Understanding Medicare can be confusing at times, but Reformed Financial Group is here to walk you through the winding maze. We want you to be an educated consumer so that you can make the absolute best decisions regarding your health care.
In order to understand what Medicare is we need to go back to the year 1965, when Congress enacted Medicare under Title XVIII of the Social Security Act.
The Medicare program was aligned to provide health insurance to people age 65 and older, regardless of income or medical history. It was created in response to an overwhelming dilemma where people over the age of 65 found it virtually impossible to get private health insurance coverage. The solution proved successful when more Americans improved their own health and enjoyed longer longevity.
After its initial inception, Medicare has changed in many ways and changes continue on into the future as well. From the different Medicare Parts, to the inner workings of the types of plans that correspond with Medicare, Reformed Financial Group will smooth out the twists and turns of the ever evolving Medicare maze.
There are four basic parts of Medicare: A, B, C and D. Each part helps to pay for certain health care services. Each part also has certain costs that you may have to pay. Your Medicare costs will depend on what coverage you choose and on what health care services you use.
Medicare is available to United States citizens and legal residents who have lived in the United States for at least 5 years in a row. Medicare is individual insurance. It doesn’t cover spouses or dependents. You may become eligible to receive Medicare benefits based on any one of the following.
Medicare has specific enrollment periods when you can sign up. Each has a particular purpose. Most people sign up during their Initial Enrollment Period, but it’s good to know about all the time periods and what they’re for.
Original Medicare (Parts A and B) covers many medical and hospital services, but it doesn’t cover everything. Many people are surprised to learn that prescription drugs aren’t covered. You can buy drug coverage through Medicare Part D, but it’s not provided by Part A or Part B.
Here are some other services that are not covered by Original Medicare:
You may have to pay for these services yourself unless you have other insurance that covers them. Some Medicare Advantage (Part C) plans may help with certain services not covered by Original Medicare.
We will help you to understand the key fundamentals of investing. You deserve to feel knowledgeable and confident in your financial future.
We’re focused on helping you find the perfect match. During this phase we will develop a plan and establish goals together, with your financial future in mind.
No matter what your retirement goals may be, we will work together for the best interest of our clients.