Medicare Enrollment Primer

Here is the letter I send to all 64-year-olds that have requested information about Medicare, specifically relevant information about what steps to take.

?In respect to you turning 65 years of age next year, please know that given your employment situation, you may defer your enrollment in Part B Medicare until you lose such coverage (voluntarily or through separation from service with an employer who has more than 20 employees).

?In our short discussion, the benefits of a Medicare health plan may override a possible increase in premiums and cost of services currently experienced with your employer plan.

?Cost component #1. Medicare Part B Premium.

New rate charts will be published in a few months that will correspond with your scenario of turning 65 in January 2025.

?The premium is based on a two-year lookback corresponding with your income tax filing.

?Cost component #2. Plan Premium.

After enrollment in Medicare Parts A &B, the voluntary options to enhance your healthcare coverage are outlined below:

?If you choose to stay with TRADITIONAL MEDICARE, because you will already have Medicare Parts A & B, the only additional coverage that is required is a Prescription Drug Plan (Part D or PDP).

?MEDICARE ADVANTAGE PLANS (Part C MAPD) usually do not charge a month premium. Using this pay-as-you-go approach, you would only be responsible for the per visit/procedure co-pays as incurred.

Each insurance company and respective plans have a plethora of options to choose from.

The Prescription Drug Plan is included in a MAPD plan.

You are responsible for the cost of medications based on a tier-structured formulary.

?Medicare Advantage plans come in two varieties: HMO and PPO.

Generally, an HMO will have a network of providers within the State of Florida and require referrals from a Primary Care Physician (PCP) to a Specialist. A PPO has a broader footprint of providers (outside the state of Florida), do NOT require referrals to Specialists and often times have Out-of-Network pricing.

?MEDIGAP or Medicare SUPPLEMENT plans charge a monthly premium, have a miniscule annual deductible and offer an open network dependent on a provider’s willingness to accept Medicare.

There are at least 10 plans (depending on your zip code) to choose from, however, most health Insurance needs are met by selecting Plan G or Plan N.

?Much like the TRADITIONAL MEDICARE mentioned above, additional coverage in the form of a Prescription Drug Plan (Part D or PDP) is required.

?PRESCRIPTION DRUG PLAN (Part D or PDP)

Aside from the choice of purchasing a Medicare Advantage Plan, enrollment in either Traditional Medicare or a Medigap requires the purchase of a Prescription Drug Plan (PDP).

?There is a top-rated and popular insurance company that offers a $0 premium PDP. You would only be responsible for the cost of medications based on a tier-structured formulary.

I’m able to calculate the cost from a list of the name, dosage and frequency of your prescribed medications you provide.

After you have had a chance to digest this primer, lets get together to see how I might be able to help you navigate these treacherous waters. Lol

?Have a great day ??

?Craig

?CRAIG MORRISON Associate Financial Services Representative 5200 NW 43rd?Street Unit #505, Gainesville FL 32606 Phone: 352.317.8992 Fax: 352.338.7415

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