]

This is great. I am in the process of learning about medi-care. Dh is only 62 but I want to be knowledgeable.
I do have a question. In the beginning of the document, it says there are no premiums as long as you are eligible for social security. That premiums are free because you paid for it through medi-care taxes.
I know it sounds dumb, but if you pay medi-care taxes, but are not eligible for social security, is it still free?

 

[GenXguy]

This is great. I am in the process of learning about medi-care. Dh is only 62 but I want to be knowledgeable.
I do have a question. In the beginning of the document, it says there are no premiums as long as you are eligible for social security. That premiums are free because you paid for it through medi-care taxes.
I know it sounds dumb, but if you pay medi-care taxes, but are not eligible for social security, is it still free?

Free Medicare A requires you paid those taxes for 40 quarters / 10 years.

 

[PandaBear]

Free Medicare A requires you paid those taxes for 40 quarters / 10 years.

Perfect, thank you. Just making sure it is specifically tied to the Medicare taxes and not social security. I would assume, but these days, assuming can lead you down the wrong path.

 

[Scratchy]

As I mentioned in my last post, I needed to modify my Medicare Guide. I deleted the link to the original version in my opening post until I had time to fix it.

I've completed the modifications. Here's a link to the revised guide.

https://www.dropbox.com/s/if224zy51xub0v5/Medicare Guide.pdf?dl=0

Rick

Fantastic guide. You have a gift for explaining complicated topics with great clarity. Many thanks for this!

 

[bada bing]

A big "thank you".

I still have some individual issues to research, but your guide closes some big
gaps in my knowledge. I'm only a little over 3 years away from medicare and
it's time to start figuring it out.