What Widows Need To Know About Medicare
As a widow, it's important to understand how Medicare can play a role in your healthcare coverage. Medicare is a federally-funded healthcare program that provides coverage for individuals 65 and older, as well as some younger individuals with disabilities. Here are a few key things that widows need to know about Medicare:
1. Enrollment: If you are a widow who is 65 or older, you are automatically eligible for Medicare. However, you still need to enroll in order to receive coverage. You can enroll in Medicare during your Initial Enrollment Period, which begins three months before the month you turn 65 and ends three months after the month you turn 65. If you miss your Initial Enrollment Period, you may be able to enroll during the General Enrollment Period, which runs from January 1 to March 31 each year.
2. Parts of Medicare: Medicare consists of four parts: Part A, Part B, Part C, and Part D.
Part A covers hospital stays, skilled nursing facility care, hospice care, and some home healthcare services.
Part B covers medical services and supplies, such as doctor visits, outpatient care, and preventive services.
Part C, also known as Medicare Advantage, is an alternative to traditional Medicare and is offered by private insurance companies. It typically covers everything that Parts A and B cover, as well as additional benefits like vision, hearing, and dental.
Part D covers prescription drugs.
3. Cost: Medicare does not cover all of your healthcare expenses, and you may have to pay premiums, deductibles, copays, and coinsurance for the coverage you receive. The cost of Medicare can vary depending on the plan you choose, your income, and other factors.
4. Supplementing coverage: If you have additional healthcare needs that are not covered by Medicare, you may want to consider purchasing a Medicare Supplement (Medigap) policy. These policies are offered by private insurance companies and can help cover costs that Medicare does not, such as copays and deductibles.
5. Changing plans: If you are not satisfied with your current Medicare coverage, you may have the opportunity to switch plans during certain enrollment periods, such as the Annual Election Period (AEP), which runs from October 15 to December 7 each year.
In conclusion, Medicare can be a valuable resource for widows looking for healthcare coverage, but it's important to understand the different parts of Medicare and how they work, as well as the costs associated with the coverage. Seeking the advice of a healthcare professional or financial planner can also be helpful in determining the best Medicare plan for your needs.
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Jeremy Raffer, MBA
Director, Partner & Wealth Manager
m. 201-773-4641
e. jeremy.raffer@stewardpartners.com
Steward Partners Global Advisory, LLC
Country Club Plaza
115 W. Century Rd, Suite 145
Paramus, NJ 07652
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Steward Partners Investment Solutions, LLC (“Steward Partners”), its affiliates and Steward Partners Wealth Managers do not provide tax or legal advice. You should consult with your tax advisor for matters involving taxation and tax planning and your attorney for matters involving trust and estate planning and other legal matters.
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