How to Plan for Medicare

How to Plan for Medicare?

Understanding the complexities of Medicare can be daunting and knowing when to start planning is crucial to avoid unnecessary costs. It is best to begin planning within six to twelve months of retirement. Below are the most important items that you should consider when planning for Medicare.

What should I be considering?

Plan Networks

Every plan option will have a unique network of doctors. No two networks are the same. It is imperative to confirm that your doctors are covered as in-network to receive the lowest cost with your services.

Coverage Out of State

Do you plan on traveling within the U.S. or abroad? If so, it is important to review each of the plan’s Evidence of Coverage to best understand how  benefits will travel with you.

Medications and Plan Formulary

Medications are covered different by each plan, having an impact on what you pay. Every plan will have an unique formulary (list) of the medications that they cover. It is important to review your prescription coverage each year. Even though your medications may not have changed, plans can add or remove medications from their covered list each year.

When to Enroll

Start your enrollment process 60 – 90 days before you want your coverage to begin.

Using an Advocate

When comparing your coverage options, it is best to speak with an advocate/broker who specializes in Medicare. Not all brokers are created equal. Be sure your broker has access to multiple carriers and plan designs.

Your Medicare journey is unique and should be treated that way! By working with Schatz Benefit Group, they will guide you each step of the way and insure you are not missing deadlines or incurring extra costs with your benefits. They work will all the major carriers in MN and provide this service at no cost to you!