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Retirement can be an exciting and hectic time. Aside from the transition from a regular job to retired life and a fixeHealth Consultationd income, there are also changes in health insurance with the shift to Medicare - a particularly pertinent fact, given the high healthcare usage among seniors.

Here's more information on Medicare.

What Is Medicare?

Medicare is health insurance for people age 65 or older, under 65 with certain disabilities, and any age with End-Stage Renal Disease (ESRD). ESRD is permanent kidney failure requiring dialysis or a kidney transplant. The different parts of Medicare help cover specific services if you meet certain conditions.

Most people get their Medicare health care coverage in one of two ways. Your costs vary depending on your plan, coverage, and the service you use.

Option One

You may choose the Original Medicare Plan – Part A (Hospital) and Part B (Medical): Medicare provides this coverage. Part B. is optional You have your choice of doctors. Your costs may be higher than in Medicare Advantage Plans.

  • Part D (Prescription Drug Coverage): You can choose this coverage. Private companies approved by Medicare run these plans. Plans cover different drugs. Medically necessary drugs must be covered.
  • Medigap (Medicare Supplement Insurance Policy): You can choose to buy this private coverage (or an employer/union may offer similar coverage) to fill in gaps in Part A and Part B coverage. Costs vary by policy and company.

Option Two

You may choose Medicare Advantage Plans like PPOs and PFFSs – called "Part C", this option combines your Part A (Hospital) and Part B (Medical): Private insurance companies approved by Medicare provide this coverage. Generally, you must see doctors in the plan. Your costs may be lower than in the Original Medicare Plan, and you may get extra benefits.

Part D (Prescription Drug Coverage): Most Part C Advantage plans cover prescription drugs. If they don't, you may be able to choose this coverage. Plans cover different drugs. Medically necessary drugs must be covered.

Learn more about the different parts of Medicare plans.

As you prepare to retire, make sure you check with us about finding the right Medicare plan for your needs. Call TCU Insurance Agency at (800) 772-8043 for an Indiana Medicare quote.
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