The health insurance system in the US is horrendous and this video is exhibit #1. I feel there is no hope it will ever improve and most likely will get worse. Meanwhile, your videos are incredibly informative (I've watched several of them) and I am appreciative of your efforts.
The tax bracket for Part B in incredibly High for retired people on SSI! You would think the Monthly premium would be Substantially less for those making under $50K A year Individual and $100K a year Jointly! Now I know why I see so many in thier 60's,70's+ still working at bank's store's, restaurant's, Home Depot, etc etc. UNBELIEVABLE!
@@sct4040 or save more for retirement healthcare costs. That’s my plan as a 45 year old staring at another 20 years of waiting for SSA and Medicare. I don’t anticipate either program to be as generous as they are now in two decades.
Thanks for this update. I have a friend who will need to sign up for Medicare in the near future and finds your channel a lot more clear and understandable than most of the other UA-cam Medicare channels. Fall.
Those increases every single year on deductibles and costs for parts A & B means that at some point, we the senior community, won't be able to afford Medicare health insurance. Hopefully, one of these elected officials, will be smart enough to place a cap on these costs. It's the only way that seniors will get ahead and afford these costs, and survive at the same time.
Do you really think the incoming administration will give a flip about what happens to the elderly, or healthcare for America's citizens? Oh my goodness... Us old folks are just a drain on the system. Under Trump, the more of the elderly, frail, and feeble that die -- the sooner the better they will say.
It could become worse as the deficit spending and external debt increases with the incoming administration. Currently part B premium is 75% subsidized by general fund revenues. This will be much harder to maintain as the US external debt is projected to increase over the next 4 years. Part D had an 85% subsidy in 2024, between the federal and state funding. I haven’t found official estimates yet but it’s likely to be much higher for 2025 as Congress approved emergency payments to PBMs to mask the massive part D premium increases from the Inflation Reduction Act. The future prices increases and unlikely continued high Medicare subsidies do not bode well for price stability. The current increases will be a cake walk compared to future increases.
@miguelberrios19 No worries. If you read the new administration policies for 2025, cuts are in the horizon for Medicare and social security. He also wants to change the minimum age to collect SS from 62 to 70. According to the gop people are living longer so there's no reason to retire that early. Tim Scott was one of the Republicans that is on board with the president for these changes to lower the deficit.
This was a terrific & eye-opening video. Thank you for all your efforts. My favorite season is fall, probably because I'm in the Autumn stage of my life. 🙂
I think my employer medical insurance costed a lot as well. I think I was paying $300 per biweekly paycheck. But honestly I never noticed, cause the money was taken out from my paycheck.
@@sct4040 OMG, that sounds expensive! Was that for spouse/ kids? Mine was never that high, I've never had dependants, but I'm on my former employers "retiree plan" (pre medicare) and it's still cheap, but it is going up $75/month for 2025. that's a big jump...
At the rate meds & costs of premiums are increasing seniors will never be able to put money into savings. I’m still waiting for the costs of the F plan. I know we’re the minority here but y is no one including it in their videos? It means I have to spring into action & schedule an appointment with an insurance agent. Thank you tho for being so informative it helps more people with a greater understanding.
Thank you so much for watching! Plan F's average for a 70 year old (those eligible for Medicare after 2020 can't get one) is around $200/month. Highly variable though on where you live and age :)
Very interesting and informative video, as always. It helps to see it all on the screen at the same time. Summer in Alaska is great! Sometimes we take the entire week off from work.
I've read all my paperwork on my current Medicare coverage,as well as others trying to get me to go with theirs. It looks like a trap.I'll just ride out my current bs situation, and watch what happens to millions of unsuspecting old and poor souls in this all most third world country. Heartwrenching for sure.
I had to search and search and search & now I know what the part D will be monthly I will have to pay. $185.00 if someone wants to know. I shouldn’t have had ANY PROBLEM finding it.
