Essential Medicare Guide (PDF)

Essential Medicare Guide
Empowering Individuals Aged 65+ to Navigate Medicare Confidently

This comprehensive Medicare guide ensures individuals nearing or over the age of 65 can navigate the complexities of Medicare enrollment periods, coverage options, and costs effectively. It’s a key tool for individuals and advisors to ensure coverage is optimized and financial planning remains sound.

Key Features

Medicare Enrollment Periods

• Clearly outlines the key dates and timeframes for enrolling in Parts A, B, C, and D to avoid gaps in coverage.
• Includes information on initial, special, and general enrollment periods, helping individuals avoid penalties and missed opportunities.

Premiums and Deductibles for 2024

• Details up-to-date premium and deductible amounts for Parts A, B, and D, ensuring individuals understand their out-of-pocket costs.
• Includes thresholds based on Modified Adjusted Gross Income (MAGI) to calculate adjusted premiums.

Medigap Coverage

• Highlights the essential role of Medigap policies in covering out-of-pocket expenses not included in Medicare, like excess charges and extended hospital stays.
• Provides a comprehensive comparison of Medigap Plan benefits, helping clients choose the right plan for their needs.

Medicare Choices

• Explains the differences between Original Medicare and Medicare Advantage plans, empowering individuals to make informed decisions.
• Offers guidance on how Medicare works with other insurance types, including employer, retiree, and TRICARE plans.

Medicare and Prescription Drug Plans (Part D)

• Clarifies the prescription drug coverage options under Medicare, including the 2024 cap on out-of-pocket expenses.
• Helps individuals with employer-provided drug coverage understand whether they need to enroll in Part D.

• January 1 – March 31: General enrollment period for Parts A and B; Medicare Advantage open enrollment period.
• October 15 – December 7: Annual open enrollment period for Medicare Advantage and drug plans.