Medicare is a federal health insurance program in the United States that primarily provides coverage for people aged 65 and older, as well as for those who have certain disabilities or end-stage renal disease.

Here are the basics you need to know:

  1. Parts of Medicare:

Medicare is divided into several parts, each covering different healthcare services:

  • Part A: hospital insurance, which covers inpatient care, hospice care, and skilled nursing care
  • Part B: medical insurance, which covers outpatient care, doctor visits, preventive services, and medical equipment
  • Part C: also known as Medicare Advantage, which allows private insurance companies to provide Medicare benefits
  • Part D: prescription drug coverage, which helps pay for prescription drugs
  1. Enrollment: Enrollment in Medicare is typically automatic for people turning 65 and receiving Social Security benefits. If you’re not automatically enrolled, you can sign up during a specific enrollment period.
  1. Costs: Medicare comes with certain costs such as premiums, deductibles, and copayments. The amount you pay will depend on the specific plan you choose and your income.
  1. Coverage gaps: Medicare may not cover all of your healthcare expenses. You may have to pay for certain services out of pocket or purchase additional insurance to fill the gaps.

  2. Choosing a plan: There are many Medicare plans available, and it can be overwhelming to choose the right one. It's important to carefully consider your healthcare needs and budget when selecting a plan.

  3. Additional resources: The Medicare website and other government resources provide more information on the specifics of the program, including benefits, costs, and enrollment.

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At Ronda Wealth Management Group, we work with our clients to help them take control of their financial future through education and the creation of a comprehensive financial strategy that is designed to help them with the 5 critical areas of retirement planning, including:

As financial advisors, we see it as our responsibility to help our clients make the strongest financial decisions for themselves and their loved ones. At Ronda Wealth Management Group, we work hard to bring our clients financial solutions that are designed to help them achieve security and peace of mind in retirement.

Asset Preservation

Estate Planning & Legacy Planning

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Medicare & Long-Term Care Planning

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Retirement Income Planning

Retirement Preservation

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