Spring! I love the warming and the rain. Not a fan of cold either! Thanks again for the in-depth explanation of the 2025 changes and comparisons. It's a lot to take in all at once but as you know, I watch your videos at least twice and pause often to study your charts on the screen. Also, thanks for getting this out quickly since most people are in the middle of making decisions about their 2025 plans and coverages during the open enrollment period and some during their special enrollment period. Great job! - - Lyle
I feel really bad for a lot of the seniors that are stuck in this rut. However, at the same time (as a millennial) I was taught as a teenager to never rely on what the government claimed it was going to provide in Medicare or Social Security. I really don't understand why anybody is surprised, especially with there being a massive demographic and (wage/tax) problem with maintaining these safety nets. I can tell you right now that Gen X is going to get the largest shaft of any generation when they get a 20%+ cut in benefits within the next decade. The CBO has been warning people about this for many years. Believe them the first time.
Happy fall, y'all 😊 Thank you very much for your videos. I watched many of your videos this year to help my mom who started on Medicare a few months ago. You were a big help for us to understand what we were looking at and helped her decide what was best for her. I appreciate it.
Thank you for putting that all together, Erik! One thing, you mentioned in this video (and other brokers have mentioned) about Part D drug companies cross selling to policy holders. I have the zero dollar Wellcare Part D plan for this year and for next year and I rarely receive anything from Wellcare trying to sell me an MA plan. On the other hand, I get a LOT of mailings and emails from UHC/AARP, BCBS, Humana and Cigna for me to sign up for their MA plans. Especially UHC/AARP. It's odd but that's been my experience. Oh, and Autumn is my favorite season.
Thank you Tom! 🍂 While they still have that $0 plan, I think they'll keep hands off. The entire Medicare world was shocked they kept a $0 plan and they'll get an even bigger part of the market for 2025 because of it. Most in the industry don't think the $0 plan is sustainable and if increases come, that's when the cross sell will happen. We're all crossing our fingers it stays low cost, because it's such a great option for people with no meds or very low cost generics. The UHC/AARP marketing machine is... intimidating.
I am 70. I just retired in August and moved to Thailand. This video has been very helpful in my decision NOT to start a plan B or C plan. Medical plans or just not having one here is a better idea for me. Healthcare here is affordable and, in my opinion better than what I experienced in the usa. Health coverage in the usa is costly and overwhelming.
The 'formulary' rip-off is terrible. Many times my primary care doctor changes the script mid year, and suddenly my costs go up astronomically, and I'm forced to go way beyond my budget, or do without. This BS after I'm paid my exorbitant monthly premium is just plain wrong!
I don't know anything about your meds, but when my doctor prescribes something I can't afford, I tell her. Usually, there is something else with a lower price. I understand that sometimes there isn't though.
Just became a sub. I plan to retire in a year or so and the video is a big help! I will watch other videos in your channel as well. Thanks so much for sharing your knowledge!
Unfortunately, the solution is to leave the country in retirement for more affordable health care and overall living costs. I know that means you live farther from family, but that's better than bankruptcy.
At 65 in order to keep my insurance as parts BCD I had to take medi part B. Which I did. I’m still covered under my wife’s ins as she still works. If I had to do it all over again I WOULD NOT have taken the part b until my wife turns 65. I would just use hers as my solo primary. Because I have part b my wife’s insurance has to follow their copay schedule. I’ve gained nothing by having the part b and very well May drop it until I am forced into it. It’s not great.
Not following this fully. Can you send me an email? If you are on your wife's company insurance, you don't need Part B UNLESS... her company has fewer than 20 employees. Erik@theretirementnerds.com is my email.
In watching this video, I feel a cold WINTER draft blowing over me. Geez, how much colder can it get? Is there some place in the Caribbean I can move to and get away from these runaway cost increases. 2.6%, here and there does not sound like much, but they compound and eventually outpaces any increases you might have. The stock market bears cannot roar every year with double digit increases. There will be a year where it will tank and take double digit decreases with it. Is there a silver lining? Oh, yes, the costs for this year will be cheaper than next year, so enjoy 2025. Sorry, for being a downer. Just realistic. However, Erik is my trusted go to source who tells the truth, and the whole truth, to which I am grateful to have stumbled upon him. Non one finer!!! Now, time to check out my favorite cabinet in the house and enjoy a few drinks to warm me up after such a cold WINTER forecast. Time to get out the blankets.
