For anyone in the 65-and-older crowd who is now unemployed and lost their workplace insurance (or had coverage through a now-unemployed spouse), it's time to make sure you have Medicare coverage.
Also, if Covid-19 interfered with a person's ability to sign up for Medicare when they were supposed to — for example, they missed their initial enrollment period — there's now a special window for signing up.
"They can enroll through the end of June instead of having to wait until general enrollment," said Elizabeth Gavino, founder of Lewin & Gavino in New York and an independent broker and general agent for Medicare plans.As long as you have at least a 10-year work history, you pay no premiums for Medicare Part A, which covers hospital stays, skilled nursing, hospice and some home health services.Part B — which covers outpatient care and medical supplies — has a standard monthly premium of $144.60 this year, although higher earners pay more . It also comes with a $198 deductible . After it's met, you typically pay 20% of covered services. You get eight months to sign up for Part B once you lose workplace coverage.You can get a standalone plan to use alongside original Medicare. Or, you can sign up for an Advantage Plan , which are offered by private insurance companies and typically include prescription drug coverage. If you go this route, your Parts A and B benefits will be delivered via the insurer offering the plan . The average cost for Part D coverage in 2020 is about $42 per month, although high earners pay extra for their premiums . The maximum deductible for Part D this year is $435.. This basically is to avoid late-enrollment penalties by ensuring that you had qualifying coverage during the period of time you were eligible for Part B but were not enrolled.Be sure to think about how you'll pay for the things Medicare excludes. For instance, it generally doesn't cover dental work and routine vision or hearing care. Same goes for long-term care, cosmetic procedures and medical care overseas.— a.k.a. Medigap — to help cover out-of-pocket costs such as deductibles and coinsurance. You cannot, however, pair a Medigap policy with an Advantage Plan. If you end up choosing an Advantage Plan, there's a good chance limited coverage for dental and vision will be included. For long-term care coverage, some people consider purchasing insurance specifically designed to cover those expenses.
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