Medicare basics for your retirement journey webinar

Video Duration: 57 minutes, 21 seconds

Medicare basics webinar welcome: Elapsed time 0 minutes, 10 seconds [0:10]

Hello and welcome to everyone. We're so glad you've joined us for today's webinar session. We have some great information to share with you. Led by our amazing health insurance specialists, all with the goal of helping you to better understand Medicare. My name is Patrick Leckie. I'm a product management director on the Health solutions team here at USAA. I'm a licensed insurance agent, and I've been with USAA for 37 years now.

And whether you're approaching Medicare eligibility already on your Medicare journey, or maybe you're caring for a Medicare eligible parent or family member, we all know health insurance can be a complex topic. And really, Medicare is no different. Individuals researching

Medicare often leave with more questions than answers. And really, that's why we've developed this webinar. We want to help provide some foundational Medicare information and break down some of the basics.

So today we're going to be discussing Medicare parts A, B, C, and D will help you understand what a Medicare supplement is or a medigap plan and discuss when a Medicare advantage or Medicare supplement plan makes sense for an individual. We're also going to cover Medicare enrollment periods and when you should start your enrollment process. We're going to cover information relevant to veterans to help understand your Medicare options.

When it comes to Tricare for life, the benefits and champ VA. And before we dive into today's information, I'd like to take the moment to go over just a few housekeeping items. So, when you registered for the webinar, you selected, if you'd like a call back from one of our licensed insurance agents. If you'd like to bypass waiting for a call, you're more than welcome to call us directly at (888) 215-8702.

Or you can visit usaa.com/medicare to schedule an appointment online. Okay, I'd like to mention just a few things on your zoom window that will be important for today's conversation.

So, you'll notice a button in the bottom section of your zoom webinar screen that says Q&A.

Should you have any questions throughout the webinar, please submit them by clicking the button and typing your question in the box.

We'll cover a few of the popular questions towards the end of the webinar. However, we are we have a number of USAA team members who can respond directly to questions using the Q&A box. And if you submit a question only our team and I can see the question and it will not be visible to the rest of the attendees.

So, we do this as everyone's health situation is different, and we want to be sensitive to that and ensure that the information isn't seen beyond the USAA team. And throughout the webinar, we'll be running several polls. And these will appear automatically on your screen. And you can interact with them to cast your vote. Next, you should see a button labeled resources at the bottom of your zoom window.

And if you click that button, you'll find links to a few Medicare related articles that you might find interesting. And in that same section, you can find today's slides for download and to view the bios of the speakers today. And lastly, our webinar is recorded and you should expect to receive an email with a link to the video in case you'd like to share it with your family or your friends, or just to refer to it later.

Medicare webinar speaker introductions: Elapsed time 4 minutes, 27 seconds [4:27]

So, let's introduce today's speakers. So ,joining me for the webinar are two of our senior level health solutions specialist. And we have with us Cicely Patridge or CC. As her colleagues know her. She sees a manager and a licensed insurance agent on the health solutions team here at USAA. Over her 19 years with USAA, she has held various positions before entering her current leadership role.

And today, she leads a dedicated team focused on providing exceptional Medicare guidance and support to our members, a task that she finds very rewarding. And next up, I'd like to introduce Corey Edmundson. Corey is a licensed insurance sales agent and is also a senior level health solutions specialist. And he's been serving our Medicare community for more than 30 years.

And he has financial services experience and has proudly served at USAA for the last 15 years. Thank you both, C.C. and Corey, for being here with me today and sharing your expertise with our webinar attendees. And to give you a little peek behind the scenes here at USAA, because our mission is centered around serving military members and their families.

USAA Mission: Elapsed time 6 minutes, 9 seconds [6:09]

We start just about every meeting with USA's mission. For us, it's critical to immerse ourselves in the mission and to keep it centered to everything we do. Our mission is to empower our members to achieve financial security through highly competitive products, exceptional service and trusted advice. And to bring this mission to life. We share what we call the mission moment during our meetings.

So, Corey, can you help us out with the mission moment? I understand that you have a story that you'd like to share with us today. Yes, I do, Patrick, and thank you for having me today. Recently, I received a phone call from a veteran who's been using the VA for his primary health care for many years. He'll be turning 65 soon and wanted to know if he really needs to use the VA.

He had a buddy that tells him you've got the VA. Don't worry about it. You don't need it. In my discovery with the member, I find out that he has an upcoming dental procedure need, and he also travels throughout the United States in his RV, being he is not 100% disabled. The VA will not provide him dental coverage.

