Turning 65 and enrolling in Medicare? Medicare Signup + Social Security Explained
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- Опубліковано 23 лип 2024
- The 3 Medicare decisions for those turning 65. 1) Date and age to sign up for Medicare Parts A & B? 2) Original Medicare + Medigap or Medicare Advantage? 3) Which insurance company to buy from?
Email us at Hans@CardinalGuide.com, call us at (919) 535-8261, or visit our website at CardinalGuide.com.
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Your explanation confirms that I made the right choice for me A, B, G, and D through a local source.
I never understood why low income people get free full coverage but senior citizens have to pay for insurance! This has been going on forever!
True.
Because it is hardworking middle class who is always being squeezed!
Well said
It’s the way they rip us off from start to finish.
Yep
I’m only 48, but caring for my dad made me realize how complicated Medicare is and that I should gain a better understanding. Great video! Super informative.
I want to thank you for finally giving an explanation about this I can understand.
Hans, THANK YOU! Wow, you explained the system, so I could understand clearly what the differences are. I turn 65 in 2023 and have been researching for the last month and most of the information was so confusing, but you are the man! I really can't thank you enough. I shared you on my FB page.
Susan Thank you for sharing. Hans
I’m a financial executive approaching retirement knowing little about Medicare. This video was very enlightening. I like that it discussed the decision path rather than just jumping to a proposed solution.
If you have a medical doctor as a good friend or family member ask them. Medicare by themselves are better than the Adavantage, etc. Medicare G would be what you had before Medicare. Now you know.
@@code_6 No such thing as a Part G
@@deniznouri2754 I believe that they mean Supplement G, along with Medicare A, B & D
I want to say Thank You as this was fantastic video on something that is very scary for my wife and I. Not knowing what to do and confused. You helped walk through it so we now know what to do and feel very comfortable. THANK YOU!
Five minutes into this video I was hooked and hit the "like" button. Nobody ever talks about whether or not to sign up for A & B or why/why not. No one has ever explained exactly what "creditable coverage" really is either. Your presentation is clear, concise, and well-organized.
Thank you Hans
Thank you so very much for your time and caring for all of us that need to make these difficult decisions . You explain so clearly advantages and disadvantages of the choices old farts , like myself, need to make. You are a very helpful person and I appreciate your videos and tutorials. Very helpful. Bless you, your loved ones, and all people you help with your honest and sincere presentations.
This is an excellent series of videos. It really clarified the SS/Medicare scenarios. I also had an opportunity to speak directly with Hans and his advice and guidance was indispensable. I highly reccomend himself and his team.
Thank you Hans on a very well informed information on medicare.Will be looking foward to your new video about plan G..
Great teacher and very informative! Thanks very much
Could the government make it any more confusing! Got a headache
Yes, yes they can and they are very busy working on how to make it much worse and more confusing as we speak.
I’m turning 65 this year so your presentation was super helpful. I’ll be giving you a call soon!
My husband is about to turn 65, began receiving his SS last year @64, right after he retired. We received this huge, confusing book. Husband chunked it in my lap saying, "Figure this out so you can help me decide what to do." 😳 Four pages in I decided to see if there was an informative, non-biased video available to simplify. YES! Thank you, Hans! I think I can help him make a good decision, now! Bless you 100 fold, sir!
9
Very good information. Just remember you buy insurance based on the future you not the present healthy you. I retired in 2019, healthy and took Traditional Medicare with Plan G. In Missouri this year in 2022 the monthly rate is $155.68
I didn't go to a doctor, no prescriptions, felt great. Last year in 2021 after a fall with broken femur, I was diagnosed with Stage 4 Cancer. I'm so glad I have good coverage with this plan!
No co-pays nothing. Just the deductible from Part B and then everything is paid for. My prognosis is good but will be lengthy so my insurance decision at retirement was a good one. I don't have to worry about depleting my life savings or my house! Buy Plan G!
Jody I’ll pray for your cancer to be cured. Missouri has a special law that allows you to exchange your Plan G for a less expensive Plan G in the future regardless of your health. Keep that in mind if your premium goes up substantially in the future. Hans
Great unless you live in new york state
Jody, what about your dental, vision and hearing coverage?
MOST CANCERS CAUSED BY PARASITES, IVERMECTIN HAS HELP MANY.. RESEARCH
I tell it all cuz I'm that excited about these plans! Thanks for your videos! You have helped me better explain to beneficiaries.
You are a blessing to those making these decisions I am qualified widower and have not contributed to my own account. Thank you Hahn's.
Thank you. You have such a calming voice!
Awesome video clip! Your explanation is so clear, slow and detailed. It really helps someone like me whose English is not my native language. Thank you so much.
Thank you
Very good video. My wife turns 65 in November & we were so confused. You explained this so well. Thank you.
