After working for the Social Security Administration for over 40 years I was never surprised to find that people found the program confusing, but I was always surprised by the number of people who were unaware and disappointed that the benefits weren’t as substantial as what they had expected. Well, if Social Security is confusing—“Welcome To Medicare!” And if Social Security benefits sometimes seem less than adequate—“Welcome To Medicare.”
The presentation on Medicare explains that there are really only four parts (A, B, C and D) so how hard can it be? In reality there are literally hundreds of choices for the Medicare beneficiary. Part B itself has “supplemental policies” that are categorized into ten subcategories A through N, the number of Part C options available varies by location but can be extensive and in most areas of the country there are well over 60 different part D plans available, all with differing premiums and differing covered drug formularies. Medicare can be a senior citizen’s nightmare.
The purpose of this program is not to attempt to simplify Medicare but rather to:
- Review the basic segments of the program.
- Discuss eligibility requirements and enrollment periods.
- Outline the various copays, deductibles and coverage gaps.
- Stress the clear need for supplemental medical insurance or other means to fill the “Medi-gap.”
- Stress the need for better understanding the limits of Medicare’s hospice coverage.
- Emphasize the point that Medicare is NOT long term care and that long term care insurance needs are a totally separate insurance issue.
- Provide some resource referrals for obtaining additional Medicare counselling services (the Medicare SHIP programs available in each state.)
including:
– “I don’t have to plan for retirement; Social Security will take care of me!”
– “My Social Security benefit is based on my last three years of work—or is it my highest five?”
– “If I employ the right strategy, I’ll be able to get rich on Social Security benefits!”
– “When my three ex-wives get finished collecting benefits on my record, there won’t be anything left for me!”
including:
– Survivor’s benefits
– Benefit calculations
– Issues involving divorce
– Medicare eligibility
including:
– Benefit calculations
– Full retirement age defined
– Retirement work and earnings limits
– Strategies for spouses to consider to maximize benefits
– A discussion of what age is best for electing Social Security benefits
– Basic Medicare issues
including:
– Benefit calculations
– Windfall Elimination Provision
– Government Pension Offset
– Medicare issues for public employees
including:
– Long-term financial solvency
– Some proposals for reform
– The toughest questions people ask about the program’s future
