For anyone in the 65-and-older crowd who is now unemployed and lost their workplace insurance (or had coverage through a now-unemployed spouse), it's time to make sure you have Medicare coverage.
Also, if Covid-19 interfered with a person's ability to sign up for Medicare when they were supposed to — for example, they missed their initial enrollment period — there's now a special window for signing up.
"They can enroll through the end of June instead of having to wait until general enrollment," said Elizabeth Gavino, founder of Lewin & Gavino in New York and an independent broker and general agent for Medicare plans.As long as you have at least a 10-year work history, you pay no premiums for Medicare Part A, which covers hospital stays, skilled nursing, hospice and some home health services.
The average cost for Part D coverage in 2020 is about $42 per month, although high earners pay extra for their premiums . The maximum deductible for Part D this year is $435.. This basically is to avoid late-enrollment penalties by ensuring that you had qualifying coverage during the period of time you were eligible for Part B but were not enrolled.Be sure to think about how you'll pay for the things Medicare excludes.
If you end up choosing an Advantage Plan, there's a good chance limited coverage for dental and vision will be included. For long-term care coverage, some people consider purchasing insurance specifically designed to cover those expenses.
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