We also discussed, with the VA. It's an excellent source for health care for him, but it's not insurance and cannot be expected to cover all out-of-pocket costs outside of the VA, such as using a civilian hospital or urgent care. And because he travels, he could find himself in an area that doesn't have a VA facility nearby by signing up for original Medicare.

He could look into a Medicare Advantage plan that could potentially provide additional health and wellness benefits, depending on what the benefits are and in his area. And since he travels, I explain the importance of understanding coverage restrictions with other network providers as he's on the road. The member was very happy to hear this, and these options, and is now working with Social Security to get his original Medicare.

And we'll get him a plan that hopefully to meet his needs. Thank you, Corey. So, this is a great example of how you and the rest of our health team works so hard to do what's best for our members by providing guidance when they need it the most. So, thank you for being there for all of our members.

You know, it's an excellent reminder of how USAA has served individuals with their Medicare choices for more than 30 years. Medicare products offered through USAA are not only available to current members, but similar to other USAA Life Insurance Company products and services. They are open to the general public. So, let's kick things off by starting with our first poll question of the day.

Okay, so it should be displaying on your screen in just a moment. And so here is the question.

How familiar are you with Medicare parts A, B, C and D. And we've provided several options to choose from that you can see on your screen. And we'll leave this up for a moment so you can make your selects your selection.

But we're going to go ahead and continue with today's webinar content. So, let's level set and start with some of the basics and build from there.

What is Medicare?: Elapsed time 9 minutes, 55 seconds [9:55]

So, first of all, what is Medicare. Corey. So let me toss this question over to you. To start us off. Please.

All right. I'll be happy to take this on. And here we go. And let's talk Medicare. When you peel back the layers of this onion, Medicare boils down to being a health insurance plan that's provided by the federal government and managed by an entity known as CMS for short. But centers for Medicare and Medicaid Services as we know it as well.

Generally, Medicare is available to anyone who is eligible. She says, typically by the age 65 and or older, of course. And for individuals that have a disability. Medicare is divided into four parts, as you alluded. We got the ABCs and the parts A and B are also referred to as original Medicare. And you'll hear us mention original Medicare throughout this entire webinar.

And when we're referring to original Medicare, that's going to be parts A hospital. And part B medical parts A and B cover a wide range of health services, but they don't cover everything.

What is Medicare Part A?: Elapsed time 11 minutes, 15 seconds [11:15]

Thank you, Corey, I appreciate that. So, with this background in context, let's break down the four parts of Medicare for our webinar attendees. So, let's start with parts A and B. All right CC can you tell us what we need to know about original Medicare, please? Of course, I sure can. Let's start with Medicare Part A. This is often referred to as hospital insurance.

Part A covers inpatient hospital stays, skilled nursing care, hospice care, and some home health care. However, it's important to know part A does not cover long term care like nursing homes or assisted living facilities. That's separate. We know a lot of people find themselves in situations where they require more permanent care and expect Medicare to cover the cost of nursing homes or assisted living facilities.

But that's not the case. You qualify for part A if you've worked at least ten years and paid Medicare taxes typically automatically deducted from your paycheck. You usually won't have to pay a premium for part A, you're automatically enrolled in part A if you already are receiving Social Security benefits. If you haven't started Social Security, you will need to enroll in Medicare Part A on your own.

This can be done through the Social Security Administration office or by visiting ssa.gov. For most people, Medicare Part A has been paid into by having it taken out of your employment paychecks. Therefore, you generally don't have to pay a monthly premium. You are still responsible for deductibles and co-pays should you need to be admitted to the hospital or a skilled nursing facility.

As a quick refresher. The term copay means that you, the individual who's covered under a health insurance, is responsible for paying a portion of services as a dollar amount in Medicare. Co-insurance is referred to as a percentage of the total cost of a covered service that you pay. For example, as a hypothetical, if your plan is an 8020 plan, that would mean the insurer is responsible for 80% while you, the patient is responsible for 20% of a covered service.

What is Medicare Part B?: Elapsed time 13 minutes, 48 seconds [13:48]

Now let's move on to part B. This covers specifically outpatient care. So, this is your doctor visits rehab therapy and some preventative services for example. It covers doctor services in and out of a hospital and most medications required to be administered in a doctor's office. And of course, your doctor or medical equipment. Now you're eligible for part B automatically once you become eligible for part A, but part B is voluntary.

Most people with part A also enroll in part B to make sure their basic health needs are covered. That way, you're covered in the event you need to go to the hospital or a skilled nursing facility, and you're covered for medical, medically necessary, and preventative services. When we talk about part B, also known as medical insurance, some examples of your covered would include like Medicare approved preventative services is your lab work, radiology, doctor visits, and outpatient procedures.

