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Understanding Medicare, Social Security, and health insurance is important when planning for a happy and healthy retirement. At Dyste Williams, we're very knowledgeable about complex retirement health care issues. We can help you understand the options and make informed decisions for yourself or a family member. We can also offer you excellent choices in high quality insurance and investment products.
Medicare
It's important first to understand how Medicare fits into the retirement health care picture. Medicare is a health insurance program available to all citizens at age 65. However, it's designed as an acute care insurance program, and as such, it won't cover all of a senior's health costs. So, it's wise to supplement Medicare with an additional health insurance policy. Before we get to that, here's a brief summary of how Medicare works:
• Part A is hospital insurance, and it is provided free.
• Part B is medical insurance. It pays 80% of medically necessary services. You pay a monthly premium for Medicare Part B, usually deducted from your Social Security.
• Part D is prescription drug insurance, which pays for drugs after your coinsurance and/or deductibles. These plans are offered by private insurance companies, but overseen by Medicare.
Enrolling in Medicare
Enrolling in Medicare is done through the Social Security Administration. Enrollment time is a good time to meet with a Dyste Williams insurance advisor to review insurance options. Heidi Michaels, the Certified Senior Advisor at Dyste Williams, can be reached at 952- 843-4441.
Automatic Enrollment. If you're already receiving Social Security benefits (early retirement or disability), you will be automatically enrolled in Parts A and B when you turn 65.
Initial or General Enrollment. If you didn't take early retirement, you'll need to enroll in Medicare, either during the initial period around your 65th birthday, or later on, by General Enrollment.
Some penalties can apply. If you have questions about the enrollment process, please call Dyste Williams, and ask to speak with Heidi Michaels. |
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Health Insurance & Medicare
Since Medicare does not cover 100% of health care expenses, out of pocket costs can be high if you don't have any other health insurance.
Supplemental Policies
Insurance companies offer policies designed to work with Medicare, to fill gaps in the Medicare coverage.
Medicare Supplemental Polices. These supplemental policies are called Medigap policies. With these policies, Medicare functions as your primary coverage, and the Medigap Supplement pays next, to fill gaps in coverage.
Medicare Advantage and Select Policies. These policies work by assigning some or all your Medicare benefits to an insurance company, who then pays for your care. There are many different choices here, and Dyste Williams can help to clarify options and set up the right program for you or your family member. For more information, please call Heidi Michaels, the Certified Senior Advisor at Dyste Williams, at 952- 843-4441.
Medicare is not Long Term Care
Medicare is not a strategy for Long Term Care because it's not designed for that purpose. Medicare will only pay for 100 days of care in a nursing facility. Medicaid does pay for Long Term Care, but you must be impoverished to qualify for it.
Long Term Care Insurance
The best way to handle the cost of Long Term Care is to purchase a Long Term Care Insurance policy. LTC policies also give you flexibility, because they pay benefits for home care, assisted living facilities, and other alternatives. A Long Term Care Insurance policy can also be customized for your situation. Like a Homeowners policy, you hope you won't have to use a LTC policy. But the fact is that 1 out of 2 Seniors will need Long Term Care.
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Good Professional Advice
It's important to get good professional advice before making decisions about health care and retirement. Dyste Williams can offer valuable information, good insurance products, and helpful guidance during this period of decisions and change.
Heidi Michaels is our expert on health care and retirement planning for Seniors. She is an insurance advisor with many years of experience, and a deep knowledge of senior issues. Minnesota Governor Tim Pawlenty has recently appointed Heidi to the Minnesota Board on Aging for a 4-year term. To meet with Heidi, please call 952-843-4441, or email hmichaels@dystewilliams.com. Heidi can meet with you at your home, office, or at Dyste Williams' offices in Minneapolis.
Retirement Financial Planning
The issues of health care insurance in retirement are intertwined with decisions regarding the timing of Social Security benefits and retirement financial planning. Dyste Williams offers a coordinated approach to
retirement planning with the Dyste Williams Financial Group. By offering financial planning with an understanding of health care and insurance issues, we can help you plan a smooth transition to retirement, and achieve your financial vision of retirement abundance. Investment and Estate planning can also be part of the process, if desired. Please visit our Financial Page to learn more, or call Patrick Boria, Managing Director of Dyste Williams Financial Group, at 952-843-4422. Patrick is a financial planner and insurance specialist.
Informative Seminars
You are cordially invited to our informative seminar on Long Term Care and Medicare Planning. It's a free, educational seminar for our clients, their spouses, and family members. This seminar will give you important information regarding costs, discounts, tax issues, asset protection, and caregiving choices. Please call us for information about upcoming seminar dates.
Commitment to Integrity
The staff of Dyste Williams adheres to a high standard of integrity, especially when recommending insurance products to senior citizens. Our mission is to be a trusted insurance advisor and advocate for our clients. |
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