Thank you so much Hans for your short video with Medicare information in a very concise form !!! Until now, my head was cluttered, confused. 😄
One of the best explanations on the Web.
You forgot to mention, if someone decides later to go from a Medicare Advantage back to Tradional A & B, there is a very good chance they will not be able to get a Supplement because of Medical Underwriting (they will ask health related questions).
Glad my job handled all that. My retirement includes only a small monthly premium with Medicare. No copay’s and no limit on anything I need medically, any doctor, any hospital stay or procedure. $5.00 or less for ANY medicines. Also same for dental and vision coverages. I’m Grateful 😊.
Not so subtle
I hope it stays that way for you
Presentation is top quality. Highly recommend watching this ….!
Thank you so much for this presentation, I am approaching retirement age and I don't want to get caught having to make decisions without some knowledge. Thanks so much! will keep your information.
Hans "John" Scheil
Certified Financial Planner™
2530 Meridian Parkway Suite 100
Durham NC 27713
P: 919-535-8261
C: 919-714-3397
www.CardinalGuide.com
If you can qualify for Medicaid after age 65 & on Medicare A&B, you can then get extra help with paying the part B premiums monthly & your part D prescription premiums, copays & deductibles. But u must apply for this help after you receive your Medicare card with your medicare #. Call Medicaid office prior to signing up for Medicare to find out what u must do to get help.
Another excellent Cardinal lesson. Thanks Hans for the wonderful info you share.
Hello, Please continue to post such an informative and creative videos. Therefore, people like us will be motivated and learn in real life.
An informative presentation which was Hans clearly articulated the difference between the Advantage and Supplemental plans and answered the many questions I had as I become eligible for medicare this year. Plan G appears to be the option that would best suit my specific situation - Thanks
Agreed
Great information explained in simple terms. Thank you very much!!
I took my social when I could. I kept working. I took the amount of my SS and put it into a non taxed retirement plan that made additional money in the market and had contributions by my workplace. It boosted my retirement nest money and did not raise my taxes. It would take years of ss checks to make up the difference in my gains which allowed me to retire earlier. Remember, when a spouse dies, you get to take the larger spousal ss check. Also no guarantees on your life span. Every one has to determine for their self.
I'm licensed in NY, TX and 32 other states and anyone needing help choosing the right plan or has any questions about Medicare Supplement and Medicare Advantage plans can call me directly at 929-352-6044. I can send you brochures, documents, forms and other materials and go over all the information with you and there's no cost. Also if clients can't afford Medicare premiums maybe eligible take advantage of the Medicare Savings Program that helps cover the Part B premium 100%. Clients also maybe eligible to save up $2,041.20 or more in Medicare cost. The eligibility requirements are: (2022 monthly income limit for a single person is $1,549, married (living together) is $2,080 and the 2022 Total Resource Limit for single person is $8,400 and married (living together) is $12,600). Anyone interested in learning more and would like to know if they're eligible can give me a call. I'm here to help.
Thank you. I was going to screw up. I have an HSA. Great information 👍
Wery well presented. Now it's all making sense to me.
Bye the way, Hans, thank you for your vids and help.
It should also be mentioned! Military retirees must have Medicare part A and B to qualify for Tricare as a secondary insurance. Tricare is free, and you only pay for part B Medicare.
Great Video Hans ! I now have a better understanding. Heading to Puerto Rico LOL They give and take till we die 😉
Thank you for sharing 🙏🏿💕🙏🏿
Part B is $170.10 .....but you may want to update your video......the Medicare people are charging quarter to quarter...and that is $510.30 every 3 months.
Damned expensive if you're not ready for it.
Very informative.Thank you.
Super informative, thank you!
Great presentation!!
Alot of good useful information.
Thanks so much!!
I'll be 65 in 6 months🤔
Great info & details concerning Medicare choices . Really appreciate the visual & how well you explained everything. Does G cover being insured while traveling throughout the USA & also oversees / Europe etc etc ? ? Thx 👍
Advantage plans definitely make sense under some circumstances. I disagree with you about the biggest drawback with these plans. The biggest drawback is not the necessity of receiving care within a network. The biggest drawback is certainly having the insurance company manage your care.
Great job Hans
this... approaching 65 and this helped clarify a lot.
Great video, thank you!
When they take your income into consideration for setting the premium, is it based on "earned income"... or do they take entire income...ie, rental income, dividends, capital gains, etc in to account?
Think I might be calling you on next week, turning 65 June of this year, but will continue to work.
Best explanation ever!
Straightforward and helpful. Also frightening due to its complexity.
I need to be sure I understand the Medicare Supplement route: Original Medicare (Parts A & B) + Medicare Supplement + Part D + Dental + Vision.
