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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