Your Trusted Medicare & Medicare Supplement Agent

"Welcome! Navigating Medicare can feel overwhelming, but it doesn’t have to be. Whether you're turning 65, retiring, or simply exploring your healthcare options, this guide will help you understand how Medicare works and how to make the best choices for your health.

In this video, we’ll cover Medicare Parts A, B, C, and D, how to enroll, Medigap plans, and strategies to use Medicare effectively. Let’s dive in!"

Part A: Hospital Insurance

"Medicare Part A covers hospital services, skilled nursing care, hospice, and some home healthcare.

You automatically qualify if you've worked and paid Medicare taxes for at least 10 years, and in most cases, there’s no premium. However, you’ll need to pay a deductible for hospital stays and coinsurance for extended stays."

How to Enroll:

"Most people are enrolled automatically, but if not, you can sign up through Social Security when you're eligible."

Part B: Medical Insurance

"Part B covers outpatient care, doctor visits, preventive services, and medical supplies. Unlike Part A, you’ll pay a monthly premium for Part B, which depends on your income.

There’s also an annual deductible and coinsurance, meaning you pay 20% of covered services."

(Examples of covered services like doctor visits and lab tests.)

Enrollment Tips:

"To avoid late enrollment penalties, sign up during your Initial Enrollment Period unless you have other coverage, like through an employer."

Part C: Medicare Advantage Plans

"Medicare Advantage, also called Part C, is offered by private insurers approved by Medicare. These plans bundle Parts A and B, often include Part D, and may provide additional benefits like dental, vision, and wellness programs."

Choosing the Right Plan:

"Consider factors like cost, coverage, and your preferred healthcare providers when choosing a Medicare Advantage Plan. Plans vary by location, so research options available in your area."

Part D: Prescription Drug Coverage

"Part D covers prescription drugs and is offered by private insurers. Each plan has a formulary, or a list of covered drugs, and costs can vary widely.

You’ll pay a monthly premium, and there’s usually a deductible. After reaching a spending limit, you may enter the coverage gap or 'donut hole,' where costs may increase temporarily."

Avoiding Penalties:

"Sign up for Part D as soon as you’re eligible to avoid late enrollment penalties."

Medicare Supplemental Plans and Private Insurance: How They Help

How to Enroll in Medicare

"You can enroll in Medicare online, by phone, or in person through Social Security.

There are specific enrollment periods to be aware of:

The Initial Enrollment Period: A 7-month window around your 65th birthday.

The General Enrollment Period: January 1 to March 31 if you missed the initial window.

The Special Enrollment Period: For those with qualifying circumstances, like losing employer coverage.

Using Medicare Effectively

"Now that you’re enrolled, how do you make the most of your Medicare coverage?

Use preventive services: Many are covered at no additional cost.

Stay within your plan’s network to save on out-of-pocket costs.

Review your plan annually to ensure it still meets your needs.

Ask for help if needed—Medicare offers free counseling services through SHIP (State Health Insurance Assistance Program).

Conclusion

"Medicare is an essential part of retirement planning, and understanding its parts helps you make the best decisions for your healthcare.

Remember, there’s no one-size-fits-all solution. Whether you choose Original Medicare with a Medigap plan or a Medicare Advantage Plan, make sure it fits your budget and health needs.

For more help, visit Medicare.gov, contact your local SHIP office, or reach out to Tamika Singleton, who sits at the helm of TIBAF Insurance, for immediate assistance.

You can send her a text through the website at tibafinsurance.online or email her directly at tibaf-insurance@outlook.com. She’s here to make Medicare simpler for you!