You plan to retire in the years ahead, and you want to learn how to navigate the costs of aging in Georgia. You know you qualify for Medicare when you turn 65, but do you know the different parts of the federal health insurance program?
To make the most of the long-term care planning option, see what Medicare Interactive says on the matter. Arm yourself with knowledge, so you make the right decisions when the time comes.
The four parts
Medicare includes Parts A through D. Part A may include a monthly premium, and it takes care of inpatient hospital care, home health care, skilled nursing facility care and hospice care. Part B comes with monthly premiums and covers home health services, ambulance services, mental health services, physical therapy and other forms of outpatient/medical coverage. Part C includes Medicare Advantage Plans, alternative options for receiving Medicare benefits. With Part D, you have a way to cover the cost of prescription medications. For every service that you receive, anticipate a coinsurance fee.
The alternative plan
You may feel that a Medicare private health plan better suits your long-term care needs. If so, Part C still offers Part A and Part B services, but you must carefully review any restrictions, regulations and expenses that affect when and how you access medical care.
While learning more about each part of Medicare, look into how plan parts and coverage options impact out-of-pocket costs. For example, most Medicare Advantage Plans have built-in restrictions on options for medical care facilities and physicians. Alternatively, sticking with Original Medicare means you likely have free access to almost every medical care facility and physician across the U.S.