Now, unlike part A, there are costs associated when enrolling in part B, so let's touch on that for a moment.

The standard monthly premium for part B in 2026 is $202.90 each month.

This amount can change year to year as it's set by CMS, and this premium can increase based on your income. It's based on the IRS tax return for two years prior to your enrollment into Medicare.

So, if you are a high income, you will pay more. If you think you might fall into that bracket, you can go to Medicare.gov to learn more. We've seen questions from members to that ask, what is your income? What if your income changed from the last calculation when I enrolled in part B?

In that situation, Medicare does indicate they will review those situations case by case, and they recommend contacting Medicare directly to discuss. Again, that's controlled by CMS, and you'll need to reach out to them directly for more information about the process.

It is important to sign up for part B when you become eligible for Medicare, unless you're still working and you already have group health insurance from your employer. There are enrollment penalties to consider, but we can talk about those a little further in our webinar when we talk about enrollment timelines. Now for a quick recap. Medicare Part A is the hospital insurance component for Medicare.

And for most individuals who worked where you receive a paycheck with tax deductions, part has no monthly cost because you've paid into it all the years you've worked and are entitled to receive the benefits. Part B is your inpatient care to help cover your doctor visits. Part B does come with the monthly premium based on your income from your previous two years.

Tax returns. You can delay part B if you're still working. Patrick. Thank you, CC for all of that. That's a lot of good information there. But essentially to recap, part A covers hospital care. Part B covers medical necessary and preventative services. And together parts A and B or regional Medicare or at the core of an individual's health care.

What is Medicare Part C, or Medicare Advantage (MA)?: Elapsed time 18 minutes, 2 seconds [18:02]

For those eligible for Medicare. So, CC, while you were talking about part B, I heard you mention Medicare Advantage. So that's a great segue into addressing Medicare Part C, which is also known as Medicare Advantage. So can you give us an overview of part C please. Of course, Patrick. Now Medicare Part C is also known as Medicare Advantage.

These plans replace original Medicare with a private health insurer offering options like HMOs impose you must keep Medicare Parts A and B and continue to pay the part B premium in general, depending on where you live. Most Medicare Advantage plans include part D that's your prescription drug coverage. They often include additional health and wellness benefits that may be important to your overall health care needs.

Medicare Advantage plans generally have lower monthly premiums, and you may want to stay within a network of providers to avoid paying more out of pocket expenses. And also have they also have deductibles, copays, and or co-insurance. You may have expenses you'll need to be aware of and plan throughout the year. Remember, these plans are offered by private insurance carriers and generally have lower monthly premiums.

What is Medicare Part D, Prescription Drug Plan (PDP)?: Elapsed time 19 minutes, 32 seconds [19:32]

Great. Thank you so much. So, there's a lot of information when it comes to Medicare Advantage. And we'll talk a little bit more about part C when we discuss the differences between Medicare supplements and a Medicare advantage. So now let's talk about Medicare Part D. So, Corey can you talk to us more about this. You bet. Thankfully understanding Medicare Part D is fairly straightforward. It's when we start looking at specific prescriptions is when you can get a little cross-eyed. Part D is solely focused on prescription drug coverage. However, it can be complex when you start looking at what plans cover for what prescriptions. This part helps you pay for prescription medications, and like part C, it's provided by private insurance companies as well.

Medicare Part D plans have premiums, copays, and out-of-pocket costs that may or may not include annual deductibles before enrolling in a part D plan. It's important to understand how your prescriptions will be covered under that plan. Medicare.gov provides a comprehensive list of all the plans that are available in your area with formularies, which is a fancy way to say it's plans.

List of cover drugs. Not all plans cover the same medications. Part D is also optional. However, we highly recommend that you consider a part D plan to ensure your entire health care needs are covered. It's just too big of a risk to not have a plan in place. Should your doctor prescribed medications for you to get you to feeling better.

Even though you take no medications, we recommend you have a plan in place for changes in your health. Even though part D is not required if you do not sign up during your enrollment period and don't have credible coverage from another plan, you will be subject to a lifetime penalty for part D.

The biggest takeaway when thinking about part D is investing the time to review your current prescriptions each year during the annual enrollment period, which is October 15th through December 7th, each and every year.

Plans and their coverage can change from year to year. We recommend conducting your prescription review by visiting medicare.gov or if you already have a part D plan, visit your carrier's page to enter your prescriptions and compare plans to ensure whichever plan you select will meet your needs for the following year. Bottom line is, drug coverage is important. Take the time to do your due diligence and ensure that you're not hit with any surprise costs for your routine medications.