Thank you for the “blizzard” of information! Not my favorite. 2025 is the second year of Medicare experience for us. Here is a data point: My wife’s supplement plan stayed exactly the same, Part D went up $7/mo, or 33%. I’ll be “springing “ onto Medicare this year, better than the “blizzard”.
This is crazy. What is the amount of the increase monthly for part D? I never did find out. Looks like I’ll have to find another video to watch & hope they actually will say what the monthly cost for part D will be.
Cost depends on where you are located. Premiums go from 0 up. Per his presentation the 0 premium option - IF OFFERED - where you are located - is a good option for someone not taking many prescriptions. Also he said many of the companies have dropped certain drugs that are more costly from their formularies - meaning you would have to pay entire cost out-of-pocket and it would not go toward the out-of-pocket cap which $2,000.00 for 2025. He did say the AVERAGE cost of a part D plan was $53.95. Also said the higher cost plans may cover the higher cost medications (or not - you have to check). Remember - stand alone part D - is offered by private insurers only and those private insurers determine the ultimate dollar amount they want to charge for their product. Also - if you are already on a part D plan - you should have gotten a Notice of Change back in Sept/Oct. concerning your current plan so you know what you are facing. Hope this helps. Also - contact the Department of Insurance for your state. They should be able to help you make comparisons
My doctor, Mayo Clinic, no longer accepts patients with Advantage plans, so I switched to original Medicare. My dental plan is still Advantage and I see the same issues with their manipulation (wish original medicare would cover).
Am in Tusa, OK. I got spanked by IRMAA in October. Am single, retired July 1 & signed-up for all Medicare parts including Delta Dental from AARP. Pay zero for part A however my current monthly medicare including dental is $868 per month. Plus got a IRMAA bill for $2218 for July - Sept. therefore I paid roughly $1100+ per month for the first three months of medicare. I spoke with a medicare representative & learned that I have no hope of reducing my medicare cost for a couple years because for six months of 2024 I landed in the top income level for 2024 related to medicare's payment level. Any thoughts on how to reduce my monthly medicare other than wait it out until I drop to a lower income bracket? Future challenge is if I sell my primary my home or either one of my two investment properties I land in the higher end of the medicare chart cost. Any thoughts to reduce future Medicare costs other than don't sell a home?
To Fall or not to Fall, that is the question. One guarantee during the Fall is change, so change it is and to help manage that change, who are you going to call in the Fall? Hmm, call the Nerds!
In general I love your videos. This one is good but I think it tries for too much. I used to teach calculus and differential equations. I understand weighted averages but most people don't and I don't think your explanation helps. I think perhaps just saying Medicare Advantage plan are shifting the burden caused by the Inflation Reduction act into drug deductibles would have been more effective. That was perhaps (and maybe still is) worth a separate section. Maybe you can do one in the Spring.
@@Theretirementnerds I think you come closer than anybody to explaining what Medicare Advantage is without demonizing. It's reasonable for Insurance Companies to try to be profitible. Somehow people don't seem to understand that when it comes to the rising premiums of Medicare Suppliments. It's the same phenomenon (without minimizing the great difference between managed care and medicare) I think explaining the shift of costs is worthwhile.
I have never ever in my life to decrease any form of Medicare system. It is a huge mockery from both sides. Government and private bullshit corporations.
I will be 65 to next summer. My question to you is, do I need Medicare part b if I will have insurance coverage even though I will be retired via my previous employer? I Can continue coverage through my employer for both myself and my spouse for 390.00 per month. (Current price)
I am so confused. I worked for the federal government 32 years and retired at 59 years of age, I am now 64 and not taking Social Security yet. I did keep my medical insurance for myself and wife and children. My daughter who is 19 years old and has Downs Syndrome she never qualified for any benefits and we have not enrolled her yet to receive her disability benefits. Can you recommend any advise. My wife had been a house wife for over 40 years and has taken care of our children. Thank you kindly.
@ioanstokowski1647 appreciate you! Euro collar shirts are all from here: primogolfapparel.com/collections/mens-blade-collar-polo Discount code: retirementnerds gets you a discount 🙂 Just got 2 more yesterday that will make an appearance in the near future...
A small nit: The section of your video that mentions the Part B IRMAA amounts has a chart showing the Part D IRMAA amounts, not the IRMAA amounts for Part B. A great video otherwise.
