Rick turns 65 this year, and we recommended that he sign up for a Medicare Advantage plan with drug coverage in addition to Parts A & B. The enrollment period opens three months before his birthday and ends three months after it. If he does not enroll during this six-month window, he could be subject to a penalty.
If you are unfamiliar, Part A insures for hospitals and is free (if you qualify). Part B is the medical insurance for stuff outside the hospital. Part D covers prescription drugs and can be part of an “Advantage Plan” like we recommended or purchased through Medicare.
Rick keeps in good shape. He works out at a local gym at least three times a week, and he walks in the “mall walkers” program on the other days. The local shopping mall opens its doors at 7:00 AM for the public to walk for fitness.
One of the factors that went into deciding on the Medicare Advantage plan he selected was their participation in the “Silver Sneakers” program. It was easy to find as many advantage plans and over 13,000 health clubs participate in the program.
What is Silver Sneakers? According to their website, (www.silversneakers.com) it is the nation’s leading exercise program for older adults. It turns out that the gym Rick is paying over $30 a month to use is in the program. Once he enrolls in the Medicare Advantage plan, Medicare pays for his membership!
While that is not a complete offset of the cost of the medical insurance, thirty bucks is thirty bucks better in Rick’s pocket than in the gym.
If you need some help evaluating Medicare plans, give us a call!
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