Monthly Costs (Based on Averages in Michigan): Part A = $0.00, Part B - $170.10 (plus IRMA if applicable), Medicare Supplement = $150.00, Part D = $40, Dental = $30, Vision = $25.00 = $410.10/month = $4,921.20/annual
And, this does not include the deductibles, coverage limits, out-of-pocket, and excuse the cynicism, other hidden fees and costs.
Are these estimates in the ballpark? If so, why would anybody take this route over Medicare Advantage?
You have the money about right if you include dental and vision. The only deductible or copay you will have is the $233 annual Part B deductible. The coverage is very good. Consider the Part C Medicare Advantage route. Many have zero premium and they include dental, vision, and drugs. With that, you will have copayments and deductibles and still pay the $171 for Part B
@@CardinalAdvisors Thank you for the prompt response. I read for Medicare Advantage plans besides the monthly $171.50 Part B premium there is an annual out-of-pocket maximum of $7,550.00. Does that have to be satisfied prior to any benefits kicking in? If so, does that mean the minimum annual expenditure for the insured is $9,608.00 (annua Part B premium + max out of pocket) plus deductibles, copays, and coinsurance?
@@markneistat315 The $171.50 is the Part B premium. It does not count toward the annual out of pocket maximum of $7550. Very few claims approach the $7550 OOPM. It comes from accumulated copayments and deductibles through the year.
Very informative, thankyou!
Thanks Hans for the quick reply on my last post👍🏻👍🏻 We live in Massachusetts and will be going with BC/BS using their Part G plan. We have gone to 2 of their seminars already. Once back in 2013 when my Wife went on SSDI age of 53 because of medical reasons. She also got to sign up for Medicaid and we took Part A but suspended Part B because she is on my plan at work. I already did same at 65 a few years ago ( I am 67 1/2 now ) and sort of planning to work to 70 ( like you ). Actually have 2 questions in this post.
First one is … from going to the BC/BS seminars I got the understanding that age or being married or not DOES NOT effect the monthly price of say the BC/BS Core plan. From what I read … here in MA … the prices are fixed ? For instance right now it is $107.88 no matter what ?
Second question … now this one is a tuff one … when I turn 70 and start collecting … my Wife will only be 64 but she is collecting SSDI. I was told way back when ( don’t remember who but it may have been the Lawyer handling her SSDI case ) that when she hits her Full Retirement Age the SSDI turns into regular SS and she still will get the SAME amount. My question is … could she file for half my amount if it was larger ? If so … would the they use the amount I would have got at 66 ( my FRA ) or would they use my age 70 when I do retire amount ? …. Thanks again … I am going to check out your other videos here. Happy that this one came across my UA-cam feed to watch 👍🏻👍🏻👍🏻
Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 50 and my wife 44 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income.
Thanks to fire movement..
Excellent presentation. Hopefully you are still there.
Still here! Thanks. Hans "John" Scheil
Certified Financial Planner™
Cardinal Advisors
2530 Meridian Parkway, Suite 100
Durham NC 27713
P: 919-535-8261
C: 919-714-3397
www.CardinalGuide.com
Hans@CardinalGuide.com
I will say it every time. You should have a million plus followers.
Thank you. Hans
Awesome penmanship on your dry erase board!
Very informative, thank you!
Thank you! Great video.
You didn’t explain group insurance not qualified, veterans or VA? Can I use the VA as secondary insurance
I only took part A because I’ll still working and have insurance from my union. Also m, still working and don’t care about does damn penalty. I let them take 7 percent out of my check. Will be retiring 2025.
Good info. My situation was somewhat unusual. My wife born before 1955 and I born 7 years later than she took advantage of the restricted claim loophole. I filed at 62 so she could file a restricted claim on my benefits until she reached 70 and then switched to her maxed out benefits. But she passed at 69 1/2. I then filed as a surviving spouse to get her benefits. Not many people talk about "restricted claims"
Sorry about her passing
You will pay $170.10/ month, no matter what. You pay it to the federal government, monthly.
If you elect Medicare Advantage (private health care) instead of Medicare, the Federal government pays that $170.10/ month to the private insurance provider. Either way you pay $170.10
Thanks for the explanation, Hans, but yikes, USA healthcare systems and administration is a mess.
Many people have not been made aware of profit driven privately run Direct Contracting Entities(DCE) participating in the publicly funded Medicare program. I and many others would appreciate you doing an informational UA-cam video on DCE's. Just to let you know, I thoroughly enjoy your videos. Thank You
Great presentation.
very interesting thank you.
Hello Darlene
Great presentation. I'll go with original medicare and add at supplemental plan - probably from Blue Cross. From what I hear, their high deductible Plan G has a reasonable monthly price. I assume they also have the drug plan. I will find out shortly!