That's right.

Thank you, Corey. Prescription coverage is so important with a lot of variables due to formulary changes year to year. However, the beauty is most individuals can visit their carrier website or medicare.gov to figure out if their existing or available part D plans align with next health care year. At USAA, we send out email reminders to our members with part D.

About a month or two before the annual enrollment period, which again, is in October, to remind them about going online, following the guided help, and to add or remove prescriptions. That way, when each of the carrier comes out with their updated plans, our members will be able to go back and easily see and compare costs from year to year. And by completing online, it helps to save our members time down the road.

All right. I know we've covered a lot of information at this point, including what is Medicare Parts A, B, C, and D? And before we move on, let's pause here to run our second poll. Question of the day. So let me get it displayed for you on your screen.

Okay. So, you should be seeing it right about now. So, we'd like to know what has inspired you to attend today's webinar. On this question you can provide more than one response, and you have a number of options there for you to choose from. So, we're really hoping to learn just a little bit more about where you are in your Medicare journey.

We'll give you about 15 to 20s or so to answer this question. And regardless of where you are in this process of Medicare, we're really glad that you're here with us today to learn more and hopefully walk away with a better understanding of some Medicare basics. So, I'm going to go ahead and turn the poll questions off here in the next 30s or so.

What is Medicare Supplement (Medigap)?: Elapsed time 24 minutes, 25 seconds [24:25]

But in the meantime, let's move on and talk about the last components of Medicare that's available to individuals, which is Medicare Supplement plans, which is also known as Medigap plans. So, CC, can you help us explain to the attendees today, the Medicare supplement plans? I sure can, Patrick. Thank you. Medicare supplement or Medigap plans coordinate benefits with original Medicare.

These plans require a monthly premium and are designed to cover Medicare approved expenses that you would typically pay if you only had original Medicare. Bottom line If Medicare covers it, Medigap will pay your health care cost, resulting in less out-of-pocket costs for you. Medigap plans help to make your medical costs more predictable. All Medicare supplements are offered by private insurance companies, and Medicare has parts A, B, C, and D.

The supplements also follow an alphabetical naming system like plan F, G, R, N, and more. However, each plan has a set of minimum benefits that are standardized by federal law. So, for example, when you're comparing plan G between different insurance companies, costs will usually be the only difference and is dependent on where you live and potentially your age.

Medicare supplement plans work with Medicare's Parts A and B to help control your out-of- pocket costs. For example, most Medigap plans cover your Part A copay for your hospital stays but plans K and plans L will only cover a portion of your part B coinsurance. It's important to know which Medicare supplement plan will provide the coverage you need. Unlike some Medicare Advantage plans that include additional health and wellness benefits, Medicare Supplement plans are generally, don't contain these extra benefits, but they typically have less out-of-pocket medical costs than you would be paying in a Medicare Advantage plan.

We'll take another look at comparing these options here in a few minutes. Back to you, Patrick. Thank you, CC. So, in short, a Medicare supplement or a medigap is a private insurance plan that for a monthly premium, covers co-pays and coinsurance to help with your out-of-pocket costs that you would have had with original Medicare alone. So, you can't mention Medicare supplement without talking about part D as well.

And since Medigap plans won't cover your prescription medication, generally people who add a Medicare supplement plan, they also enroll in a part D prescription drug plan to account for their health care needs. So now let's talk about eligibility and enrollment. It's one of the most important aspects of Medicare to understand as there are penalty implications. There are questions surrounding individuals, who continue to work past turning 65.

When should I enroll in Medicare?: Elapsed time 27 minutes, 48 seconds [27:48]

And a whole other host of considerations. So, Corey, can you share information about enrolling in a Medicare with our attendees, please? Yes, I'd be happy to take this one. And I'll start by reiterating that enrollment timing is crucial when it comes to Medicare. If you're already receiving Social Security benefits, you'll automatically be enrolled in Medicare Part C and part B.

However, if you're not currently receiving Social Security, you'll become eligible for Medicare at age 65. And there's a seven month window, around that time period to sign up. This is known as the initial enrollment period, but you may see it as IEP. The seven month window includes three months before your birthday month, your birthday month, and three months after your birthday month.

So let's take a look at a hypothetical to explain this enrollment window in case you're aging into Medicare. So let's say your 65th birthday is June 9th. For example, you'd be eligible for Medicare starting on March 1st, three months prior. And it would include the month of June, your birth month, and then three months after your birth. But birthday month.