Your chart shows the Part B Premium, not to be confused with the Part B IRMAA amount. For example, for an individual earning between $106,001 and $133,000, the Part B IRMAA amount is $74.
I can’t find the video you made on what to do if your advantage plan goes away, but you pack way too much information into it, and the code word is Primo for the golf apparel that isn’t a sponsor, yet had to listen to your promotion anyway. Make shorter videos that don’t ramble please. Stick to the subject.
This is a sinking ship. Don't trust the government to provide for you. Take care of yourself and plan as best you can! The welfare state we live in now is one of the main reasons there is out of control government spending and endless money printing to support these programs.
Medicare is very important because if it didn't exist, healthcare would not be affordable to an elderly person. Medicare taxes only pay for part A and 89% of it.
No, that is a government lie. It’s the military, war budget that is unsustainable. The US is not a welfare state, as tax payers we paid into SS and Medicare.
The health insurance system in the US is horrendous and this video is exhibit #1. I feel there is no hope it will ever improve and most likely will get worse. Meanwhile, your videos are incredibly informative (I've watched several of them) and I am appreciative of your efforts.
Thank you so much for taking the time to watch!
There are some very useful tips here)))
The tax bracket for Part B in incredibly High for retired people on SSI!
You would think the Monthly premium would be Substantially less for those making under $50K A year Individual and $100K a year Jointly!
Now I know why I see so many in thier 60's,70's+ still working at bank's store's, restaurant's, Home Depot, etc etc. UNBELIEVABLE!
Yes, it is a fact)
The raise in cost should be income based. It is a shame seniors are forced into Advantage care (really a disadvantage care) due to cost.
@@sct4040 or save more for retirement healthcare costs. That’s my plan as a 45 year old staring at another 20 years of waiting for SSA and Medicare. I don’t anticipate either program to be as generous as they are now in two decades.
You're right about something.)
I can't thank you enough for all of your hard work in providing us Medicare information! Love Autumn!
And I can't thank you enough for sticking with me and leaving such nice comments ☺️
@@Theretirementnerds would participating in a paid medical study reduce my ssdi benefit
There are some very useful tips here)
Thanks for this update. I have a friend who will need to sign up for Medicare in the near future and finds your channel a lot more clear and understandable than most of the other UA-cam Medicare channels. Fall.
So glad it is helpful ☺️ thank you for watching! 🍂
Yes, there are great tips here)
I’ll be Summering into Medicare when I turn 65! I’ll keep watching as I make my decisions on coverage.
Love it 🌞🙂
Appreciate you!
You're right about something.
Those increases every single year on deductibles and costs for parts A & B means that at some point, we the senior community, won't be able to afford Medicare health insurance. Hopefully, one of these elected officials, will be smart enough to place a cap on these costs. It's the only way that seniors will get ahead and afford these costs, and survive at the same time.
It's a reason so many are ushered into advantage plans. The costs just get to prohibitive 😕
Do you really think the incoming administration will give a flip about what happens to the elderly, or healthcare for America's citizens? Oh my goodness... Us old folks are just a drain on the system. Under Trump, the more of the elderly, frail, and feeble that die -- the sooner the better they will say.
Unfortunately, people voted for the candidate that doesn't care about that 😞
It could become worse as the deficit spending and external debt increases with the incoming administration. Currently part B premium is 75% subsidized by general fund revenues. This will be much harder to maintain as the US external debt is projected to increase over the next 4 years. Part D had an 85% subsidy in 2024, between the federal and state funding. I haven’t found official estimates yet but it’s likely to be much higher for 2025 as Congress approved emergency payments to PBMs to mask the massive part D premium increases from the Inflation Reduction Act.
The future prices increases and unlikely continued high Medicare subsidies do not bode well for price stability. The current increases will be a cake walk compared to future increases.
@miguelberrios19 No worries. If you read the new administration policies for 2025, cuts are in the horizon for Medicare and social security. He also wants to change the minimum age to collect SS from 62 to 70. According to the gop people are living longer so there's no reason to retire that early. Tim Scott was one of the Republicans that is on board with the president for these changes to lower the deficit.
