Medicare
Signing up for Medicare can be confusing. Your first step is to choose HOW you want to receive your benefits: stay with Original Medicare or leave Medicare and choose private managed care with a Medicare Advantage plan (these are the ads you see on TV from October 15 through December 7 each year).
In order to make the decision that best serves you throughout your retirement, you need to first understand exactly what Medicare does and does not cover (the different “parts” of Medicare). You then need to learn the pros and cons of the two main ways you access your benefits.
It is essential to have an advisor who knows the ins and out of Medicare as well as how to navigate retirement with TRS and Social Security. Let an experienced agent with L Hamilton Financial Group help you get the facts you need to make the best decision for you.
These are some of the insurance carriers we work with: Ace, Aetna, Allstate, Blue Cross Blue Shield, Cigna, Humana, Manhattan Life, Medico/Wellabe, Mutual of Omaha, UnitedHealthcare, and Wellcare.
TIPS
By age 64 - Create your personal my Social Security account. Click here to start the process.
Four months before you turn 65 - Make an appointment to talk to an agent. If you are still working, ready to retire, or already retired, talking with an experienced agent will reassure you that you are making the right decision for your specific situation.
Get Started with Medicare: Your Initial Enrollment Period
IMPORTANT:
If you are working past 65 AND you are contributing to an HSA, you and your employer should stop contributing at least 6 months before you apply for Part A (see full article).
If you apply for Part A when you Turn 65, make sure your last deposit is the MONTH BEFORE PART A BEGINS (first day of the month you turn 65). You may use your HSA at any time in the future – you just can’t make any more Deposits.
We do not offer every plan available in your area. Currently, we represent 11 organizations that offer 41 products in Amarillo and surrounding areas. Please contact Medicare.gov or 1-800-MEDICARE, or your local State Health Insurance Program, to get information on all your options.
Dental, Vision & Hearing
Medicare does not cover routine dental, vision, or hearing services. We can research and recommend the policies that best suit your needs as a retiree.
The CDC reports these facts about oral healthcare for seniors (see full article).
Untreated tooth decay. Nearly 1 in 5 adults (96%) aged 65 years or older have untreated tooth decay.
Gum disease. A high percentage of older adults have gum disease. About 2 in 3 (68%) adults aged 65 years or older have gum disease.
Tooth loss. Nearly 1 in 5 of adults aged 65 or older have lost all of their teeth. Having missing teeth or wearing dentures can affect nutrition, because people without teeth or with dentures often prefer soft, easily chewed foods instead of foods such as fresh fruits and vegetables.
Oral cancer. Cancers of the mouth (oral and pharyngeal cancers) are primarily diagnosed in older adults; median age at diagnosis is 62 years.
Chronic disease. People with chronic diseases such as arthritis, diabetes, heart diseases, and chronic obstructive pulmonary disease (COPD) may be more likely to develop gum (periodontal) disease, but they are less likely to get dental care than adults without these chronic conditions. Also, most older Americans take both prescription and over-the-counter drugs; many of these medications can cause dry mouth. Reduced saliva flow increases the risk of cavities.
Hospital Indemnity
If you are already on a Medicare Advantage plan, having a Hospital Indemnity policy could save you thousands of dollars if you end up in the hospital. A Hospital Indemnity policy will pay you directly, so you can use the money to pay the deductibles, copays, and coinsurance required with your Medicare Advantage plan (your maximum out-of-pocket costs are typically $6,700). Some Hospital Indemnity plans have riders to include ambulance services, urgent care, and lump sums for cancer treatment.
Cancer and/or Heart & Stroke
The cost for cancer, heart, or stroke care adds up quickly. The CDC reports 25% of cancer survivors report problems paying medical bills, and 33% reported that they worry about medical bills (see full article). According to a recent research article in the journal Health Affairs, 30% of Medicare beneficiaries DO NOT fill prescriptions written for anticancer drugs because of cost (see full article).
Part D Drug plans have a maximum out-of-pocket expense of $7,400 (although that is NOT the actual amount out of YOUR pocket because the plan and the manufacturer pay part of this cost for you), but you will be spending at least $3,000 out of pocket before you reach the Catastrophic phase where you then pay 5% of your drug costs. If your cancer drug costs $10,000 a month, $500 a month is out of the price range for many seniors.
A cancer policy will pay you a lump sum of money at diagnosis so you can help cover the costs of these life-saving drugs.
According to the CDC, heart attacks are the number one cause of death in the US, with strokes coming in at number five (see full article). Your insurance plan may expose you to significant out-of-pocket costs including deductibles, copayments, coinsurance, and noncovered treatments. Cash benefits for Heart and Stroke insurance can help you cover these costs so you can focus on getting better – and not worrying about depleting your retirement savings.
Long-Term Care
LongTermCare.gov, an official U.S. government website, reports the following facts (click here for website).
Someone turning age 65 today has almost a 70% chance of needing some type of long-term care services and supports in their remaining years.
Women need care longer (3.7 years) than men (2.2 years).
One-third of today's 65 year-olds may never need long-term care support, but 20 percent will need it for longer than 5 years (see full article).
Talk to an agent today about long-term care options that protect your retirement funds and give you and your loved ones peace of mind.
READY TO GET STARTED?