Excuse me. And that runs all the way through September 31st. The earliest effective date will be the first of your birthday month. We know there's a fair amount of people that plan to work past the age of 65. However, those individuals are covered by their employers group plan for health insurance. Or maybe you're on the primary of your employer's health plan, and you're covering a spouse who will be become eligible for Medicare, or either yourself and or your spouse because you have a group health plan.

It's considered credible coverage by CMS. If you delay your Medicare Part B and that'll have no penalty. Don't worry if you delay part B because of this, you can still enroll when you decide to retire or drop your or lose your coverage with your employer. If you miss your initial enrollment period, that seven month window around your birthday, there can be penalties.

Medicare gives you a general enrollment period each year to enroll in Medicare Parts A and B, and that starts January 1st and runs through March 31st. There's also a point in time called the annual enrollment period. This enrollment period runs from October 15th through December 7th each and every year. If you are close to aging into Medicare, you probably received a lot of phone calls, emails, and I'm sure your mailbox has been filled up many a times as well, especially leading up to this annual enrollment period, reminding you that it's time to sign up for plans for the upcoming year.

AARP is for all beneficiaries who currently have original Medicare Part D or a Medicare Advantage plan. This period allows you to switch between plans, add or drop plans depending on what coverages you have or don't have.

Another way to think about it is when you're working and your employer would have a window of time when you could make adjustments to your employee benefits. And AARP is very similar to this before ADP. It is always a great time to evaluate your health care needs and determine if what you have is really serving you well, or if you need to make changes a last enrollment period to be aware of, and we won't go into this much today is known as a special enrollment period, and you may see it as an Sep.

There are many reasons that could trigger an SCP. However, the most common is when you move to a new address or you lose your employer coverage. The bottom line about enrollments is no, your initial enrollment period, that seven month window is your opportunity to join Medicare. Again, there's the general enrollment period for those who missed that seven month window for the initial enrollment period and may have to pay a penalty for missing that.

And if you don't qualify for a special enrollment, of course, there are special enrollment periods. As we discussed at SCP, that are special circumstances due to losing employer health coverage or moving to a new home. Basically, there's a lot of rules and timelines to coordinate, and that's why it's important to have a licensed sales agent in your corner to provide you advice while you're doing your research, and to speak candidly about your options.

That's right. Thank you so much for sharing that. So enrollment timelines are so important. So let's take a quick pause here to take our final poll question of the day. So let me go ahead and get this displayed for all of you. So on this question you can also provide multiple answers as well. And here's the question. Overall, what concerns you most about enrolling in Medicare.

So you've got several options to choose from. And we'll give you about 15 seconds or so to answer this. Again, there are no wrong answers.

Okay. So I'm going to start closing this final poll out and we'll talk about the results. So let me go ahead and take a look at those results. Okay. By far the biggest concern is needing help figuring out the right plan for your needs. So again this is about in line with what we hear from our members who call in and speak with our licensed agents.

Many just want help and to feel confident that they're looking at the plan that will take care of them, when they need it. So thank you for all your responses. We appreciate all your participation today. So earlier we discussed Medicare Advantage and Medicare supplement plans. And I'd like to talk about a question our licensed agents commonly receive from our members.

What are the differences between Original Medicare, Medicare Advantage and Medicare Supplement (Medigap)?: Elapsed time 34 minutes, 14 seconds [34:14]

They frequently ask beyond original Medicare. What should they choose between a Medicare advantage and a supplement or a medigap plan? So, CC, can you provide some clarity around this subject, and how do you go about answering this for an individual? I sure can. It's a great question and something we do hear quite a bit from members calling in.

It's it is a complex situation with a lot of variables. Everyone's health situation is different, and there are a lot of questions to consider when debating between a Medicare advantage and a Medicare supplement plan first. Understanding your current and future health needs is critical in determining the coverage you choose. Similar to other private health insurance plans, not all providers and facilities participate in Medicare Advantage plans.

Physicians and hospitals can be tied to various health care networks. However, Medicare Supplement plans, or Medigap allow you to see any doctor, hospital, or medical facility that accepts Medicare. A consideration when thinking if a Medicare Advantage plan is right for you is knowing there are both HMO and PPO plans available. Depending on where you live. An HMO or health maintenance organization is a network of doctors, hospitals, and other providers who provide services for an agreed payment amount.

An HMO network usually means you must visit doctors and hospitals within a specific network for non-emergency care to realize the to to realize the full benefits of your plan, or risk not being covered for your health care. When you're in an HMO plan, it may be required a referral to see specialist or to have certain tests or procedures done.

A PPO is a preferred provider organization and provides a network of health care providers to use for your medical care. The greatest difference to an HMO plan is that with a PPO plan, you have a greater flexibility as it doesn't require a referral. If you receive care for my in-network provider, your cost share will be lower. If you see an out-of-network provider, your cost share will usually be higher.

