Cost of healthcare in retirement continue to be one of the top financial concerns for retirees, second to running out of money in retirement.  If you are age 65 or older and have enrolled in Medicare, then you can expect about 50% of your healthcare to be covered through the Medicare program.  At SMG, we specialize in helping you navigate through the Medicare puzzle.

What Is Medicare?

Medicare is health insurance for:

What you have to keep in mind, is that Medicare alone will not cover all your medical bills. This is the reason why most people who don’t have healthcare provided through an employer, will elect to choose some sort of supplement coverage in addition to Medicare.

Medicare Parts

Original Medicare

Hospital Insurance

Hospital Insurance for Inpatient Care, Nursing Care, and Services & Supplies.

Medical Insurance

For Doctor’s Services, Outpatient Care, and Preventive Services

Prescription Drug Coverage

Optional Prescription Drug Coverage A prescription drug option managed by private insurance companies under contract with Medicare to help cover the cost of prescription drugs. It may help lower your prescription drug costs and help protect against higher costs in the future.

*A Prescription Drug Plan is optional however if you do not choose one you may get pentalized. 

Medicare Advantage

Advantage Plans are made up of Medicare Parts A & Part B, with additional benefits

Medicare Supplement Insurance

Works with Original Medicare Parts A and B

• Medicare Part A Coinsurance
• Medicare Part B Coinsurance
• Deductible Coverage Available

A Medicare supplement insurance policy, also known as a Medigap policy, helps pay your share (coinsurance, co-payments or deductibles) of the costs of Medicare-covered services. Some Medicare supplement policies cover certain costs not covered by Original Medicare Parts A and B.

Medicare Supplement insurance companies can sell you a standardized Medicare supplement policy identified by letters A through N. Each standardized Medicare supplement insurance policy must offer the same basic benefits, no matter which insurance company sells it. Cost and customer service are usually the only difference between Medicare supplement policies sold by different insurance companies.

Choose The Medicare Supplement Plan That's Right For You

Medicare Pays Medicare Supplement plans pay Plan A Plan B Plan C Plan D Plan F Plan G Plan N Plan K Plan L Plan M

Part A: Inpatient Hospital Care

First 60 days All but $1600 $1600 Part A deductible 50% 75% 50%
Coinsurance 61-90 All but $400 a day $400 a day
Coinsurance 91-150 All but $800 a day $800 a day
After day 150 up to an additional 365 days in your lifetime Nothing 100% of eligible expenses
Blood benefit All but first 3 pints First 3 pints 50% 75%

Skilled Nursing Facility Care

First 20 days 100% Nothing
Coinsurance 21-100 days All but $200 a day Up to $200 a day 50% 75%

Part B: Physician Services and Supplies

Yearly deductible Nothing $226
Coninsurance Generally 80% Generally 20% *2 50% 75%
Blood benefit All but first 3 pints First 3 pints
Excess charges Nothing 100% of eligible expenses

Other Benefits

Emergency Care outside the U.S. (Foreign travel) Nothing 80% of eligible expenses up to a lifetime maximum of $50,000 after a $250 yearly deductible
Hospice benefits All but very limited copayment/coinsurance for outpatient drugs and inpatient respite care Medicare copayment/coinsurance 50% 75%
  1. Some plans may not be available in your state
  2. Plan N pays the balance of the part B coinsurance except for up to a $20 copayment per office visit and up to a $50 copayment per emergency room visit.
  3. K plan has $6,220 out of pocket Limit
  4. L Plan has $3,110 out of pocket Limit


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