This was a terrific & eye-opening video. Thank you for all your efforts. My favorite season is fall, probably because I'm in the Autumn stage of my life. 🙂
Thank you so much for watching! 🍂
Yes, there are great tips here)))
You have the BEST charts!!! 💯 Sigh. It just don't pay to get old, does it?
Thank you! ☺️
Nothing seems to be getting cheaper...
@@Theretirementnerds Ain't that the truth!
I think my employer medical insurance costed a lot as well. I think I was paying $300 per biweekly paycheck. But honestly I never noticed, cause the money was taken out from my paycheck.
@@sct4040 OMG, that sounds expensive! Was that for spouse/ kids? Mine was never that high, I've never had dependants, but I'm on my former employers "retiree plan" (pre medicare) and it's still cheap, but it is going up $75/month for 2025. that's a big jump...
😊
At the rate meds & costs of premiums are increasing seniors will never be able to put money into savings. I’m still waiting for the costs of the F plan. I know we’re the minority here but y is no one including it in their videos? It means I have to spring into action & schedule an appointment with an insurance agent.
Thank you tho for being so informative it helps more people with a greater understanding.
Thank you so much for watching!
Plan F's average for a 70 year old (those eligible for Medicare after 2020 can't get one) is around $200/month.
Highly variable though on where you live and age :)
Unfortunately, this problem exists not only in the United States, but also in other countries
Oh geez fall and early winter are EASILY my favorite seasons.
🥰🥰🥰
Very interesting and informative video, as always. It helps to see it all on the screen at the same time. Summer in Alaska is great! Sometimes we take the entire week off from work.
Alaska is one of a kind! 🙂☀️
Yes, there are very useful tips here)))
My United plan cost increased by $200/mo. I had to switch to a plan with higher co-pays and 3x the max out of pocket.
The main thing is that you feel comfortable)))
I've read all my paperwork on my current Medicare coverage,as well as others trying to get me to go with theirs. It looks like a trap.I'll just ride out my current bs situation, and watch what happens to millions of unsuspecting old and poor souls in this all most third world country. Heartwrenching for sure.
Yes, you're right.)
I had to search and search and search & now I know what the part D will be monthly I will have to pay. $185.00 if someone wants to know. I shouldn’t have had ANY PROBLEM finding it.
👍
Thanks for the update. Fall is our favorite time of year!
Fall is great 🍂 thank you!
😊
Spring! I love the warming and the rain. Not a fan of cold either! Thanks again for the in-depth explanation of the 2025 changes and comparisons. It's a lot to take in all at once but as you know, I watch your videos at least twice and pause often to study your charts on the screen. Also, thanks for getting this out quickly since most people are in the middle of making decisions about their 2025 plans and coverages during the open enrollment period and some during their special enrollment period. Great job! - - Lyle
Thank you so much for watching! I wish they got this out BEFORE the enrollment period... but I think they wanted to wait for the election to pass.
Yes, there are very useful tips here)))
I feel really bad for a lot of the seniors that are stuck in this rut. However, at the same time (as a millennial) I was taught as a teenager to never rely on what the government claimed it was going to provide in Medicare or Social Security. I really don't understand why anybody is surprised, especially with there being a massive demographic and (wage/tax) problem with maintaining these safety nets.
I can tell you right now that Gen X is going to get the largest shaft of any generation when they get a 20%+ cut in benefits within the next decade. The CBO has been warning people about this for many years. Believe them the first time.
You're right about something.
With Autumn's breezes lifting the beautifully colored leaves to the ground so I can walk through them is my magical moment .
This comment in and of itself was magical 🍂
❤❤❤
Part A has is above $ 1000 deductible something like $ 1250.
@@Rottiek9000 That's in the video if you want the exact number
Yes, it is
Thank you for this review. Meanwhile they are actually cutting what they are paying physicians again this year. Where is the all of the money going?
Thank you for the Medicare information
You are awesome Eddie!
@Theretirementnerds thanks
Yes, there are great tips here)))
Happy fall, y'all 😊 Thank you very much for your videos. I watched many of your videos this year to help my mom who started on Medicare a few months ago. You were a big help for us to understand what we were looking at and helped her decide what was best for her. I appreciate it.