Out-of-network providers are under no obligation to treat a Medicare Advantage patient unless it's an emergency. You want to make sure your provider will accept payment from the Medicare Advantage plan. And also keep in mind doctors can go in and out of network throughout the plan year. One reason Medicare Advantage plans are attractive to some folks is that you end up getting hospital medical, and, and prescription drug coverage wrapped into one with most Medicare Advantage plans.

Many Medicare Advantage plans have a lower monthly premium, and may also have other health and wellness benefits. A Medicare supplement, on the other hand, will have a higher premium with a medic than a Medicare advantage, but allows you to see any doctor that accepts Medicare. So you can a pick your doctor and be you're not tied to a network.

Coverages vary, but you can select a medigap plan that limits your out of pocket. To give an example of how that might work. A Medicare supplement plan G is a comprehensive plan. If someone has a plan G, it allows you to go to any provider that accepts Medicare as long as Medicare approves that charge. You're only out-of-pocket should be the Medicare supplement monthly premium your part B premium, which usually comes out of your Social Security and the Medicare Part B deductible,which this year in 2026 is $257.

Medicare changes the part B deductible every year, so that's something to keep in mind using the same plan. For example, if a member has several doctor's appointments, procedures, has a hip replacement, and so on, as long as it's all Medicare approved. The only out of pocket is the monthly premium for the plan G and the part B deductible.

If you choose a Medicare supplement, you should consider purchasing additional coverages a la carte, including a stand alone prescription drug plan, which is part B, and if you need dental and vision and that's important to you. Those coverages can be purchased separately through private insurance companies like USAA. Coverages varies based on availability in your area. Some other considerations when thinking between Medicare Advantage and Medicare supplement plans include.

Whether you travel a lot, your geographic area, and your financial situation. Medicare supplement plans are accepted anywhere Medicare is accepted because of that. These plans work well for those that like to vacation and travel across the United States. You can take comfort in knowing your health care plan will travel with you. Compare that to a Medicare advantage where, unless it's an emergency, your Medicare advantage may be limited to your local network of health care facilities.

One way to financially compare Medicare Advantage to Medicare supplement is to consider when costs impact your budget. Medicare Advantage typically involves paying for approved care as you receive it. Leading the bills you'll need to cover later. However, there will be a maximum out-of-pocket, which each Medicare Advantage plan will have. Compare that to a Medicare supplement, where you'll pay a monthly premium for a medigap plan, which offers valuable protection against health care expenses.

Once Medicare approves the service, your Medigap plan steps in to cover the remaining costs, helping you keep your out-of-pocket expenses to a minimum, often down to zero. Now, it can be a bit overwhelming and confusing. There are many variations of many Medicare supplement plans with nuances in each. As they say, the devil's in the details.

Everyone's health care situation is different. It's always best to think what you value most in a health care plan. And that's why it's important to connect with a trusted, licensed agent to help guide you through this process. Back to you, Patrick. Thank you. CC. That's, a great breakdown.

So as we can see, there are a lot of variables and you might be feeling like your head is spinning just a little bit here and unsure of what's the right move for your health needs.

Are USA licensed insurance agents are available to help answer your questions and provide the advice you need to make an informed decision, and whether you're a current USAA member or not. Our team is available to you, and we encourage you to give us a call should you need help making this important decision. You can reach our licensed insurance agents by calling (888) 215-8702.

Veterans and Medicare: Elapsed time 42 minutes, 50 seconds [42:50]

You can do that Monday through Friday, 7:30 a.m. to 6 p.m. Central time. Extended hours are available during peak times of the year, and you can find our latest hours by visiting usa.com/medicare. And we'd be happy to help out. So another one of our most asked questions we receive is what Medicare options are available to an individual who has Tricare for life.

Those who use the VA or Chevy VA for their health care needs. How does Medicare interact with these veterans? Specific benefits? So let's dive into the topic just for a few minutes. So, Corey, can you shed some light on veterans and Medicare, please? Yes, absolutely. It's a great topic, especially here at USAA. So let's talk about this. Many veterans have health care options available to them as a benefit for their service in the military.

Let's break down how Tricare for life, which you may see as TfL Veterans Affairs, which most people know as VA and Civilian Health and Medical program of the Department of Veterans Affairs, which you never see. But champ VA is definitely there. It's much older, and these programs may work for any one of these programs may work for you.

