Are you reaching retirement age and your mailbox is overflowing with insurance offer flyers? That’s normal. Choosing between Original Medicare, Advantage plans, and Supplements is one of the most important financial decisions you will make.
The Medicare Alphabet – what do you need to know?
Before you sign any contract, you must understand the basics. Part A (hospital) and Part B (doctors) are the foundation, but they are rarely enough.
- Coverage gap: Original Medicare covers only about 80% of costs. That missing 20% with no out-of-pocket maximum can be a financial trap.
- Prescription drugs (Part D): They are not automatically included in the package. You must purchase a separate plan or choose an Advantage plan.
Assistance programs that no one tells you about
Living in New York (EPIC program) or New Jersey (PAAD/Senior Gold), you have access to state assistance.
- Lowering drug costs: These programs act as a “second payer,” covering a portion of the costs that Medicare does not pay.
- Premium subsidies: In some cases, the state may pay your Part B premium.
Do you have questions? Schedule a free consultation with Mr. Stanisław.
