From all over the country here are the most exciting featured communities at TopRetirements.com. Check them out here!.

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Birchwood at Brambleton is an exciting new community for active adults 55+ located in the heart of Loudoun County, and is intentionally d...

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Cadence at Lansdowne is a brand new 55+ active adult community offering a vibrant lifestyle in Lansdowne, Virginia. It's where you can ha...

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Brookfield Residential at Two Rivers is a brand new community designed for those 55+, and offers an abundance of opportunities for a vibr...

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Fairfield Glade, a stunning master-planned community, is perched high atop the Cumberland Plateau, and offers serene mountain beauty as i...

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Embrey Mill® is an all-ages master-planned community located in Stafford, Virginia, just north of Fredericksburg, and offers a totally st...

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Everything you need to live life to its fullest is now in Peachtree City. With Kolter Homes’ award-winning active adult community, Cressw...

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New Blog Article

 

October 20, 2021 – As we pointed out last week we are now in the Medicare Open Enrollment Period, which ends December 7. This is the time to re-evaluate your plan and change it if your circumstances have evolved, or you are unhappy with the plan you have. To help out with that process, we going to give a brief summary of some key points from an excellent article that came out last week in the Wall Street Journal, “8 Things to Know When Choosing a Medicare Plan“.

Neal Templin wrote this helpful article and we recommend reading it for more detail (we hope the link above will allow you to access it without being a subscriber). Templin says that when it comes to Medicare you have three choices: Regular Medicare (Parts A, B, and D), Medicare plus a private supplemental plan (some people call it Medigap or traditional Medicare), and Medicare Advantage (Part C). The decision for which one to pick is complicated and depends on your own personal situation.

Supplemental (Medigap) plans are generally better for affluent and older people. You will pay higher monthly premiums, but you usually don’t have to worry about going out of network or running up against spending caps. As you age, chances are you are going to have serious health issues, so a supplemental plan is probably better.

Medicare Advantage plans might be better for healthy people. If you are healthy and don’t anticipate many medical expenses, Medicare Advantage might be the best option. In many cases you can get a zero premium plan instead of one that might cost $200 or even much more per month, and get many extra coverages like Part D (prescription drugs) or vision care as well. Not paying a premium can make up for a lot of deductibles. Recently Medicare Advantage plans began to outsell supplemental plans for these reasons.

Going with traditional Medicare alone (Part A and B) is risky. Part A covers hospital expenses and Part B the doctor’s part. But if you are in an accident or have serious health issues you could have a big financial exposure, particularly if you end up in a hospital or long term nursing facility for more than 20 days. You also need Part D to cover your prescription drug cost exposure.

Switching from Medicare Advantage to supplemental can be tricky. In some states insurers have the right to question you or deny coverage. So thinking you will start out with Medicare Advantage and switching to a supplemental plan down the road might not be an option.

Medicare Advantage plans differ. Some are HMO plans, where you must stay in network. PPO plans, which can have higher premiums of up to $10,000 per year, give more flexibility about who you choose for your health provider.

People who travel or snowbird might be better off with a supplemental plan. That is because you could find yourself having to use an out of network provider and not be covered.

Bottom line

Choosing which type of plan is tricky, complicated, and can change over time. So use this Open Enrollment Period to re-evaluate what you have. Talking to a qualified insurance professional is a great idea. It won’t cost you anything, and they have loads of experience to help you make the smart choice for you.

For further reading:

Comments: What type of plan do you have? Are you thinking about switching? Please share your thoughts in the Comments section below.

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What It Is Like to Retire in Naples

Naples represents the gold coast of southwest Florida. People who say they don’t like Florida might not have seen this upscale retirement community. Its downtown is as sophisticated as any in the world, but charming too – you can pull up to a 5 star hotel’s valet parking, and then walk 50 feet to a old-fashioned bar where you can listen to Irish singers. High end shops vie for your credit card... more >>

State: Florida

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What It Is Like to Retire in Green Valley

Green Valley is one of the larger active adult communities in the world. It is actually a collection of developments and communities located in extreme southern Arizona. The population is over 21,000 and growing. Surrounded by copper mines, and near the hiking and birding areas of the Santa Rita Mountains, Green Valley is an unincorporated retirement community composed of 59 Homeowner Associations... more >>

State: Arizona

 
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What It Is Like to Retire in Port Orchard

Port Orchard is located on the Sinclair Inlet of the Puget Sound.  This waterfront community of approximately 13,000 people is proud of its amenities.  The downtown offers shopping, museums, entertainment, galleries and dining.  With ferry access from Bremerton and Seattle, an excursion to Port Orchard is an easy day trip or a weekend getaway.   Residents enjoy life on the Kitsap Peninsula with it's over 350 miles of shoreline... more >>

State: Washington

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What It Is Like to Retire in Boca Grande

Boca Grande is a small, upscale and beautiful residential community located on Gasparilla Island, midway between Fort Myers and Sarasota. Residents here pride themselves on preserving Florida’s history and natural beauty, and is home to many retirees and seasonal residents with an average age of 66... more >>

State: Florida

 
 
 
 

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