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  • Medicare

    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?

  • #2
    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.


    • #3
      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.


      • #4
        WCICON24 EarlyBird
        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.