Really starting with Tricare for life. Here are a few things to know. Tricare for life is available to Tricare beneficiaries, regardless of age or where you live. If you have Medicare Parts A and B, an individual is eligible for Tricare for life on the first day. You have both parts A and B, Tricare for life will still wrap around Medicare parts A and B in coverage to absorb most, if not all, out-of- pocket expenses.

For services that aren't covered by Medicare. Tricare for life includes prescription drug coverage. Tricare for life does not include routine dental and routine vision benefits. Consider alternatives such as a private insurance company for this aspect of your health. If it's important to you with benefits provided by Tricare for life, you don't need to sign up for a Medicare supplement or a prescription drug plan. Those interested in other health and wellness benefits potentially found in a Medicare Advantage plan may have to coordinate benefits and stay within a network or members that use the VA.

There are many variables to your circumstances, depending on priority level, how far the nearest VA facility is to you. If you currently use civilian doctors and simply you love the VA.

Most military members will have access to varying levels of VA care. The VA will not bill Medicare so there's no coordination of benefits. The VA coverage is considered credible for prescription code prescription drug coverage.

Excuse me. It is not, however, considered credible for medical coverage. That's the part B sometimes you'll find that some prescriptions are not covered by the VA. Therefore, a separate prescription drug coverage may be appropriate. Some veterans that use the VA consider enrolling in the Medicare Advantage, a Medicare supplement and or prescription drug plan, which requires enrollment in Medicare Part A and or part B.

It's important to understand that if you utilize the VA for your health care, you can have other forms of coverage, including private insurance, Medicare, Medicaid, or Tricare. The last situation includes individuals using Champ, VA. Champion is similar to Tricare for life. However, it's for covering the spouse and children of a veteran who died of a service connected disability, or a veteran who died on active duty or pro rated permanently and totally disabled to a service connected disability.

Those on champions that are eligible for Medicare must enroll in parts A and B to keep their champ. VA benefits. Both Tricare and champ VA do not include routine dental and vision benefits. If these services again are important to you. Consider seeking private insurance coverage for through USA and its partners.

You may want to keep these resources and these links handy for future reference. If you fall under one of these health care plans. You can visit Tricare dot mill mille and VA gov for more information. Patrick.

Thank you, Corey for that breakdown. Medicare is a lot to take in. And then you add the layer of military benefits and that requires another level of understanding. We appreciate you sharing that vital information with our audience. We know we have many in our audience that have questions around that topic. We talked about some resources our webinar attendees can visit to continue their research.

And besides today's webinar, there are several places online that you can visit if you're finding yourself wanting more information. So we're going to go ahead and share a few resources that will be good to keep handy should you need additional support. So consider visiting

What resources are available to learn more about Medicare?: Elapsed time 48 minutes, 30 seconds [48:30]

Medicare.gov, which is a great resource to help learn more about specifics on Medicare. You can also go to usaa.com/medicare.

And this is another great resource to learn more about Medicare. And you can always call to speak with one of our licensed insurance agents to get help with understanding the various parts of Medicare, like we've discussed today. And you can reach them again at (888) 215-8702. And for a T I devices you can dial 711.

A third resource is the State Health Assistance Program, also known as Schip at Schip. Help.org.

You'll be able to find links and guides to CMS and other information about Medicare. All these resources are great tools to keep in your toolbox. If you'd like to read more about Medicare. So we've covered a lot of information today, and thanks for sticking with us throughout today's webinar.

We have a little time for some questions, so we'll get to those right now. Our team has been in the background helping to answer your questions you submitted. However, if we're unable to get your question or it's a bit more specific to your specific situation, we recommend that you call or speak with one of our licensed insurance agents at (888) 215-8702.

Q&A: Elapsed time 50 minutes, 2 seconds [50:02]

Okay, so let me sort through some of these questions. And I have one that I think that is, a really good question that will start us off.

And we did talk about this a little bit earlier, but I think it's an important one, enough to address again. So here's the question. What if I'm still working and have group health insurance coverage.

So CC can you take that one please? Yes, sir, I sure can. We talked briefly about this, but this situation comes up a lot. Let's face it, more and more people are working well until they're golden years. If you are still working and covered by an employer health plan that is credible, at least as good as Medicare. You do not have to sign up for Medicare at age 65.

You want to talk to an advisor about your unique situation. But usually folks will postpone part B until they retire. You would want to sign up through the Social Security office for part B, approximately 2 to 3 months before you want to. You want it to go into effect. Most people go ahead and enroll into part A because it's usually has no monthly premium.

Remember, you paid into it from your paycheck deductions for years. Check with your employer's HR or benefits team to understand what's best for you. If your employer plan is an HSA high deductible, you could be subject to significant IRS penalties by signing up for Medicare Part A, even though it has no monthly premium. For reference, you can check out the IRS publication 969.

