Medicare 2019 – Everything You Need To Know
Medicare is an important piece of the American insurance landscape, not only for people age 65 and older, but for all Americans. That said, this benefit is not easy to navigate. Eligible individuals must be thoughtful about the coverage they need, the timing of enrollment, and coordination with other healthcare benefits, if they want to make the most of the Medicare program.
Attached is a report recently published by Northern Trust that recaps the Medicare program and is a good resource for people wanting to learn more.
It addresses the following questions:
- What does Medicare cover? Do I still need Private Insurance?
- How much does it cost?
- I am thinking about early retirement but I am concerned about health insurance coverage and eligibility. What are my options?
- I am turning 65 next year and still working, should I transition from private insurance to Medicare and if so, how do I do that?
Medicare is a critical component of every persons health insurance portfolio but it does not cover long-term skilled nursing. The Medicaid program covers eligible individuals cost for long term skilled nursing, however, there asset and income limits before someone becomes eligible. Generally, a person must have countable assets below $4,000 and monthly income below $10,000 to be eligible. A person who is on Medicare and then transitions over to Medicaid will be required to maintain their Medicare coverage. Medicaid being a welfare program, is an insurer of last resort, whereas Medicare is a primary insurance for people.
Still have questions about planning for your future healthcare needs including long term care planning? Contact us for a no cost consultation.