Medicare
Medicare is a lifeline that puts health care within reach for millions of older Americans — but it does much more. By helping older Americans stay healthy and independent, it eases a potential responsibility for younger family members. Knowing Medicare protections will be available when needed can bring peace of mind to people as they age.
If you are retired or approaching retirement, it is important to find the right Medicare plan for your unique needs. There are many plan combinations and benefits to consider. An experienced, independent Medicare professional near you can help explain different coverage options and answer any questions you may have, such as:
- How do I sign up during Medicare Open Enrollment?
- What are the benefits and rules of Parts A, B, C and D?
- Who can help me with Medicare decisions?
At St. Charles Financial Services, we know Medicare is a major component of financial planning during your retirement years. That’s why we partner with our sister company, St. Charles Eldercare Associates, to offer help with Medicare from a team of licensed Medicare professionals near you.
Medicare Plans: Health Care Coverage Options for Seniors
Medicare is a federal health insurance program, which began in 1965. Its aim is to provide health care coverage to seniors who are 65 or older and people with disabilities. Participants can enroll during their Initial Enrollment Period before and after turning age 65, or during the Annual Enrollment Period between October 15 and December 7 of each year.
Medicare is divided into several components, Parts A, B, C and D:
- Part A: Hospital Coverage
When you apply for Medicare, you will automatically be enrolled in Part A. This covers hospital stays, hospice care and some skilled nursing care you may need after being hospitalized for a stroke, a broken hip or other health condition that requires rehabilitation to help you get back on your feet.
Most people do not have to pay a premium for Part A. You have already paid into the system in the form of the Medicare tax deductions on your paycheck.
- Part B: Doctor & Outpatient Services
This part of Medicare covers doctor visits, lab tests, diagnostic screenings, medical equipment, ambulance transportation and other outpatient services.
Part B involves more out-of-pocket costs than Part A, and you may wish to defer signing up for Part B if you are still working and have insurance through your employer, or if you are covered by your spouse or partner’s health plan.
- Part C: Medicare Advantage
Medicare Advantage is the private health insurance alternative to the original Medicare program run by the federal government. Think of Advantage as a kind of one-stop shopping choice, which combines various parts of Medicare into one plan.
- Part D: Prescription Drugs
This part of Medicare pays for some of your prescription drugs. You can purchase a Part D plan through a private insurer.
Part D plans generally have premiums and other out-of-pocket costs, including flat copays for each medication or a percentage of the prescription cost. This plan may also have an annual deductible.
There are also a variety of Medicare Supplement Plans which are designed to help lower out-of-pocket costs for services provided under Parts A and B. Supplement plans are provided by private insurers and available through Medicare consultants. These plans are also commonly referred to as Medigap policies or Med Sup plans. Seniors must be enrolled in Parts A and B in order to enroll in a Medicare Supplement Plan.
Services from Local Missouri Medicare Professionals
After decades of hard work, you deserve to enjoy a peaceful and relaxing retirement without worrying about how you will afford essential health care services. Together, St. Charles Financial Services and St. Charles Eldercare Associates can help you build a financial strategy for your golden years using these services:
Answering Your Most Important Questions
Navigating the rules and benefits of different Medicare plan options can be complicated and frustrating — and sometimes it is hard to know which information you can trust. A licensed Medicare professional can help provide the answers you are seeking and save you the time and hassle of researching plans on your own.
Budgeting for a Comfortable Retirement
Many Americans worry they will outlive their savings. Our St. Louis retirement professionals will identify strategies to help build a comfortable lifestyle after the days of regular paychecks are behind you. Working in tandem with Medicare professionals helps ensure your future also includes a realistic budget for health care expenses.
Customizing Different Coverage Options
Your Medicare professional can help you anticipate the expense of different plan combinations, including Medicare Supplement plans, to help lower your out-of-pocket costs. If you and your spouse have different health concerns, you can also pursue separate plans customized to both of your unique medical needs.
Get Help with Medicare Plans Near You
Medicare provides peace of mind for seniors to enjoy their life in retirement. However, evaluating different benefit plans and worrying about your savings can be the opposite of relaxing. There’s no need to go down this road alone. Contact St. Charles Financial Services today to speak with financial professionals who can help with Medicare plans.
Looking for help with Missouri Medicare plans? Call our office during business hours at (636) 946-0001 or submit a contact form to discuss our Medicare services.
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