Creative Thinking. Customized Solutions.
Caring about you since 1932.

/// Posted byAviva Sapers & Peter Stoner

Whether your 65th birthday is fast approaching or decades away, it pays to understand the basics of how Medicare works and what it does and does not cover—and then plan accordingly for any additional coverage that you may need in retirement.

Enrolling in Medicare can be more complicated and frustrating than many might expect, and the rules and regulations are changing.

Parts A & B (Original Medicare): Applying for Medicare A/B is handled through Social Security and can be administered on-line rather than going to a Social Security office. An on-line Social Security account will require setting up a username and password and may require the answering of “security questions” based on credit bureau information—some of which can be very specific and based on older data they have on record. Unfortunately, this can sometimes result in failed attempts and needing to go to a Social Security office to complete the enrollment process.

Medicare Part A is used for hospital insurance and covers inpatient stays at medical facilities, as well as costs of hospice care, home health care, and nursing homes (which are limited). If you will be spending the remainder of your life in a nursing home, Medicare will not cover it. Part A has a per “benefit period” deductible of $1420 in 2020. A new benefit period begins after a beneficiary has been released from the hospital for at least 60 days, meaning the deductible can be incurred multiple times throughout a year.

Part A has a $0 premium for most people, but will only pay for a maximum of 100 days of nursing home care (after certain conditions are met). After 20 days of full coverage, a significant daily co-pay is required for days 21-100 at skilled nursing facilities.

Medicare Part B provides medical insurance to help cover the costs of physical therapy, physician visits, durable medical equipment costs, and other medical services, such as lab tests, and screenings.

Part B requires a monthly premium based on income level, along with an annual deductible of $197 in 2020. It also requires a co-pay of 20% of costs.  

Jump for more!

Aviva Sapers, President and CEO of Sapers & Wallack, and Peter Stoner, President and CEO of Stoner & Company, answer questions about our October blog ‘Medicare Coverage: What to expect, how to enroll, and will you need supplemental plans for retirement’.Share this postFacebook0TwitterLinkedinPinterest0

On March 22, 2018, the city of Atlanta’s website was hit by a ransomware cyberattack. Residents couldn’t access online applications or pay water bills and parking tickets. Court proceedings were cancelled. An estimated ten years’ worth of documents, including police … Continue reading

‘Universal Life Insurance, a 1980s Sensation, Has Backfired’“A long decline in interest rates caused premiums to soar when they were supposed to stay level.” – Wall Street JournalAs soon as I read this headline in the Wall Street Journal I … Continue reading

Whether you’re the owner of a small business or involved in risk management for a national organization, the right Property and Casualty coverage can have a huge impact on protecting your business against unforeseen events. P&C Insurance exists to safeguard the … Continue reading

Have you ever come home from a trip with a renewed perspective?  Sometimes the very activities designed to help us relax can also work to free the mind so we can more easily prioritize what needs to get done.  Here are … Continue reading

Termination Death Benefit for Large Corporations: How Not to Lose Benefits to Taxes, While Insuring Recovery of Accrued LiabilitiesIt is a hard, somewhat morbid, topic to face, but the death of business executives at large companies is a financially fraught … Continue reading

One of the bread-and-butter staples of a well-conceived employee benefit program is the classic group term life insurance.  You join a company, fill out a beneficiary form, and voila, you are provided with group term life insurance equivalent to a … Continue reading

When individuals purchase permanent insurance (whole life, universal life, variable life), as opposed to term insurance, the expectation is that the policy will remain in force as life insurance until death of the insured. However, due to a marked increase … Continue reading

The world of life insurance has changed. A secondary market has come of age in which investment pools are willing to purchase policies from others who are old or sick, and either don’t want the policies or can’t afford to … Continue reading