Of course! Thank you so much for watching! I'm glad to hear they are helpful 🍂🙂
Yes, there are very good tips here)
Thank you for putting that all together, Erik! One thing, you mentioned in this video (and other brokers have mentioned) about Part D drug companies cross selling to policy holders. I have the zero dollar Wellcare Part D plan for this year and for next year and I rarely receive anything from Wellcare trying to sell me an MA plan. On the other hand, I get a LOT of mailings and emails from UHC/AARP, BCBS, Humana and Cigna for me to sign up for their MA plans. Especially UHC/AARP. It's odd but that's been my experience. Oh, and Autumn is my favorite season.
Thank you Tom! 🍂
While they still have that $0 plan, I think they'll keep hands off. The entire Medicare world was shocked they kept a $0 plan and they'll get an even bigger part of the market for 2025 because of it. Most in the industry don't think the $0 plan is sustainable and if increases come, that's when the cross sell will happen.
We're all crossing our fingers it stays low cost, because it's such a great option for people with no meds or very low cost generics.
The UHC/AARP marketing machine is... intimidating.
Yes, there are very good tips here)
I am 70. I just retired in August and moved to Thailand. This video has been very helpful in my decision NOT to start a plan B or C plan. Medical plans or just not having one here is a better idea for me. Healthcare here is affordable and, in my opinion better than what I experienced in the usa. Health coverage in the usa is costly and overwhelming.
I agree that such a problem exists
The 'formulary' rip-off is terrible. Many times my primary care doctor changes the script mid year, and suddenly my costs go up astronomically, and I'm forced to go way beyond my budget, or do without. This BS after I'm paid my exorbitant monthly premium is just plain wrong!
I don't know anything about your meds, but when my doctor prescribes something I can't afford, I tell her. Usually, there is something else with a lower price. I understand that sometimes there isn't though.
I agree that this is unfair.
Just became a sub. I plan to retire in a year or so and the video is a big help! I will watch other videos in your channel as well. Thanks so much for sharing your knowledge!
So glad you found us :) Appreciate you watching!
Yes, everything is very informative here)))
Autumn! Another A+ one-of-a-kind uniquely valuable video!
Thank you so much!! 🍂
❤
Law makers are actually doing it to their parents and themselves as well as thier kids.
I totally agree.
Late summer you say? For me early and full Spring. An excellent video, as always-thank you.
Late spring is probably my 2nd favorite 🌱🙂
Yes, there are great tips here)))
Unfortunately, the solution is to leave the country in retirement for more affordable health care and overall living costs. I know that means you live farther from family, but that's better than bankruptcy.
Unfortunately, this policy forces people to move to other countries
As always, another great presentation. I'm with you late summer is great.
Thank you so much! Hard to beat late summer ☀️ 🙂
❤
At 65 in order to keep my insurance as parts BCD I had to take medi part B. Which I did. I’m still covered under my wife’s ins as she still works. If I had to do it all over again I WOULD NOT have taken the part b until my wife turns 65. I would just use hers as my solo primary.
Because I have part b my wife’s insurance has to follow their copay schedule. I’ve gained nothing by having the part b and very well May drop it until I am forced into it. It’s not great.
Not following this fully. Can you send me an email? If you are on your wife's company insurance, you don't need Part B UNLESS... her company has fewer than 20 employees. Erik@theretirementnerds.com is my email.
You're right about something.
Fall is the best season
Big fan of early fall 🍂🙂
❤❤❤
In watching this video, I feel a cold WINTER draft blowing over me. Geez, how much colder can it get? Is there some place in the Caribbean I can move to and get away from these runaway cost increases. 2.6%, here and there does not sound like much, but they compound and eventually outpaces any increases you might have. The stock market bears cannot roar every year with double digit increases. There will be a year where it will tank and take double digit decreases with it. Is there a silver lining? Oh, yes, the costs for this year will be cheaper than next year, so enjoy 2025. Sorry, for being a downer. Just realistic.
However, Erik is my trusted go to source who tells the truth, and the whole truth, to which I am grateful to have stumbled upon him. Non one finer!!! Now, time to check out my favorite cabinet in the house and enjoy a few drinks to warm me up after such a cold WINTER forecast. Time to get out the blankets.
You are too kind! Appreciate you watching! Costs are concerning 😟
You're right about something.)))
