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Title:Turning 65 in 2022 or 2023? Medicare Signup + Social Security Explained.
Duration:32:19
Viewed:293,394
Published:08-12-2021
Source:Youtube

3 Critical Medicare decisions you have to make at age 65: 1) Are you signing up for Medicare Part A & B or are you working and plan to keep group insurance? 2) Is it best for you to choose a Medicare Advantage Part C plan or enroll in Original Medicare Parts A and B and add a Medicare Supplement insurance policy? 3) Which insurance company are you going to choose for your Part C Advantage plan if you go that route or which insurance company for your Medicare Supplement policy? Hans takes you through the 3 decisions in the proper order. Sign up at 65 or delay? Original Medicare or Part C Medicare Advantage? Which insurance company to buy from? Original Medicare - Late enrollment = LIFETIME PENALTIES Part A: - Hospital + skilled nursing - $0 monthly cost - $1,556 deductible Part B: - Doctor + outpatient - $170.10 monthly cost + IRMAA - $233 annual deductible - 80% coverage Creditable coverage = Health insurance that meets or exceeds Original Medicare - Group insurance (20+ full-time employees) from your (or spouse’s) employer - COBRA, ACA, veterans NOT CREDITABLE with Medicare to avoid penalty Part C Medicare Advantage: - Hospital, skilled nursing, doctor, outpatient - Prescription drugs (Part D), dental, vision - Network doctors + hospitals Part D: - Standalone PDP (Prescription Drug Plan) - $480 deductible - Copayments - Donut hole - Each plan has a unique formulary - $10 to $30 monthly Original Medicare: Part A — Hospital + skilled | $0 monthly cost Part B — Doctor + Outpatient | $170.10 monthly cost + IRMAA | Late sign-up = LIFETIME PENALTIES Medicare Supplement: - Open enrollment, 6 months - 10 standardized plans - “G” has most benefits — Ex: Male, 65, single, Plan G Standalone Part D (Drugs): - $10 to $40 per month - Late sign-up = LIFETIME PENALTIES Standalone Dental + Vision — OR — Medicare Advantage: Part C — Hospital, skilled nursing, doctor, outpatient, Part D, dental, vision | $0 premium | Network doctors + hospitals _________________________________ Social Security Sign-Up: - FRA = Full retirement age — 1957 = 66 + 6 months / 1958 = 66 + 8 months - Start as early as 62, as late as 70 - Current, deceased, or ex-spouse — 401(k) / IRA to income + — Life Insurance + — Long-term care insurance Email: Hans@CardinalGuide.com

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