Maximize Your Medicare: 2020-2021 Edition: Qualify for Benefits, Protect Your Health, and Minimize Your Costs

Maximize Your Medicare: 2020-2021 Edition: Qualify for Benefits, Protect Your Health, and Minimize Your Costs

by Jae Oh MBA


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"A must-read for both current and future retirees." —Robert Powell, Retirement Daily

Includes the Most Up-to-Date Information for 2020-2021

Confused by Medicare? Get answers from Maximize Your Medicare, an informative guide by nationally recognized expert Jae W. Oh. Maximize Your Medicare helps readers understand how and what to choose when deciding on Medicare options. This book shows readers how to:
  • Enroll in Medicare and avoid never-ending penalties
  • Compare Medigap vs. Medicare Advantage
  • Discern the differences among Parts A, B, and D
  • Increase benefits every year
  • Avoid costly errors
  • Deal with special circumstances
  • Get the most from the plan
Written in a clear and concise style, Maximize Your Medicare is a vital resource for every American aged sixty-five or older, as well as for their families and care coordinators.

Product Details

ISBN-13: 9781621537540
Publisher: Allworth
Publication date: 01/07/2020
Pages: 216
Sales rank: 176,457
Product dimensions: 6.00(w) x 9.00(h) x 0.60(d)

About the Author

Jae W. Oh, MBA, CFP is a chartered life underwriter and a chartered financial consultant. He is the managing principal of GH2 Benefits, based in Ann Arbor, Michigan, with individual and commercial clients nationwide. He is the chair of the Great Humanity Healthcare Foundation, Inc., a 501(c)(3) organization that provides financial relief to insured persons saddled with medical debt. He has frequently served as a panelist representing Humana Inc., one of the nation's largest providers of Medicare plans. He is a frequent public speaker to large and small groups, including the State Bar of Michigan, colleges, companies, library systems, and senior centers. He is widely quoted in the national media on financial and Medicare topics. He has a master's degree in business administration in accounting and finance from the University of Chicago, and a bachelor of arts degree in economics and political science from the University of Michigan, Ann Arbor. He has spent over a decade in international capital markets on three continents. He resides in Michigan.

Table of Contents

Introduction xiii

Medicare Is a Mystery: It Doesn't Have to Be xiii

Why Is Medicare So Important? xv

Why Is Medicare So Confusing? xvi

How to Use This Book xviii

Avoid Mistake #1 xx

Very Brief History of Medicare xxii

Ignoring Medicare Noise Is Difficult xxiii

Chapter 1 Enrollment 1

Medicare Eligibility 2

Signing Up for Medicare 3

Can I Delay Enrollment in Medicare? 5

Late Enrollment Penalties 7

Medicaid 9

Conclusions: Thinking Ahead Is Key 10

Chapter 2 Medicare Part A 11

Eligibility 12

If You Don't Qualify 13

Part A Benefits 13

Key Term: Benefit Period 16

No Annual Out-of-Pocket Limit 18

Chapter 3 Medicare Part B 21

Premium 21

Annual Deductible 22

Coinsurance 23

Part B Coverage 23

Coverage Details 24

Sources of Part B Confusion 27

Canceling Medicare Part B 31

No Annual Out-of-Pocket Limit 31

Chapter 4 Prescription Drug Coverage 33

The Basics 34

Eligibility 34

Enrollment 35

Prescription Drug Plan Terms 36

The Standard Part D Plan 37

The Complicated Calculations Involved in Part D 38

Why People Misunderstand the Coverage Gap 39

How to Choose 40

Important Hints on Using the Medicare Plan Finder 41

Preferred Pharmacies and Mail Order 42

Changing Plans 43

Important Extras 43

Chapter 5 Medicare Advantage 47

The Basics 47

Types of Medicare Advantage Plans 49

Medicare Advantage Prescription Drug Plans 52

Enrollment 53

Medicare Advantage Annual Enrollment Period 55

Medicare Advantage Twelve-Month Trial Right 55

Open Enrollment Period 55

How to Choose 59

How to Compare Medicare Advantage Plans 60

Medicare Advantage Has Improved 63

Consumers Must Understand Networks 64

Surprise Medical Bills 65

Medicare Advantage Extras 66

Medicare and Medicaid 67

Extra Help and Medicare Advantage 68

Snowbirds 68

Foreign Travel 69

Chapter 6 Medigap 71

Medigap Enrollment 72

Medigap Coverage 75

Medigap and Medicare Part A 76

Medigap and Medicare Part B 76

Premiums 78

Advantages of Medigap 79

Switching to Medigap 86

Switching from Medicare Advantage to Medigap 88

Special Topics 88

The Bottom Lines 92

Chapter 7 Working beyond Sixty-Five 95

People Are Working Longer 95

Small Employer 97

Base Case: Medicare Is Superior 98

Large Employer 100

Employer Group Plans and the Coverage Gap ("Donut Hole") 103

If You Decide to Cancel 105

The Bottom Line 105

Chapter 8 Retiree Benefit Plans 107

Retirement from a Small Employer 108

Retirement from a Large Employer 109

The Base Case 110

Medicare Retiree and Non-Medicare Spouse 112

Retiree and Medicare-Eligible Spouse 113

If Your Employer Cancels Retiree Health Benefits 113

Employer-Sponsored Medicare Advantage 114

Dental, Vision, and Other Benefits 115

What Employers Can Do 116

Conclusions 116

Chapter 9 Special Groups 119

Veterans Administration (VA) 119

TRICARE for Life (TFL) 121

Disabled 122

Disabled and Employer-Sponsored Plan 123

ESRD and COBRA or Employer-Sponsored Plan 123

Federal Employee Health Benefits (FEHB) 124

State and Local Government Employees 125

Educators 127

Unions 127

Hospital (and Other Health-Care Employees) 128

Small Business Owners 129

Professional "Associations" 130

Seriously III 131

Conclusions 134

Chapter 10 The Savvy Medicare Consumer 135

Stay Focused on the Goal 135

Dealing with Medicare Problems 136

Professionals, Amateurs, and Advertisements 140

Last Tips 143

Experts' Addendum 145

Insurance Is an Option 145

Health Insurance Is Different 146

Options Are Priced Using Probability 146

Everyone Is "Short" an Option 148

Sources of Volatility 149

Comparing Apples to Apples 150

Medigap vs. Medicare Advantage Revisited 151

Our National Long-Term Care Problem 153

Insurance-Based Solutions Exist 153

Long-Term Care Insurance 154

Life Insurance Basics 155

Life Insurance and Living Benefits 156

Annuity-Based Solutions 157

These Options Are Difficult to Analyze 157

Glossary 159

Endnotes 170

Acknowledgments 181

About the Author 183

Index 184

Customer Reviews