Thinking about living abroad?
Focus on Health Care
Many Americans may not realize it, but Medicare does not cover Americans who live outside the U.S., although some supplemental plans might apply for travel or short periods.
You have to check your policies, and it’s best to consult with a health insurance agent who understands Medicare and international insurance options to create the best combined plan for your situation.
Health insurance options depend on the country you’re moving to and your age, but U.S. retirees in a foreign country generally have several options through local and international insurance.
Those on Medicare should most likely keep it for when they travel home and find either a travel policy, local policy or an international policy to cover emergencies outside the U.S. It’s nice to be able to return to the U.S. and access Medicare for nonemergent care.
What is Part B Giveback?
You’re going to be hearing more and more about the new BUZZ word in Medicare, the “Part B Giveback Benefit”. Some Medicare Insurance Companies are offering it for 2024 plans.
Here’s how it works:
If you are on Medicare and paying your Part B premium SOME Medicare insurance companies are offering to pay some of your Part B premium, usually ranging from $50-$125 per month. This money is given directly to Social Security to pay down the Part B premium you owe each month. You will continue to pay the remaining amount owed.
If your Medicare payment is being taken out of your Social Security check each month, you will see a reduced payment for Part B. If you are receiving a quarterly Medicare Part B bill, you will see this giveback benefit reflected in your bill.
We’ve all been bombarded in the last year with celebrity endorsed Medicare ads offering the Part B giveback, however not all insurance companies are currently offering the Giveback Benefit, and for those that are, you need to make sure that your doctors are contracted with those plans before you choose to change.
If you have any questions or concerns regarding the Giveback Benefit, or if you are considering changing your current Medicare plan, PLEASE CALL ME FIRST. I am here to make sure you are on a Medicare plan that best fits your needs and gives you all the benefits that are available in your area.
Please remember if you receive a phone call from a telemarketing company that says they are from Medicare or Social Security, beware. Unless YOU have called or emailed Medicare or Social Security first, they will not contact you by phone. This may be a SCAM call, or a telemarketing company attempting to get you to change your current Medicare plan.
Do you know the answers to these Medicare Myths?
If not then we need to chat.
#1 Medicare is FREE
#2 Medicare covers ALL medical expenses
#3 You can enroll anytime
#4 A Veteran shouldn't sign up for Medicare Part B or a Medicare plan
#5 It’s good to keep the same plan from year to year.
#6 Medicare covers you outside the United States?
IRMAA 2025
IRMAA 2025 Part D
