MEDICARE PLANNING
What is Medicare?
Medicare is a federal program that helps cover healthcare costs for people over 65 or those with certain disabilities. It provides essential services like hospital visits, doctor appointments, and some outpatient care. However, Medicare doesn't cover all expenses, which is why you might need additional coverage.
​
​The Four Parts of Medicare
Medicare is divided into four parts, each covering different aspects of healthcare:
PART A (Hospital Insurance):
Covers inpatient hospital stays, care in skilled nursing facilities, and some home health services.
PART C (Medicare Advantage):
An alternative to Original Medicare that often includes extra benefits like dental and vision coverage.
PART B (Medical Insurance):
Covers doctor visits, outpatient services, and preventive care like screenings.
​
PART D (Prescription Drug Coverage):
Helps with the cost of prescription medications.
​
Why Medicare Planning is Important
While Medicare covers many healthcare services, it doesn’t pay for everything. Without proper planning, you may face high out-of-pocket costs. Some gaps include:
-
Deductibles and Co-pays: Even with Medicare, you may still have to pay a portion of your medical costs.
-
Prescription Drugs: If you don’t enroll in Part D, you could face late penalties.
-
Services Not Covered by Medicare: Long-term care, dental, and vision are often not included.
Planning ensures you don’t miss important deadlines or incur extra costs down the road.
How Life Insurance Fits Into Medicare Planning
While Medicare covers healthcare needs, life insurance helps with financial protection. Life insurance can help:
-
Pay for final expenses like funeral costs or medical bills not covered by Medicare.
-
Provide a financial cushion for your loved ones during a difficult time.
-
Ensure your family’s future is secure, even if Medicare doesn’t cover everything.
What You Should Consider in Medicare Planning
-
Enrollment Timing: Sign up for Medicare as soon as you're eligible to avoid penalties.
-
Extra Coverage: Consider a Medigap or Medicare Advantage plan to cover costs that Medicare doesn’t.
-
Prescription Drug Plans: Make sure you have Part D for affordable medications.
-
Your Budget: Make sure your Medicare plan fits your budget, and look into financial assistance if necessary.
How We Can Help
At Shedrick Life & Financial Agency, we make Medicare planning simple. We’ll help you:
-
Understand Medicare and your options.
-
Choose the right supplemental coverage for your needs.
-
Combine life insurance with Medicare to ensure complete financial protection.
Don’t wait until it’s too late. Let us help you create a clear, simple plan for your healthcare and financial future. Contact us today for a consultation and take the first step toward securing your peace of mind.