Medicare

[G]

Fresh off reading Get What's Yours--Social Security, I was fired up to read Get What's Yours--Medicare.  Should have guessed that insurance would be even more boring that SS.

Assumptions:  1) Retired for many years before needing Medicare.  2) Will (hopefully) get coverage through an exchange before Medicare.  3) Will be "wealthy."  4) Any law can change at any time with a stroke of a pen.  5) Will have some connection to the medical community in retirement.

Take-aways from the book: 1) Get ready to apply for coverage at 65.  2) Traditional Medicare doesn't cover foreign travel.  3) Traditional Medicare might be a good option for a retired doctor who has maintained connections.  4) Probably skip Medigap if in good health--effectively use Medicare the same way I use insurance now (for disasters).  5)  Definitely get Part D coverage.  6) The wealthy will pay more in premiums.

What else?

[spiritrider]

2) Some Medigap plans provide a lifetime $50K benefit for foreign medical expenses.

3) In the vast majority of states, you can not obtain/change Medigap coverage after the guaranteed issue period without medical underwriting. You maybe denied coverage or be charged substantially higher premiums.

Medigap can provide significant hospitalization/skilled nursing coverage beyond Medicare. Consider at least getting Medigap Plan F high-deductible.

[Hatton]

Is this another Koltikoff book?  I have not read the book but I will. I was thinking go getting a medigap plan not an advantage plan.  I have seen patients in my practice have problems with medicare advantage. I debate skipping partD since I don't really take any meds but you never know when you might need chemo. I have a few years and yes everything changes.

[G]

It's one of his co-authors, Philip Moeller.  From my understanding, if you skip Part D and get it later, there is a huge penalty.  You're right, a handful of $4 meds is no big deal, but it seems to be a pretty cheap hedge in case you need chemo or some other fancy new med.