Financial tips and money-saving advice from Goldenwest Credit Union

Let's Talk Medicare

March 5, 2019

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We all dream of it. We all hope for it. We all can’t wait for it. But what happens when retirement actually arrives? For most, it means finding a new way to pay for health insurance coverage. That’s where Medicare and Goldenwest Insurance Services comes in. Goldenwest Insurance Services is excited to announce we now offer Medicare as a new service.

What is Medicare?
Medicare is a health insurance program that is regulated by the federal government. The program is overseen by the Centers for Medicare & Medicaid Services (CMS) and is funded by Social Security and Medicare taxes, premiums, and by the federal budget.

Who is Medicare for?
Medicare is for those who are 65+ years old and for people under 65 with certain disabilities.

Plans and Coverages
There are many options when it comes to plans and coverages under Medicare. First, you’ll need to have what is called Original Medicare. Original Medicare is provided by the federal government and is split into two parts: A and B.

A. Hospital stays, nursing facility care, hospice care
B. Certain doctors’ services, outpatient care, medical supplies

Original Medicare is required before signing up for additional plans. Once enrolled in Original Medicare, you will have the ability to enroll in a Medicare Advantage plan or Medicare Supplement plan. There are two parts to a Medicare Advantage plan: C and D.

C. Combine Parts A and B into one plan and can include vision and dental
D. Prescription drug coverage (this is not included in all plans)

Medicare Supplement plans are also referred to as a “Medigap plan.” There are many different types of supplement plans, which can add coverage to Original Medicare and be more customizable. Medicare Supplement and Medicare Advantage plans are offered by private companies.

When to Enroll
Depending on your situation there are different enrollment periods.

Open Enrollment (October 15th-December 7th) provides an opportunity for currently enrolled individuals to change plans.

Special Election Periods: These are time periods granted, based upon initial enrollment into Medicare, or other life circumstances. Examples of such, but not limited to, are found below:

Aging in: Turning 65 permits a total of 7 months to enroll, beginning 3 months before turning 65.
Enrolling later than 65: If a person is over 65 and retiring, they will be able to enroll during the month they retire and up to 8 months after retirement.
Moving into a new service area: When someone moves into a new service area, or the plan coverage level changes in an area, a Special Election Period may be triggered.
Disability: For those with disabilities, election will normally relate to the 25th month of disability.

If the enrollment period is missed, there is a general enrollment period every year. However, signing up for Parts A and B are broken up from Parts C and D. Also, late penalties will most likely apply.

Goldenwest Insurance Services
We are proud to offer Medicare through our partners Regence, SelectHealth, and United Healthcare. It is part of our culture to provide excellent service, and we are proud to extend that service to those in need of Medicare. We are happy to be guides as people begin a new stage in life.


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