Most retirees will, at some point, enroll in Medicare to cover health care expenses during retirement. Unfortunately, Medicare isn’t all that easy to understand if you don’t have experience with it! So, let’s simplify things and go over the basics.
Medicare is made up of four parts: A, B, C (or Medical Advantage), and D. Each piece covers a different kind of medical expense. Medicare Part A and B are what we know as Traditional Medicare. Medicare Part C and D are optional, but may be a helpful supplement to your retirement health care strategy.
Medicare Part A: Hospital Coverage
Medicare Part A is hospital insurance coverage. It includes coverage for hospital care, skilled nursing facilities, nursing home care, hospice, and home health care services. Individuals may qualify for Medicare Part A with no monthly premium if:
Medicare Part B: Medically Necessary Services
Medicare Part B covers both medically necessary services, as well as traditional preventative care. This includes:
Medicare Part C: Medicare Advantage
Tony Velasquez runs Wisely Advised, LLC a full-service Registered Investment Advisory Firm offering comprehensive financial planning and investment advisory services to individuals, families, and businesses.
Whether it's traveling, being at the beach, or at his family's ranch in Texas, Tony loves enjoying time with his family and friends.