Medicare Planning & Supplements
Most people already know that medicare is federal health insurance primarily for people 65 and older. Beyond that, they usually only have a vague sense of what Medicare will cover and don’t understand its limitations. As a result, many people suffer the consequences of a lack of Medicare planning. They wind up paying a significant amount of money out of pocket in order to get the care they need or spend too much money on supplemental coverage they don’t. And of course, these problems become apparent at a time in their lives when they need quality care and are on a fixed income.
The Medicare consulting services available from Alpha Crypto Consulting are aimed at helping our clients understand their needs and choose the products that are right for them and their families.
What Does Medicare Cover?
The term “Medicare” actually encompasses a broad range of plan options. Generally speaking, Medicare breaks down into the following options:
- Medicare Part A. This covers inpatient hospital care and typically does not require you to pay a monthly premium. It also generally covers skilled nursing care and hospice services.
- Medicare Part B. Sometimes referred to as “medical insurance,” Part B covers outpatient medical care from your doctors as well as medical equipment and ambulance fees. Generally speaking, it covers any medical services for treating, diagnosing, and preventing medical services. However, it does require you to pay a monthly premium. If you receive Part A, it is likely that you will be required to purchase Part B. That said, your premiums will be deducted from any Social Security benefits you may receive.
- Medicare Part C. Part C, sometimes called “Medicare Advantage” is designed to cover your monthly health expenses, and is managed by private insurance companies. As a result, there are many options to choose from, but the amount of coverage may not actually cover all of your monthly expenses.
- Medicare Part D. Part D is basically prescription coverage. You will have to pay a monthly premium, but it is important to note that there are limits on how much it will cover. As a result, you may still have to pay out of pocket for some prescription medications.
Understanding what is covered and not covered by each Part is critical to choosing the right coverage. This decision is further complicated if you have other health insurance benefits. An insurance professional with experience in Medicare planning can help you navigate the various options when choosing what coverage is best for you.
Medicare Supplement Plans
To cover out-of-pocket Medicare expenses, there are Medicare supplemental plans, often referred to as “Medigap.” Medicare supplemental plans work alongside Medicare and are not standalone coverage. As a result, you need to be enrolled in Parts A and B in order to qualify. While it is similar to Medicare Part C, there are significant differences as to the premiums, how they work, and what they cover. Generally speaking, the more coverage you purchase, the higher the premiums.
Why You Need to Plan for Medicare: How Medicare Consulting is Helpful
Health care is expensive and the costs continue to rise, and unfortunately, our health care needs increase as we get older. Without careful Medicare consulting, the money you have saved and invested or set aside for your children could be at risk.
When choosing Medicare coverage, people often make one of two potential mistakes:
- They do not purchase enough coverage; or
- They purchase coverage that is too expensive or unnecessary.
The risks of purchasing insufficient coverage are obvious – unplanned medical expenses can bring intense financial pressure. A serious illness can drain your savings and force you to liquidate investments or sell other valuable assets. In short, insufficient Medicare coverage can derail even the most careful financial planning.
It is also a mistake to purchase coverage you don’t need. Medicare premiums can be expensive, and the money you spend on coverage may serve you better elsewhere. Uncovered expenses can be planned for without compromising your standard of living. Careful Medicare planning involves balancing your current and future health care against other needs and financial goals you may have.
How Alpha Crypto Consulting Can Help With Your Medicare Planning
As mentioned above, there are many different options when it comes to choosing Medicare coverage. Unfortunately, differentiating between the different options isn’t easy, and most people make their choices without much guidance. And while there is a fair amount of information available online, it isn’t tailored to your specific needs.
Furthermore, working through the various options is a difficult process. Reading through hundreds of pages of benefit plans is time-consuming, and many of these documents are not easily understood by people who are not insurance professionals.
A financial planner with deep experience in Medicare consulting can provide invaluable guidance when deciding what plan or plans work best for you. At Alpha Crypto Consulting, we work side-by-side with our clients to ensure that they have the coverage they need at a price they can afford.
- We start by sitting down with you, one-on-one, to review your budget and financial plans. This helps us understand what resources you have, what you anticipate your needs will be, and what level of coverage makes the most sense for you.
- We then filter through the various coverage options and recommend the options that we think best fit your needs. This saves you from wasting time researching options that present little value to you.
- We review each plan in detail with you, helping you understand the coverage it provides and what limitations it has.
- Ultimately, we make our recommendation as to which plan we think best meets your needs. However, our goal is to educate our clients to make informed decisions. At Alpha Crypto Consulting, the choice is always yours.
Deciding what level of Medicare coverage to purchase is one of the most important decisions you will make. With over 10 years of experience in Medicare planning, we are confident that we can help find the right coverage for you.
Work With Us to Get Started on Your Medicare Planning
Medicare planning doesn’t have to be a difficult and confusing process. At Alpha Crypto Consulting, our goal is to simplify the process and remove the anxiety and frustration. To discuss your needs and review your Medicare planning options, call or email us today.