Medicare, Medicaid, Life and Health Insurance/ACA and Medicare
QUESTION: Hello! I am 63 and receiving SS. I have not had health insurance for many years. Last year I declined to pay for the ACA and await my fine in due course. If it's cheaper, I can do this every year. What happens when I turn 65? How does qualifying for Medicare change things?
ANSWER: Hi Jim - thank you for the question. First, I trust your health is excellent and you will never encounter an accident. I can help you evaluate your options when ACA open enrollment begins Nov. 15. You may qualify for help in paying the premium based on your income. Now when you turn 65, I will be able to find a very good plan for you to fit your health needs and budget. You will have Part A and Part B of Medicare which will insure your hospital costs and medical costs respectively, but with deductibles and co-insurance. Part B this year costs $104.90. Then you will have an option of a Medicare Supplement insurance policy and a Part D (drugs) plan, or a Medicare Advantage plan which more often than not would provide better coverage than Original Medicare. You can contact me at firstname.lastname@example.org when you're closer to 65 or this Nov. 15. I hope this helps.
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QUESTION: Thank you for commenting. Yes, I take care to eat right and not step in front of any trucks. My mother, gone 3 years now, didn't pay anything through CareMore here in California except for a small co-pay on some drugs. I don't remember any deductibles. Both my parents cost the family practically nothing in their final years. I used to wonder at it. Specialists, devices, services---and no bills. I knew I wouldn't be getting such a deal. Couldn't be sustainable.
I just want to compare the fine with the smallest premium the ACA allows. And to find out if my parent's deal will in fact be waiting in two years and how these programs intersect.
Thank you for the smile. CareMore is a Medicare Advantage plan. It takes the place of Medicare even though you must have both Parts A & B. The Federal Govt. pays CareMore to take care of its enrollees. As far as the smallest premium, I've seen as little as $1 for ACA. But of course as I said earlier, it depends on income. I would be happy to have a conversation with you after 11/15.
And as to programs intersecting, they don't. When you turn 65, you have Medicare and the plans that may be available like your parent's had - well, 2 years is a long time in the insurance business.