Autumn/Outono/Automne all the day long! And fave holiday is Thanksgiving!
A few more days! 🦃🙏
❤
Thank you for the “blizzard” of information! Not my favorite.
2025 is the second year of Medicare experience for us. Here is a data point: My wife’s supplement plan stayed exactly the same, Part D went up $7/mo, or 33%.
I’ll be “springing “ onto Medicare this year, better than the “blizzard”.
Thank you so much for watching!
Glad your wife's plans are staying the same :) Definitely not the norm for 2025.
Appreciate you! 🌱
❤
Spring. Thank you.
Thank you! 🌱
❤❤❤
Winter is coming for those on Medicare
Winter is also coming for those who have private health insurance. Private coverage premiums increase too.
Game of Thrones reference? :) ❄
@@Theretirementnerds but of course though the nerds are cooler than game cause they help me get free stuff
😊
This is crazy. What is the amount of the increase monthly for part D? I never did find out. Looks like I’ll have to find another video to watch & hope they actually will say what the monthly cost for part D will be.
Cost depends on where you are located. Premiums go from 0 up. Per his presentation the 0 premium option - IF OFFERED - where you are located - is a good option for someone not taking many prescriptions. Also he said many of the companies have dropped certain drugs that are more costly from their formularies - meaning you would have to pay entire cost out-of-pocket and it would not go toward the out-of-pocket cap which $2,000.00 for 2025. He did say the AVERAGE cost of a part D plan was $53.95. Also said the higher cost plans may cover the higher cost medications (or not - you have to check). Remember - stand alone part D - is offered by private insurers only and those private insurers determine the ultimate dollar amount they want to charge for their product.
Also - if you are already on a part D plan - you should have gotten a Notice of Change back in Sept/Oct. concerning your current plan so you know what you are facing. Hope this helps.
Also - contact the Department of Insurance for your state. They should be able to help you make comparisons
My doctor, Mayo Clinic, no longer accepts patients with Advantage plans, so I switched to original Medicare. My dental plan is still Advantage and I see the same issues with their manipulation (wish original medicare would cover).
Am in Tusa, OK. I got spanked by IRMAA in October. Am single, retired July 1 & signed-up for all Medicare parts including Delta Dental from AARP. Pay zero for part A however my current monthly medicare including dental is $868 per month. Plus got a IRMAA bill for $2218 for July - Sept. therefore I paid roughly $1100+ per month for the first three months of medicare. I spoke with a medicare representative & learned that I have no hope of reducing my medicare cost for a couple years because for six months of 2024 I landed in the top income level for 2024 related to medicare's payment level. Any thoughts on how to reduce my monthly medicare other than wait it out until I drop to a lower income bracket? Future challenge is if I sell my primary my home or either one of my two investment properties I land in the higher end of the medicare chart cost. Any thoughts to reduce future Medicare costs other than don't sell a home?
My plan D premium for 2025 will be 4 times higher than it was in 2024. I take no pharmaceuticals.
Watch this video to find a lower cost plan!
ua-cam.com/video/C3bfwCfWYVw/v-deo.html
Spring...thanks for the info
Thank you so much for watching! 🌱
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Spring is great. Fewer bugs.
Sold choice :) 🌱
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To Fall or not to Fall, that is the question. One guarantee during the Fall is change, so change it is and to help manage that change, who are you going to call in the Fall? Hmm, call the Nerds!
Appreciate you!! 🍂
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I love spring. Thanks!
Great choice! 🌱🙂
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Thank you! 💕
Appreciate you :)
Yes, it is very informative here)))
Lot of good information
Thank you so much!!
Yes, that's right, everything is informative here)))
Favorite season is spring.
Thank you so much! 🌷
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I think I like fall best of all…thanks for the helpful info! 🙂
Thank you so much for watching! 🍂
Yes, it is very informative here)))
Fall weather
Thank you! 🍂
There is no bad weather in nature😊
In general I love your videos. This one is good but I think it tries for too much. I used to teach calculus and differential equations. I understand weighted averages but most people don't and I don't think your explanation helps. I think perhaps just saying Medicare Advantage plan are shifting the burden caused by the Inflation Reduction act into drug deductibles would have been more effective. That was perhaps (and maybe still is) worth a separate section. Maybe you can do one in the Spring.
