Your guide to Medicare options

The 2020 Census will help policymakers at the local, state, and federal levels prepare for the “gray tsunami” of aging baby boomers. When the 2010 census was taken, the oldest boomer hadn’t yet turned 65. Since then, about 10,000 boomers have crossed that age threshold every day, and, by 2030, it’s predicted that all boomers will be at least 65.

Lawmakers and planners use census statistics as a way to make more informed decisions about how to spend on programs that help to improve the quality of life of people who have reached the age of 65 and older. According to the statistics, tens of millions of individuals will be on Medicare health insurance by 2030.

Getting Medicare is a major milestone in the life of millions and millions of Americans, but enrolling in Medicare is more complicated than simply reaching that magic age of 65 and filling out some paperwork. Medicare health insurance includes a variety of different kinds of coverage and benefits, including supplemental plans and extra prescription discounts. 

When you enroll in Medicare, you are able to specify the types of additional protections you would like to have included in your policy. Understanding your Medicare options is really important especially when it comes to how much coverage you need at each age.

Evaluating your policy

Your Medicare policy and the amount of coverage it contains can change from year to year. It’s a great idea to conduct an annual evaluation of your current plan to ensure that it still fits your budgets as well as your needs. Experts are claiming that this type of assessment is important every year, but it’s especially so as the U.S. continues to find itself in the throes of the COVID-19 pandemic which disproportionately affects seniors. 

The good news is that Medicare offers an annual open enrollment period from October 15 through December 7th. Now is the time to take stock of your current coverage, consider your health care needs for 2021, and decide whether any changes are needed.

The best place to get information and guidance for picking the right coverage is the guide to Medicare insurance found on the Centers for Medicare and Medicaid Services (CMS) website. The medicare.gov guide goes a long way to making Medicare simple. It provides a wealth of information about Medicare: basic costs, what it covers, supplements and other insurance, cost changes for 2021, and much more. In addition, you can search the website to find all providers and facilities within your area that accept Medicare.

You could consider getting professional guidance from a knowledgeable advisor given the fact that there are many different types of Medicare coverages and available programs. It’s all about making the best choices for your health needs.

Looking at the full picture

The experienced attorneys at the Law Office of David W Foley, San Diego estate planning attorney, can provide Medicare planning assistance to help you with your decisions concerning Medicare coverage as well as long-term health options.  

We can provide a wide variety of legal services for all of your estate planning needs, including living trusts, wills, POA documents, and other legal forms.

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