Frequently Asked Questions

The 2025 Medicare Part D changes include a $2,000 annual out-of-pocket cap on prescription drug costs. This new limit also eliminates the coverage gap known as the donut hole. At Maichel Retirement Solutions, we help clients in Abilene understand how these changes affect their prescription coverage.

Medicare Supplement Insurance, also called Medigap, covers out-of-pocket expenses like copayments, deductibles, and coinsurance that Original Medicare doesn't pay. These policies work alongside Medicare to reduce your financial burden when receiving medical care. They help eliminate surprise medical bills for covered services.

Medicare Advantage plans replace Original Medicare and typically include additional benefits like prescription drug coverage, dental, and vision care in one plan. Original Medicare requires separate Part D and supplemental policies for comprehensive coverage. Medicare Advantage plans may have network restrictions but often provide more bundled benefits.

Long-term care insurance should be considered before health issues arise, as policies are guaranteed renewable once approved. With ongoing care costs averaging over $50,000 annually, planning early protects retirement savings. At Maichel Retirement Solutions, we recommend evaluating coverage during pre-retirement planning stages.

Yes, hospital indemnity insurance provides cash benefits directly to you when hospitalized. These funds help cover unexpected out-of-pocket expenses, deductibles, or everyday bills while you're unable to work. The benefit amount is predetermined regardless of actual hospital charges.

Critical illness insurance provides a lump-sum cash benefit when you're diagnosed with serious conditions like cancer, heart attack, or stroke. The payment is made directly to you and can be used for any purpose, including medical bills, lost income, or household expenses during recovery.

Original Medicare doesn't cover routine dental or vision care, so supplemental dental and vision insurance fills these gaps. These plans cover routine exams, cleanings, eyeglasses, and emergency dental procedures. Many Abilene residents add these policies to ensure complete healthcare coverage beyond Medicare benefits.

Short-term care insurance covers temporary recovery periods and intermediate care needs, typically for months rather than years. It's designed for rehabilitation and transitional care after surgery or illness. Long-term care insurance covers ongoing, extended care needs that may last years or indefinitely.

The biggest mistake is not reviewing your Part D plan annually during enrollment periods. Formularies change yearly, and medications you need may move to different cost tiers or be removed entirely. At Maichel Retirement Solutions, we help clients compare plans to ensure their prescriptions remain affordable.

Medicare Advantage plans often have network restrictions that can affect access in rural areas like Taylor, Callahan, and Jones Counties. Provider networks may be limited compared to Original Medicare's nationwide acceptance. It's essential to verify that your doctors and hospitals in the Abilene area participate before enrolling.