Phase 4 – Life on Medicare

Step 12: 3 To-Do’s Now That You Are on Medicare

Now that you are on Medicare, here are three things to keep in mind as you move through life with these benefits. 

• Stay up to date on premium payments
  Here are some of the premiums you may see while on Medicare that you need to stay current with, otherwise, you could lose coverage and experience penalties:

1. 1. 1. Medicare Part B premiums
         These are typically taken from your Social Security check if you are taking Social Security benefits. Or, if you are not taking Social Security benefits yet, Part B premiums are billed quarterly. Remember that these are based on your income. Be sure to stay current with these premiums. 
      2. Medicare Supplement premiums
         If you have a Medicare Supplement plan, be sure to stay up to date on your supplement plan premiums. With a supplement plan, you may also have separate prescription drug coverage premiums (Part D), dental premiums, vision premiums, and hearing aid coverage premiums depending on what plans you choose to get. 
      3. Medicare Advantage premiums
         69% of all Americans on a Medicare Advantage plan pay $0 premiums for their plan. However, there are some Advantage plans that do have a premium. If you have one of these plans, you will want to make sure you are current on those payments.
         
         

• Check Providers
  Whenever possible, check to ensure that your providers are in-network before the visit.
  
  Advantage plans have networks.
  Going out of network means you will pay more.
  
  Even with a Supplement plan, check to ensure your providers participate with Medicare. There are providers who do not, which will mean you would end up paying more.
  
  Always check your providers.
  
• Beware Medicare Marketing
  Now that you are on Medicare, it doesn’t mean that the marketing will stop. It isn’t as bad as it was when you were approaching 65 years old, but it is still really obnoxious.
  
  TV commercials, internet ads, emails, phone calls, and even people knocking on your door can and will happen.
  
  Our recommendation:
  Only communicate with your agent who helps you with Medicare and the insurance company that offers your plans. 

The last thing to remember about life on Medicare involves certain time periods that we cover in the last step – number 13.