Taxes are tricky, are tricky subjects, so taking time to to ask those questions if you're still working is very important. Patrick thank you CC. So let's move on to the next question. So we have an attendee asking. Does my wife and I need to be on the same Medicare supplement or Medicare Advantage or prescription drug plan. So Corey I'm going to go ahead and toss this.

Went over to you, please. Yes. Thank you. And the answer is no. We get this question quite often. First Medicare plans are different from an employer group health insurance plan when you're covered by your employer. You could extend health care coverage to your spouse and even dependents. When you roll in Medicare, that doesn't apply. Each individual must choose and enroll in original Medicare separately.

And if you decide to add on a Medicare Advantage prescription or Medicare supplement plan, or a prescription drug plan that also must be completed by each individual in the relationship.

And the reason is because everyone has separate needs. Medicare options fit accordingly to each and every one of us individually. For example, one person can be on a Medicare supplement and the other could be on a Medicare Advantage plan.

Or you both can be on a Medicare supplement plan. But each individual would have their own plan. In that case, some states allow for discounts if multiple people within the same household choose a Medicare supplement plan. Each state and each carrier are different. But be sure to ask if there's an opportunity to benefit from this discount. Then answer the question.

Patrick. Absolutely, yes. That was great. Thank you Corey. So we have time for one final question before we wrap things up today. So I heard that I needed to complete a medical exam when I enroll in a Medicare advantage or a medigap plan. So CC can you help our friends with this question, please? I sure can. Okay, friends.

So the answer is it depends. Medicare Advantage plans do not require a medical exam.

However, Medigap plans can require medical underwriting depending on the time frame in which you enroll. As we discussed, if you enrolled in original Medicare, that's parts A and B, you can enroll in a medigap plan within six months of your part B effective date without medical underwriting.

You may also be eligible for guaranteed approval if you have lost other creditable coverage and not had a break in that coverage in excess of 63 days. Now, if you decide to switch from a Medicare Advantage plan to a Medicare supplement plan, that will require you to complete medical underwriting. This means your past medical history and current health status are reviewed through an underwriting process, which can differ from state to state.

So it's best to check with a license, insurance sales agent to determine the option that's available to you. How's that Patrick. That's awesome. Thank you CC appreciate that. Well, that's all the time we have for our questions today. So thank you to everyone who has submitted a question. And hopefully our team was able to respond to your question and provide some guidance for you.

As I've mentioned earlier, if we didn't get your question, we recommend giving us a call at (888) 215-8702 to speak with a licensed insurance agent that can help you with your specific situation. And again, you can always visit medicare.gov or usa.com/medicare or ship help.org as additional resources. If you have additional questions. So as we said to wrap up today's webinar,

Closing: Elapsed time 55 minutes, 30 seconds [55:30]

I want to thank all of you for joining us today to explore the basics of Medicare Parts A, B, C, and D.

A special thanks goes to our Senior Health Solution specialists, C.C. and Corey. Your expertise and time is greatly appreciate it. Thank you guys. So we hope you've learned a little bit more about Medicare and have a better understanding of why this is an important part of your health care journey. Your health and well-being matters, and understanding your options is a powerful step.

So we applaud all of you for wanting to act by wanting to learn more. I hope all of you have a wonderful day! Take care everyone!

This material is for informational purposes. Consider your own financial circumstances carefully before making a decision and consult with your tax, legal or estate planning professional.

Use of the term "member" or "membership" refers to membership in USAA Membership Services and does not convey any legal or ownership rights in USAA. Restrictions apply and are subject to change.

End: Elapsed time 57 minutes, 21 seconds [57:21]

This material is for informational purposes. Consider your own financial circumstances carefully before making a decision and consult with your tax, legal or estate planning professional.

Use of the term "member" or "membership" refers to membership in USAA Membership Services and does not convey any legal or ownership rights in USAA. Restrictions apply and are subject to change.

Medicare Supplement insurance, USAA Life Insurance Company, and USAA Life General Agency are not connected with or endorsed by the U.S. government or the federal Medicare program.

No Department of Defense or government agency endorsement.

Medicare solutions provided by USAA Life Insurance Company, San Antonio, TX, and through USAA Life General Agency, Inc. (LGA) (known in CA and NY as USAA Health and Life Insurance Agency), which acts as an agent for select insurance companies to provide products to USAA members. LGA representatives are salaried and receive no commissions. However, LGA receives commissions from those companies, which can include compensation based on the total quantity and quality of insurance coverage purchased through LGA. Plans not available in all states. Each company has sole financial responsibility for its own products.