Jae Oh - Maximize Your Medicare: Qualify for Benefits, Protect Your Health, and Minimize Your Costs

Copyright 2020, 2022 by Jae W. Oh

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Published by Allworth Press, an imprint of Skyhorse Publishing, Inc. 307 West 36th Street, 11th Floor, New York, NY 10018.

Allworth Press is a registered trademark of Skyhorse Publishing, Inc., a Delaware corporation.

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Cover design by Mary Belibasakis and David Ter-Avanesyan

Cover photo credit: iStockphoto

Library of Congress Cataloging-in-Publication Data is available on file.

Paperback ISBN: 978-1-62153-801-1

eBook ISBN: 978-1-62153-814-1

Printed in the United States of America

Praise for Maximize Your Medicare , 2022-2023 Edition

Jae Ohs Maximize Your Medicare is the best book Ive read on understanding all of the Medicare options and how Medicare intersects with other health insurance options. And he provides frequent updates so that new readers have the most up-to-date information about the constantly changing world of Medicare.

Wade Pfau, professor of Retirement Income at The American College and author of the Retirement Planning Guidebook

Maximize Your Medicare s real-world, practical information makes it a must-read for both current and future retirees. This book is one of a kind because it provides a practical strategy, a practical approach of how to think about how Medicare works today, and how it can affect a retirement plan in the future. There are many books on the topic of retirement planning, from Social Security to investing, written by professionals who have direct real-world experience. Similar guidance is difficult to find regarding Medicare, where the pitfalls are everywhere, especially when a Medicare beneficiary is not aware of the nuances that are not stated in the many advertisements and mailings.

Robert Powell, editor, Retirement Daily

Jae Oh has unquestionably mastered the challenge of making sense of the byzantine Medicare rules, regulations, and little-known nuances and pitfalls. Oh deserves great praise for his adept skill at translating what is, for most, too difficult a language to comprehend. I have learned a lot and am grateful to Oh for devoting so much of his time and energy to create what is clearly a Medicare roadmap for all to follow. Anyone who follows the advice and guidance provided will not only find their way to an optimal Medicare coverage to meet their needs, but will also enjoy the added health benefit of reducing the stress related to the cost of accessing health care.

Professionally, I advise clients about their rights under the various Medicare programs. Even with all of this knowledge and experience, when it came time to straighten out coverages for my mother, I thankfully turned to Jae. His practical expertise understanding the system and how to effectively navigate it is unparalleled.

Sanford J. Mall, JD, elder law attorney, VA accredited attorney, and member of the Council of Advanced Practitioners and National Academy of Elder Law Attorneys

Jae Ohs how-to, titled Maximize Your Medicare , offers a wealth of timely advice covering the ins and outs of Medicare coverage. Even though Ive served in senior management and consulting roles with hospitals and physician practices for almost forty years and thought I understood the arcane rules governing qualifying for Medicare and the various options for coverage, the eye-openers covered in this book will prove invaluable to anyone on the cusp of qualifying and as a guide to assure one is sufficiently covered from year to year.

Jim Goldmann, MHA, former fellow, American College of Health Care Executives

I have been a Medicare insurance broker in Pennsylvania, New Jersey, and Florida for the last twelve years. I have been carrying the annually updated version of Maximize Your Medicare with me for the past six or seven years. I would not go to an appointment without it. Technical questions/answers and third-party thoughts are very helpful for immediate clarifications and in-depth information.

Dale Hood, independent Medicare insurance broker

Table of Contents

NOTE TO READERS: Premium levels, IRMAA premiums (part of Medicare Part B), and income brackets are subject to change per annual updates from the federal government. Always check for the most recent information, available here: http://www.maximizeyourmedicare.com.

INTRODUCTION

MEDICARE IS A MYSTERY: IT DOESNT HAVE TO BE

Medicare is enormousthere are about sixty million enrollees, according to the most recent Medicare Trustees Report. Thats about one in five Americans! As you might expect for such a vastly complex government program, its rules are confusing and frequently misunderstood. Commercials, advertisements, phone calls, and mail have made matters even more unclear.

For millions of Americans, misunderstanding Medicare can mean unanticipated medical bills, overspending on prescriptions and health-care services, and other serious consequences. Health-care expenses are the number-one cause of household bankruptcy. And, as people age, out-of-pocket costs can overwhelm pensions, Social Security, and investments.

When understood and approached in the right way, however, Medicare is the single most valuable component of retirement planning in the United States, offering financial security, excellent access to health-care providers, and peace of mind. The regulations surrounding Medicare are heavily in your favorbut you must understand the enrollment rules to reap all the benefits. In addition, fierce competition among insurance companies leads to very competitive pricing, which in turn means better benefits, lower costs, or both. You can use this information to set up Medicare in an optimal waybut doing that requires that you be fully informed.

Thats the mission of Maximize Your Medicare : to make you fully informed. You will learn how Medicare actually works, how/ when/why to enroll, and, most important, the crucial factors in choosing the best Medicare configuration for you and your family.

After countless appearances and presentations to both local and national audiences, I can tell you that almost no one understands precisely how Medicare works. This is true regardless of education level, financial status, or profession. Everyone is liable to get his or her advice from people, including health-care professionals, whose information is inaccurate, incomplete, or outdated. This book will help you avoid these errors and get the most for your money.

This Happens

A highly educated, sixty-eight-year-old, very successful business owner is enrolled in employer-sponsored group health insurance. He is married, and the group plan covers him and his Medicare-eligible spouse. The premium of that insurance was $1,500 each, per month. Instead, they cancel their group health insurance and enroll in Medicare Part B (they had enrolled in Part A when they turned sixty-five), Medigap, and Part D.