{"id":532,"date":"2016-03-14T09:34:31","date_gmt":"2016-03-14T15:34:31","guid":{"rendered":"http:\/\/gpswp.com\/firstchoicefin\/?page_id=532"},"modified":"2016-03-14T09:34:31","modified_gmt":"2016-03-14T15:34:31","slug":"medicare","status":"publish","type":"page","link":"https:\/\/gpswp.com\/firstchoicefin\/services\/medicare\/","title":{"rendered":"Medicare"},"content":{"rendered":"

The Importance of Medicare<\/h3>\n

When it comes to planning your retirement, there is no shortage of components to consider. Making an income plan, deciding when and how to file for Social Security, and minimizing the impact taxes may have on your retirement assets are just a few of the issues you will need to address. Crafting a retirement plan that is capable of supporting your lifestyle and rewarding the years you spent in the workforce is no easy task. In fact, it may be a financial challenge unlike any you\u2019ve ever faced before.<\/p>\n

While it\u2019s easy to become entangled in the many different financial issues your plan will encompass, in my opinion, it\u2019s critical that your plan also addresses your health needs and concerns by including a comprehensive and affordable health insurance strategy.<\/p>\n

There are many different ways to accomplish this but for many retirees Medicare may be the most important. Medicare guarantees health insurance for people at age 65, after they have received Social Security disability benefits for at least 24 months, or if they have end-stage renal disease or have amyotrophic lateral sclerosis (also known as Lou Gehrig\u2019s disease). According to the National Committee to Preserve Social Security and Medicare, of the nearly 51 million Americans who were Medicare recipients in 2012, about 42.1 million of them were over age 65, which I feel makes having a Medicare strategy to manage healthcare costs a crucial component of retirement planning.<\/p>\n

Think of it this way: like Social Security, Medicare is a federal social insurance program that you have paid into throughout your career. Don\u2019t you want to know how to get the most out of what you have put it in?<\/p>\n

For millions of retirees, their Medicare coverage often means the difference between either insulating their retirement savings from medical costs \u2013 or quickly depleting them. To ensure you belong to the former, let\u2019s examine the four basics of any insurance plan \u2013 coverage, eligibility, enrollment and premium cost \u2013 as they relate to Medicare.<\/p>\n

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Medicare Coverage:<\/h3>\n

Deciding how to get your Medicare coverage begins with first knowing what type of coverage you need.<\/p>\n

Medicare is split into four parts:<\/strong><\/p>\n