Planning for Medicare can feel overwhelming, especially when you’re approaching 65 or already retired. While most seniors ask the typical questions about costs and coverage, there are crucial questions that often get overlooked, questions that could save you thousands of dollars or prevent costly mistakes.
At America’s Retirement Headquarters (ARHQ) in Maumee, OH, we’ve helped hundreds of families navigate Medicare decisions. Here are the six most important questions seniors forget to ask, along with simple, direct answers.
Answer: Yes, you must stop HSA contributions six months before enrolling in Medicare Part A.
If you continue contributing to your HSA after signing up for Medicare, you'll face penalties and excise taxes. The solution is straightforward: remove any HSA contributions made during the prohibited period.
Why this matters: We've seen clients who unknowingly contributed to HSAs for two years after starting Medicare, creating a significant tax problem that could have been easily avoided.
Answer: You might delay Part A if you have an active HSA or employer coverage that's better than Medicare.
Two main scenarios where delaying makes sense:
Key point: You can delay without penalties if you have creditable employer coverage.
Answer: Yes, you should still sign up for Medicare even with VA benefits.
VA benefits and Medicare work together; they don't replace each other. Many Medicare plans are specifically designed for veterans and can provide additional benefits, including a refund of Part B premiums from your Social Security check.
Bottom line: Keep your hard-earned VA benefits and add Medicare for comprehensive coverage.
Answer: It depends on which type of Medicare coverage you have.
Action step: If you have Medicare Advantage and plan to move, contact your plan before relocating to explore options in your new area.
Answer: Generally, no—but there's one important exception.
Medicare can't drop you for having too many claims or health issues. However, if you stop paying your Part B premiums, your coverage will be suspended or canceled.
Note: This mainly affects people not receiving Social Security (since premiums are automatically deducted from Social Security payments).
Answer: Original Medicare has no network restrictions, but Medicare Advantage plans do.
Pro tip: If you travel frequently or want maximum doctor choice, Original Medicare plus a supplement might be better than Medicare Advantage.
Here we talked about: Medicare Advantage vs Medicare Supplement
Living in Ohio gives you access to excellent Medicare options, but the rules can be confusing. These overlooked questions often come up during our consultations with families in Toledo, Maumee, and throughout Northwest Ohio.
Don't wait until it's too late. Medicare decisions have deadlines, and some mistakes can cost you permanently higher premiums or coverage gaps.
Medicare planning shouldn't be done in isolation. At America's Retirement Headquarters (ARHQ), we help Ohio families navigate Medicare as part of their complete retirement strategy, including how it fits with their investments, taxes, and estate planning.
Ready to get your Medicare questions answered?
Join us for our upcoming Medicare workshop, where we'll cover these questions and more in detail. These educational workshops are designed to help you make informed decisions about your healthcare coverage.
Reserve your seat today by calling (419) 842-0550 or visiting our website.
Q: When should I sign up for Medicare?
A: You can sign up during your Initial Enrollment Period, which starts three months before your 65th birthday and ends three months after.
Q: What's the penalty for late Medicare enrollment?
A: Part B has a 10% penalty for each 12-month period you delay enrollment without creditable coverage. This penalty lasts for life.
Q: Can I change my Medicare plan after I enroll?
A: Yes, during Open Enrollment (October 15 - December 7), you can change Medicare Advantage plans or switch between Original Medicare and Medicare Advantage.
Q: How much does Medicare cost?
A: Part A is free for most people. Part B costs $174.70/month in 2024 (higher earners pay more). Medicare Advantage and supplement costs vary by plan.
Q: What does Medicare not cover?
A: Medicare doesn't cover dental, vision, hearing aids, or long-term care. Some Medicare Advantage plans include these benefits.
Q: Can I keep my doctor with Medicare?
A: With Original Medicare, yes - if your doctor accepts Medicare. With Medicare Advantage, your doctor must be in the plan's network.
Q: Do I need both Medicare and employer insurance?
A: It depends. If your employer plan is creditable coverage, you may delay enrolling in Medicare without incurring penalties. We recommend reviewing both options.
Q: What's the difference between Medicare Advantage and Medicare Supplement?
A: Medicare Advantage replaces Original Medicare with private plans. Medicare Supplement works with Original Medicare to cover gaps.
Q: How do I choose the right Medicare plan?
A: Consider your doctors, medications, budget, and health needs. A Medicare specialist can help you compare all available options.
Q: Can I use Medicare in other states?
A: Original Medicare works nationwide. Medicare Advantage plans typically only work in their service area, though emergency care is covered everywhere.
America's Retirement Headquarters (ARHQ) specializes in comprehensive retirement planning for families in Ohio, Michigan, and Florida. Our team coordinates Medicare planning with investment management, tax strategy, and estate planning to help you retire with confidence.
Disclaimer: This information is for educational purposes only and should not be considered as specific advice for your situation. Medicare rules can be complex and change frequently. Always consult with a licensed professional before making Medicare decisions.
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