Many of our clients are referred to us by their financial advisors. Knowing some of the Medicare basics allows financial professionals to provide a clearer picture of what their clients can expect to pay for their health services as they reach retirement.
Below are five important Medicare reminders for financial professionals.
Medicare When Turning 65
Individuals turning age 65 and enrolled in Medicare Parts A and B are eligible for guaranteed issue Medicare supplement insurance. For some, this is their only opportunity to obtain high-quality coverage, highlighting the importance of addressing Medicare with any client approaching age 65.
Enrollment in Medicare Part B
Clients who postpone their Medicare benefits while working are able to enroll in Medicare Part B when they leave their employer health plan, usually upon retirement. Medicare Part B enrollment triggers an open enrollment window for Medicare supplement insurance.
Medicare Part D
Each Medicare Part D prescription drug plan is unique and plans are updated annually. Clients should have their Medicare Part D plans reviewed each Medicare annual enrollment (October 15 through December 7) to ensure they always have the plan that works best with their prescriptions.
Two Year Look-back
Higher-income clients are subject to an additional Medicare Part B fee. The fee - called IRMAA - is calculated based on Adjusted Gross Income from two years prior to enrollment in Medicare. The IRMAA fee can be appealed if there is a life-changing event, such as decreased income during retirement.
Disability
Medicare is not just for seniors; it's also designed to help people with disabilities. Healthcare options for disabled Medicare enrollees include Medicare supplement plans and special needs plans designed for specific disabilities.
If you're a financial professional looking for Medicare advice, don't hesitate to reach out. We're always happy to help.