Appreciate you watching and your feedback! Always trying to be better :)
@@Theretirementnerds I think you come closer than anybody to explaining what Medicare Advantage is without demonizing. It's reasonable for Insurance Companies to try to be profitible. Somehow people don't seem to understand that when it comes to the rising premiums of Medicare Suppliments. It's the same phenomenon (without minimizing the great difference between managed care and medicare) I think explaining the shift of costs is worthwhile.
You're right about something.)))
If I sell my house, the premium will go up after 2 years? Will the premium go down after 1 year?
They take our money any way they can, can’t they? 😢
If the profitable amount is counted as income, yes.
They re-look at your income every year, so it will readjust after a year.
Only the amount above the TAXABLE amount. It is a capital gains tax and, last time I looked, anything over $500K is taxable.
You're right about something.
Late summer/Fall
Totally agree :) 🌞🍂
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Do the IRMMA rules apply if you have Advantage Part C?
Yes, they still apply if you have an Advantage plan.
I have never ever in my life to decrease any form of Medicare system. It is a huge mockery from both sides. Government and private bullshit corporations.
You're right about something.)))
I will be 65 to next summer. My question to you is, do I need Medicare part b if I will have insurance coverage even though I will be retired via my previous employer? I Can continue coverage through my employer for both myself and my spouse for 390.00 per month. (Current price)
I am so confused. I worked for the federal government 32 years and retired at 59 years of age, I am now 64 and not taking Social Security yet. I did keep my medical insurance for myself and wife and children. My daughter who is 19 years old and has Downs Syndrome she never qualified for any benefits and we have not enrolled her yet to receive her disability benefits. Can you recommend any advise. My wife had been a house wife for over 40 years and has taken care of our children. Thank you kindly.
ten dollars and thirty cents...
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Constantly scaring people.Already know that inflation increases every year.I don't like to open all videos.
I agree that it is unpleasant
"How did you fall in love with Erik?"
"Oh, I watched him in a UA-cam video where he explained how Medicare would be changing next year." ☺️
Haha! It's quite the story. I credit the whoteboard ☺️
I want that shirt and the one(s) with the European collar 😍. You're the best, man.
@ioanstokowski1647 appreciate you!
Euro collar shirts are all from here:
primogolfapparel.com/collections/mens-blade-collar-polo
Discount code: retirementnerds gets you a discount 🙂
Just got 2 more yesterday that will make an appearance in the near future...
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Spring?
Solid choice 🌱🙂
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In 2024, my Part D cost $3.70/month. In 2025, it will be $38/month.😮
Quite the increase 😬
I agree that it is unpleasant(((
A small nit: The section of your video that mentions the Part B IRMAA amounts has a chart showing the Part D IRMAA amounts, not the IRMAA amounts for Part B. A great video otherwise.
Part B is there :)
Part B is the 2nd to last column. Part D is the last column.
Hope that helps!
Your chart shows the Part B Premium, not to be confused with the Part B IRMAA amount. For example, for an individual earning between $106,001 and $133,000, the Part B IRMAA amount is $74.
Yes, there are very useful tips here)))
i love fall
Thank you!! 🍂
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Love fall 😊
Thank you! 🍂
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I can’t find the video you made on what to do if your advantage plan goes away, but you pack way too much information into it, and the code word is Primo for the golf apparel that isn’t a sponsor, yet had to listen to your promotion anyway.
Make shorter videos that don’t ramble please. Stick to the subject.
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This is a sinking ship. Don't trust the government to provide for you. Take care of yourself and plan as best you can! The welfare state we live in now is one of the main reasons there is out of control government spending and endless money printing to support these programs.
Medicare is very important because if it didn't exist, healthcare would not be affordable to an elderly person. Medicare taxes only pay for part A and 89% of it.
No, that is a government lie. It’s the military, war budget that is unsustainable. The US is not a welfare state, as tax payers we paid into SS and Medicare.
Self fund your medical expenses? Ok, let’s see you do that. You can refuse any govt benefit even if you paid into it. Walk the talk.
You haven’t had ANY serious medical problems have you. FO
Then trust whom? What private company would sell health insurance to an 85 year old?