BUZ LIVINGSTON: Mary en memoriam and the Medicare maze

Published: Sunday, October 28, 2012 at 03:39 PM.


Medicare Open Enrollment Period: Oct. 15-Dec. 7

In 1961, the American Medical Association hired Ronald Reagan to use his oratory skills in their campaign against Medicare or as they called it-socialized medicine. President Reagan ironically signed tax increases specifically dedicated to Medicare. Now the American Medical Association supports the Affordable Care Act (Obamacare) and everyone over 65 likes Medicare. 

During open enrollment, examine your coverage to make sure it is appropriate. Go to Medicare.gov and look for plans offered in your zip code. You will need a list of any medicines and a general idea of out of pocket costs.

If you are still working and have your employer’s health insurance coverage, be sure to sign up for Medicare A. You can take Medicare A and B at different times. 

Medicare Part B may be more beneficial than a high deductible insurance plan.

You have eight months from the day you retire to sign up for Medicare Part B. You will face 10 percent annual surcharge if you delay. Medigap coverage is guaranteed-issue the first six months of eligibility after then you are subject to underwriting. Signing up for a private Part D plan or Medicare Advantage plan may kick you off retiree coverage. Understand your options.

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