Medicare can be confusing, no matter your age. Don’t feel badly if you don’t know Part A from Part D when you first start the process. We’ve all been there, staring blankly at a brochure trying to estimate retirement plans and Social Security payments for the next decade. However, once the smoke clears and you start to get the hang of it, Medicare doesn’t quite seem so confounding...until the end of the year when any upcoming changes are announced.
When January 1, 2016 rolled around, Medicare did change for some seniors. In the effort to keep you in the loop, here are a few Medicare changes or updates that you need to know about in the new year.
Knowing the ins and outs of this country’s health insurance program for seniors is not exactly child’s play -- Medicare is a truly complex system. Still, if you’re approaching 65 or are a caregiver, it’s wise to get a handle on the basics of the system. Read on for our look at the main features of Medicare.
If you are planning for your retirement years, it is wise to research Medicare as a part of your preparations. Medicare, a Federal health insurance program for those that meet certain criteria, is a commonality for those over the age of 65. While it can seem confusing or overwhelming at first, Medicare is convenient in the fact that you are typically informed of your eligibility and next steps prior to even coming of age.
If you are wondering if you are eligible for Medicare, and what exactly your coverage would entail, we have you covered with this quick-glance guide.
Understanding Medicare can be overwhelming, to say the least. Not only are you transitioning to another type of insurance, you also find yourself concerned about everything from what is covered for your specific health concerns to how much premiums cost. After you choose a plan that suits your lifestyle and other insurance options, you might start wondering if you can write off any of your payments when filing your taxes.
The good news is that if you work with an accountant or tax specialist, you won’t have to worry too much about the ins and outs of what you can claim when it comes to Medicare. However, if you file your own taxes, or if you just want to be informed and empowered, it can be wise to at least know a bit about Medicare and what can be considered tax deductible.
When you begin to look at senior living options, it is wise to consider how the expenses will be covered. For many seniors, the process of examining the housing benefits available to you will begin with knowing all about Medicare. Most seniors opt to purchase basic Medicare coverage, at a minimum. However, Medicare might not be a payor source for specific types of senior living.