Business
On this episode of the Moneywise podcast, Rajesh (R. J.) Jyotishi and Jennifer Stucky discuss the complexities of the Medicare system, eligibility requirements and various options of coverage. The primary location for accessing information about Medicare is the web site at Medicare.gov and we highly recommend working with an advisor who is an expert in this field. Medicare is health insurance for U.S. citizens and lawful resident aliens over the age of 65. Some exceptions can be made for individuals with disabilities. Historical information about this social insurance program can be found here. In some cases the coverage can be purchased if applicants do not meet the eligibility requirements. Medicare can be broken into four coverages. It is important to be aware of the timeliness of the application requirements for eligibility. Part A - Hospitalization Part B - Doctor's visits Part C - Medicare Advantage plans, supplemental to the above coverages provided by insurance companies. Part D - Prescription benefits are also provided by traditional insurance companies. So, what are some of the insights we can provide when looking at participating in a Medicare Advantage plan. Make sure your healthcare provider is in the Network The prescriptions you are taking are in the Formulary Make sure that emergency coverages are available internationally if planning on travel RJ was recently at a conference where it was discussed that on January 1, 2011 over 10,000 seniors will be reaching the age of 65, and each day after, another 10,000 will reach that age of eligibility. It is this influx of Baby Boomers that is challenging the financial viability of the Social Security and Medicare systems. To stay on top of this complicated and shifting topic, work with a qualified financial advisor and pay close attention to changes in legislation. Rajesh (R. J.) Jyotishi of Shalin Financial & Jennifer Stucky with The A. I. Group have been in the insurance and financial services for over 15 years and have assisted hundreds of individuals and groups for their insurance and employee benefits needs. For questions, they can be reached at Rajesh Jyotishi: 770-451-1932, Jennifer Stucky: (770) 664-5526. Theme music for the Money Wise podcast is Now or Never, available on the album Carpe Diem.