Do you stay up at night worrying about how you’ll cover your healthcare costs during retirement?
You’re not alone.
The golden years, while often looked forward to, bring a unique set of challenges and uncertainties, especially concerning healthcare.
If you have meticulously planned for retirement, you might find yourself wrestling with the fear that your healthcare needs might eventually surpass your savings.
An increasing number of older individuals are finding an attractive option in health sharing programs like Medi-Share 65+, which highlight the importance of consumer-driven healthcare. These plans introduce a new approach to handling medical coverage in the golden years.
Let’s dive into how a health share plan can change your healthcare strategy during retirement.
Benefits of Health Sharing Plans
- Cost savings: The most immediate benefit you’ll notice with health sharing plans like Medi-Share 65+ is the potential for significant cost savings. Compared to traditional Medicare supplement plans, health share plans can be up to 50% cheaper.
- Consumer-driven healthcare: One of the foundational principles of health sharing plans is the emphasis on consumer and individual choice. This model puts you in the driver’s seat, allowing for more personal responsibility and free choice in your healthcare decisions.
- Sharing for larger expenses: While health sharing plans are not insurance in the traditional sense, they offer a safety net for larger medical expenses when Medicare does not cover everything. This can be particularly appealing for older people who are more likely to face significant health-related costs.
- Healthcare freedom: Beyond the financial benefits, joining a health sharing plan like Medi-Share 65+ embodies a commitment to healthcare freedom. It’s a choice that aligns with values of personal responsibility and mutual support within a community.
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A Smart Choice
Opting for a supplemental health sharing program like Medi-Share 65+ along with Medicare coverage is a wise choice. The potential cost savings and community support are why many are drawn to this option.
In Medi-Share 65+, members contribute monthly towards each other’s eligible medical bills, reinforcing a sense of community. You’re kept in the loop about whose bills your contributions are supporting, enhancing the feeling of mutual aid.
The program’s guidelines detail how this sharing works, ensuring that you’re part of a transparent and caring network, all while maintaining your essential Medicare coverage.
The Medi-Share 65+ Advantage
Medi-Share 65+ offers a range of benefits tailored to meet the healthcare needs of older individuals. Here are some key advantages:
- Monthly contribution amounts: For ages 65-74 years old: $99, for ages 75 and older: $150
- 24/7 access to telehealth: Get medical advice and consultations anytime, anywhere, without leaving your home. No out-of-pocket costs.
- Select savings card: Save on prescriptions, providing more affordable access to the medication you need.
- Dental and vision discounts: Enjoy significant savings on dental and vision care, including exams, glasses, and more.
- Sharing in medicare deductibles & copays: Reduces your out-of-pocket costs by sharing in the expenses not covered by Medicare.
- Sharing in office visits: Share the cost of doctor’s office visits, making regular check-ups more accessible.
- Sharing in nursing facility care: Get support for the costs associated with care in a nursing facility.
- Hospitalizations: Offers peace of mind by sharing in the costs of hospital stays.
- Sharing in durable medical equipment: Helps cover the expenses of medically necessary equipment like wheelchairs or home oxygen equipment.
How It Works
Imagine you have a mishap and end up with a broken leg that requires an emergency room visit and follow-up care.
The total cost for this unfortunate event comes to $20,600. Here’s how the sharing process works with Medicare and Medi-Share 65+:
- Medicare Part A Responsibility: This covers your hospital stay, and for this scenario, it covers all of the expenses not covered by Medicare.
- Medicare Part B Responsibility: This part covers your medical costs outside of the hospital stay, like doctor’s services. After Medicare Part B pays, you are left with $2,153 in unpaid charges for your broken leg.
- Eligible for sharing: The unpaid charges of $5,953 are eligible for sharing through Medi-Share 65+.
This is where the community aspect of Medi-Share 65+ shines. Your fellow members contribute towards this remaining amount, reducing your out-of-pocket expenses to your $500 Annual Household Portion, assuming you have not already met this with other medical expenses this year.
How to Get Started
Starting your journey with a health sharing program is easier than you might think.
Here’s how you can take the first step:
- Schedule an appointment: Reach out to schedule an appointment with one of our Personal Benefits Managers. They will guide you through the process, answer your questions, and help you understand how a health sharing program can fit into your healthcare strategy.
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Experience The Medi-Share Difference
Choosing a health sharing program like Medi-Share 65+ is a smart, cost-effective option.
With the potential for significant savings, more control over your healthcare decisions, and the support of a community-driven approach, it’s an option worth considering for anyone over 65.
Don’t let the rising costs of traditional healthcare hold you back—explore the freedom and savings offered by health sharing plans today.
Medi-Share 65+ FAQ
Is it necessary for me to sign up for both Medicare Part A and Part B?
Yes, enrolling in Medicare Part A and Part B is essential since Medi-Share 65+ acts as secondary coverage to Medicare. Typically, Medicare Part A, which provides hospitalization coverage, is available without a premium. On the other hand, Medicare Part B covers diagnostic and treatment costs and requires a monthly premium to ensure all medical bills can be processed effectively.
Can someone under 65 with Medicare Parts A & B due to disability qualify for Medi-Share 65+?
Unfortunately, eligibility for Medi-Share 65+ begins at age 65, requiring enrollment in both Medicare Parts A and B. Thus, individuals who have Medicare due to disability but are not yet 65 are not eligible for Medi-Share 65+.
What happens if I choose to cancel my enrollment in Medicare Part A or Part B?
It’s crucial to keep your enrollment in both Medicare Parts A and B active for your Medicare benefits to remain effective. Without current enrollment in these parts, Medi-Share 65+ is unable to process submissions for your medical bills.
What does the annual responsibility entail in Medi-Share 65+?
In Medi-Share 65+, the Annual Household Portion (AHP), or ‘responsibility,’ is set at $500 per member. This AHP represents the sum you’re required to pay out-of-pocket towards eligible medical bills within a 12-month period starting from your membership’s effective date before the costs can be shared among members.
The 20% co-insurance not covered by Medicare Part B, along with any co-payments or deductibles left after Medicare has processed the bills, will count towards this $500 AHP. After meeting the AHP, Medi-Share 65+ will share 100% of the remaining balance on eligible medical bills.
Here are some additional articles on Medicare programs: A Complete Guide to Medigap Plan G | What’s New in Medicare for 2024?| Can I Change My Medigap Plan?| Medicare MSA for Long-Term Care Insurance: Your Options | Medicare When You Work Past 65 | What is the SilverSneakers Program?
Here are some additional pages related to this article: Medi-Share 65+: A Health Sharing Alternative for Medicare Beneficiaries | Complete Medicare Supplement Plan G Information
Wiley Long is founder and president of Medigap Advisors, and is passionate about helping people navigate the confusing waters of Medicare. He is the author of The Medicare Playbook: Designing Your Successful Health Coverage Strategy, a clear and simple explanation so you can make the most of your Medicare coverage.