Medicare can be a complex topic, with many different options and changes happening every year. In this interview, Andrew Schierberg, an attorney and owner at Stages Elder Law and Estate Planning, talks with Lauren Trondle from Senior Benefits Simplified about the basics of Medicare and some hot topics in the Medicare space. 

The Basics of Medicare

When you turn 65 or retire, you have the option to enroll in Medicare. There are two main categories of Medicare plans: traditional Medicare plans with a supplemental plan, and Medicare Advantage plans. Lauren explains the differences between the two and the importance of reviewing your plan every year during the Annual Election Period. 

“If you go into Medicare, and you enroll in an Advantage plan right away. If you later say, well, all my friends at bingo have been talking about this supplement, I want to try it out. If you try to go over to a supplement, you can potentially, but there is medical underwriting. So they’re going to ask you a slew of questions about your health. And if you answer no or you’re not sure the insurance company could potentially deny you, or they could increase your rate so that you because they know about the liability that you’re going to be bringing to the plan.” – Lauren Trondle

Hot Topics in Medicare

One of the biggest changes happening in Medicare is the Inflation Reduction Act. This act aims to reduce out-of-pocket costs for Medicare beneficiaries, with a maximum out-of-pocket cost of $2,000 for prescription drugs starting in 2025. Lauren discusses the potential impacts of this change on premiums and coinsurance. 

Another change happening in Kentucky is the birthday rule, which allows individuals to change their Medicare supplement plan during their birthday month without medical underwriting. While this may sound like a good thing, it could result in larger premium increases for some individuals.

Navigating Medicare with Senior Benefits Simplified

With all of these changes happening in Medicare, it’s more important than ever to have someone to guide you through the process. Senior Benefits Simplified offers an educational-based program to help individuals navigate their Medicare options and find the best solution for them. You can schedule an appointment with them through their website, www.sbsimplified.com.

Medicare can be complex, but with the right guidance, you can make informed decisions about your healthcare. Stay up to date with the latest changes and make sure you’re getting the most out of your Medicare plan