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Medicare Demystified: A Real Talk for Real Life

If the word “Medicare” makes your eyes glaze over, you’re not alone. In this episode of Compounding Change, I sat down with licensed Medicare agent Amy Terrell to unpack this often-overwhelming topic in a way that’s simple, personal, and actually pretty empowering.


Whether you’re a firefighter nearing retirement, helping a parent with their health coverage, or just trying to get ahead of the curve before you turn 65 - this episode is for you.


From Sidelines to Sign-Ups: Amy’s Story


Amy didn’t start in insurance - she got into Medicare after chatting with friends at a kids’ soccer game. Turns out, the confusion they all felt trying to sign up their parents for Medicare became the seed for a business that helps hundreds of people feel less stressed and more informed. That casual, neighborly approach still shapes how Amy serves clients today.


So, What Is Medicare Anyway?


At its core, Medicare is a federal health insurance program for people 65 and older, or those with qualifying disabilities. But it’s not automatic. And it’s definitely not one-size-fits-all. Here’s a quick breakdown of the Medicare “alphabet soup”:


  • Part A – Hospital stays, skilled nursing, hospice

  • Part B – Doctor visits, outpatient care

  • Part C – Medicare Advantage (private plans that bundle A & B with extras)

  • Part D – Prescription drug coverage

Checklist

When Should You Start Paying Attention?


Amy’s “sweet spot” for planning is age 64½. That gives time to understand your options, compare costs, and avoid delays. You can’t technically enroll until three months before your 65th birthday - but prepping early helps avoid mistakes.


Still Working at 65? You’ve Got Options.


If you're still on the job (or covered under a spouse’s plan), don’t assume you have to stick with your employer coverage. Amy recommends comparing your current plan with Medicare - it might save you money and offer better benefits. Just keep in mind: if you have an HSA, going on Medicare changes your ability to contribute.


Let’s Talk Cost


  • Part A is usually free (if you’ve worked 10+ years)

  • Part B starts at $185/month but is income-based (up to $628/month for high earners)

  • Your Medicare premiums can adjust if your income drops in retirement - good news for public safety professionals who shift careers or stop working.


Gaps in Coverage (And How to Fill Them)


Original Medicare (A + B) covers about 80% of your medical costs. To bridge the rest, you’ve got two choices:

  • Medicare Supplement (Medigap) – Higher upfront cost, fewer surprises, more doctor flexibility

  • Medicare Advantage (Part C) – Lower premiums, added perks (dental, vision, gym memberships), but comes with networks and potential out-of-pocket costs

Amy helps people decide which route is best with a personalized Medicare assessment based on your doctors, medications, budget, and lifestyle.


Mistakes to Avoid


Biggest one? Signing up through a flashy TV commercial without checking if your doctors or prescriptions are actually covered. That can get expensive fast. Always work with a real person who can walk you through the fine print.


Final Thoughts


Amy offers free assessments and works with 14 top insurance carriers to find the right fit. You can reach her at:

📞 440-744-3994


And as always, if you need help fitting Medicare into your financial plan, I’d love to support you.

Be sure to subscribe to the podcast, and if there’s a topic you want us to cover, just reach out. Let’s make change - one small step at a time.



 
 
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