If you plan to continue working after you reach age 65, you may be wondering how Medicare coordinates with your employer's group health plan. When you're eligible for both types of coverage, you'll need to consider the benefits and costs, and navigate an array of rules.
It's easy to confuse Medicare and Medicaid, particularly since they're both government programs that pay for health care. But there are important differences between each program. Medicare is generally for older people, while Medicaid is for people with limited income and resources.
What is Medicare?
Each year, current Medicare beneficiaries can make changes to their Medicare coverage for the following year during the Medicare Open Enrollment Period that starts on October 15 and runs through December 7.
During the Medicare Open Enrollment Period that runs from October 15 through December 7, you can make changes to your Medicare coverage that will be effective on January 1, 2017. If you're satisfied with your current coverage, you don't need to make changes, but you should review your options before you decide to stay with your current plan.
If you're eligible for an early-retirement package from your employer, determine whether post-retirement medical coverage is included. These packages sometimes provide medical coverage until you reach age 65 and become eligible for Medicare. Given the high cost of medical care, you might find it hard to turn down an early-retirement package that includes such coverage.
Prescription drug prices in the U.S. are skyrocketing. In just the past year alone, prices on drugs are up nearly 10% on average, but some are even worse.
I'm sure many of you heard about the dramatic increase in the cost of the antimalarial drug Daraprim – from $13.50 per pill last year to $750 per pill today.
A Medicare Supplement Insurance (Medigap) policy, sold by private companies, can help pay some of the health care costs that Tags:
Original Medicare is just that: the components of the Medicare program signed into law by President Lyndon B. Johnson on July 30, 1965.
If you have Tags:
Q: When is Medicare Open Enrollment for 2017 coverage?
A: For 2017 Medicare coverage, open enrollment is in the fall of 2016, from October 15 to December 7. (The specific dates changed in 2011, but have been the same ever since, and should remain as-is for the foreseeable future.)