Medicare and Social Security advice and options

#26
#26
K-town Vol Fan said:
Murica....
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Maybe I missed something but I didn’t find it at all difficult. I think some brokers and consultants work to scare consumers into spending money with them.

SS: use the age/payout table and make a decision somewhere between you aren’t guaranteed bother day or you’ll live to 100.

Medicare: Find an honest broker and pick the plan that meets your needs.
 
#27
#27
AdoptedVOL said:
Maybe I missed something but I didn’t find it at all difficult. I think some brokers and consultants work to scare consumers into spending money with them.

SS: use the age/payout table and make a decision somewhere between you aren’t guaranteed bother day or you’ll live to 100.

Medicare: Find an honest broker and pick the plan that meets your needs.
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Those are very difficult decisions for millions of citizens.
 
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#28
#28
Thunder Good-Oil said:
Those are very difficult decisions for millions of citizens.
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Public Ed I guess. It’s sad how Americans have sacrificed their independence to others who make their life decisions for them.

I think it’s why I enjoy American history of the 1800s so much. We’ve lost that spirit of independence where a man and woman loaded their wagon with provisions and headed west into unknown dangers in order to stake claim to a piece if something they could call their own. Failure not an option.
 
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#30
#30
SmokinBob said:
Medigap Seminars does youtube videos that are in-depth about all the options yet easy to follow.
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YouTube is great with the videos. But some are by biased, self serving insurance sellers. A red flag would be any that don’t immediately warn viewers about the problems with Advantage. If they go right in to the extra perks of Advantage plans I usually stop watching and don’t follow them.

Boomer Benefits seems good. I probably have Medigap Seminars on FOLLOW. There are another 5 or 10 that I have seen provide good information.
 
#31
#31
Medicare School.

Giardini Medicare.

Medicare 365.

Medicare on Video - HealthPlan65.

The Medicare Family.

Most have an office and invite enrollees to give them a call. I tried to google a local company, but they weren’t very impressive. Choosing a national agency is probably the route to take.
 
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#32
#32
New 2025 Part B costs:

$185/month (5.9% increase)(SS COLA: +2.5%)

IRMAA (income 2 years ago) Part B cost:

$106,000-$133,000: $259/month premium $133,000-$167,000: $370/month premium
$167,000-$200,000: $481/month premium
$200,000-$500,000: $592/month premium
$500,000 and above: $629/month premium

Part B Deductible: $257 annually
 
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#35
#35
508mikey said:
So if I sign up for Medicare and don't want to use it until I'm 67 do I still have to pay for it ? My company has better insurance right now
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I haven’t looked into that as it doesn’t apply to anybody in my family. That might be a valid reason to wait beyond 65 years old. Medicare dot com should have an easy explanation.
 
#36
#36
Google

Do employed people have to sign up for medicare at age 65?

No, employed people are not required to sign up for Medicare at age 65 and may be able to delay enrollment in Part B without penalty, provided they have coverage through a current employer or spouse's employment. However, even with employer coverage, it's often beneficial to enroll in premium-free Part A. You should contact your benefits administrator or the Social Security Administration (SSA) for personalized guidance to confirm your eligibility for a Special Enrollment Period (SEP) and avoid potential penalties.

When you can delay enrollment?
Employer Group Health Plan:
If you or your spouse are still working and covered by an employer's group health plan, you can delay enrolling in Medicare Part B without penaltY.
 
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#37
#37
www.medicare.gov

Working past 65

If you (or your spouse) are still working when you turn 65, Medicare works a little differently. Answer a few questions to find out when to sign up, or review some common situations.
www.medicare.gov www.medicare.gov
 
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#38
#38
If you are still working at 65 and electing to continue with your employer health plan, when you leave employment with them, ask for a certificate/letter indicating your period of coverage. This will help if there’s any question of your eligibility for the best premium for part B when you do apply for it.
 
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#39
#39
Thunder Good-Oil said:
I’m not there yet, but trying to figure it all out.

Right now Social Security can begin at age 62 and should never be delayed beyond age 70. The latter leaves benefits on the table.

With SS I guess electing to take it early works best if you’re no longer working or only working part time and under the earnings threshold.

Medicare is much more complicated and depends a great deal on how much income one has. How healthy the participants are is another huge consideration.

Medicare: need too chose between (1) the basic government plan and probably adding “Advantage” -or- (2) going with Medigap/Supplemental coverage.

There’s no extra cost when using a broker, although they will collect far more lucrative commissions by steering the sheep into one of the “Advantage” plans.

It can be difficult to switch from Advantage to “Gap” policies.

Also, there is a 7 month window to sign up for Medicare (birth month plus and minus 3 months) and missing that window creates financial penalties for the rest of your life.
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Have a question about this Medicare B stuff -- when the SS papers are filled out - does this need to be included ? Even if still working ? I dont want to pay for Part B just yet but is it required to sign up for it ? You can ask me any questions if you want
 
#40
#40
508mikey said:
Have a question about this Medicare B stuff -- when the SS papers are filled out - does this need to be included ? Even if still working ? I dont want to pay for Part B just yet but is it required to sign up for it ? You can ask me any questions if you want
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I think that there are exceptions for being required to sign up (and pay) for Part B are if the Medicare “beneficiary” is working and is covered by health insurance at their job or when a husband/wife (the beneficiary) is covered by their spouse’s plan.

An agency like Medicare School dot com would be able to answer those type of questions and they provide their service for free.

I’m not familiar with what SS requires in their application process, but for those receiving SS benefits, they can have the Medicare Part B premiums deducted from their Social Security payments. But many that have turned 65 aren’t yet taking SS.
 
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