Medicare: A Few Things You Should Know


Dear Fellow Investors and Friends,

Most of us know that Medicare is the federal health insurance program primarily for people who are 65 or older and certain younger people with disabilities. There are several parts lettered A through D that cover everything from hospital and hospice care, to doctor services and prescription drugs. A great source of information and tools is located at

Medicare is such a complicated topic that I hesitated to even touch on it. You will likely need someone to help you through doing things right when the time comes, but I wanted to highlight a few important items for you to know. Whether Medicare is a long way off, or you are currently enrolled, I hope you find these facts helpful.

If you are under age 65, you should know that:

  • Medicare is not automatic (unless you are already receiving Social Security).

  • Medicare is not free.

  • Medicare does not cover everything.

  • If you don’t sign up on time, you’ll pay more.

  • If your income is high, you’ll pay more.

  • If you are over 65, retired, and want health insurance, you must enroll in Medicare.

  • Other insurance policies are secondary to Medicare, except employer-sponsored group plans with 20 or more employees.

Everyone should take a fresh look at their health coverage at age 65 whether they are working or not.

If you are over 65, you should:

  • Monitor existing insurance for possible changes in retiree or employee coverage, as well as changes in benefits/costs of drug and Medicare Advantage plans.

  • Review costs and benefits of Medicare supplemental insurance.

  • Shop around to see what’s available.

  • Compare your existing plan to alternatives.

  • Understand what’s involved in switching plans.

Thank you, as always, for partnering with ADF, the churches we serve, and the worldwide work of the Alliance.

Please share your thoughts by contacting me at They are always welcome.

Lawrence L. McCooey, CPA, PFS, CGMA President

Lawrence L. McCooey, CPA, PFS, CGMA

Larry McCooey