We can offer you most companies, Part D too, in all 50 states and DC. Thanks Hans 919-535-8261
Wax ex
This was so helpful and confirmed what I had hear about creditable coverage and HSAs. The question I have, not sure who has the right answer, is this: I've heard and read about numerous down sides and red flags about these somewhat new advantage plans. The insurance companies dictate when, where and how long based on AI algorithms. In other words, everyone in these plans better be in the same cookie cutter. Otherwise, you may be denied coverage or forced to leave a hospital because what you need is outside their algorithms. Ugh! Insurance companies, they look for ways to deny coverage over concerns of what an individual patient needs. I hope when I go off group insurance, I can afford staying the heck away from advantage plans.
My husband is 17 years younger than me. He still works and I am under his group coverage. I turned 65 four years ago. I DID apply for Part A, but that is it. I probably will not need Part B and D or Part C, for many years. I hope I am not paying penalties when or If I ever am off my spousal insurance coverage !! Whew....now I am scared !!
You will avoid the penalties as long as you sign up for Medicare Part B when his coverage ends. Consider buying long term care insurance for both of you.
Hi🙋🏻♀️I’m going to 64; and actually I’m very interesting in know about this; I will watch again with whole atención! I’m really need all the information to make a decision to maybe be retired at 65.
Thank you very much.
You forgot to mention. While a Medicare Advantage or Part C plan may not charge a "Premium" on some plans, you MUST still pay your Part B premium, which is $170.10 per month for 2022.
I hear... Lets say you want G Plan... The Insurance company you select will try and switch you to an Advantage Plan because they can make more money. They are looking for a better commission... Thanks for your Video, it was Excellent and Clear.
Great great video
So, what if you had coverage from the V.A. and social security suggested that you only get part A? My husband did that and they said if he gets part B, he will get fined. Except for the fact that he does not have any kind of dental or vision, he does not pay any out-of-pocket costs for medical appts or hospitalization. How would he add dental and vision then?
We sell dental and vision to people on Medicare. I question how one gets fined for carrying Part B?
Retire at the young age of 62! Take it early and enjoy the Outdoors! Our channel can help you with that!
great stuff. Thank you
Doesn’t signing up have to do with the number of employees if you are still working for part A?
I just read up on Medicare part A and it looks like there are Medicare part A deductibles of around $1600 that reset every 60 days for hospitalization. At this time with kaiser FEHB I don't have any big deductibles ($50 to $100) and only small co-pays($15). Like most people I don't have a fat savings account to pull deductibles from. So it looks more and more that I would be better off not using Medicare A and I don't need part B because my Kaiser covers everything except dental. The other concern I have is if Kaiser and Medicare disagree on a procedure that I can get now would leave me out in the cold and/or having to pay for something that is currently covered.
Beautiful presentation !! Can I switch from Medicare Advantage to Medical Supplement or vice versa every annual enrollment?
Can you advise me..?
I am 65 as of April 2022 this year
What are the Lifetime Penalties ? Cost ?
I’m in a quandary! I’m 64 , as of last week....thought I was still covered by mediCAL because they said I automatically got that from SDA whether I wanted it or not....then I had kidney stones last month, bam! Ambulance and extended ER VISIT...I didn’t even pick up the prescription for the pain, because I didn’t know I wasnt covered...my disability is memory due to grand mail seizure 10 yrs before I even was forced to apply.....State disability....I was 25 dollars short of the Regular disability...I never once had an explanation of anything! Plus, I’m in a County that has been taken advantage of ....they dump the inmates without a home County right here...the poorest county in Calif.....due to what I’ve witnessed....blatantly flaunted County corruption...even the elections official quickly resigned19 yrs and attaining the top pay, all of the Softwares and analytics were being outsourced! That happened in 2010... I called it corruption building...it was too fishy...always too fishy when the ?Demons are in office! Lol sorry! I have to figure out how much I can even afford...I just started collecting mySoc Sec. 2 months ago .. and I get some of my ex’s Retirement. ..total is 1900 to 2100 a month ...and a gallon of gas is over $6/gal!
I was in a major ?Wildfire that wiped my home off he map, and all past paperwork was destroyed ! I didn’t realize that the state worker I already had serious problems with, purposely had me canc Elle’s, even lied and said I never attended tthe appointments she set up....3 counties were telling me I had the same appointment the same day at different times. Well I never got he mail...my entire community was obliterated....the Valley Fire, S pt 12 2015. We weren’t allowed back for over 2 months!...it was devastating and was the #3 worst disaster in .cali history at the time....more corruption ...but, I never got any hearing or a chance to report ...basically what I didn’t know, and had every phone call I made to the worker was not returned...,she said “you’re no longer MY problem.” That was the final message I received...and she hung up.
I helped my husband sign up I get it next year so I know what to sign up for
Very good video and very informative but I do have a question. I am unders FERS and past my FRA of 66 and still covered under FEHB. My question is I plan to retire in December 2022 and want my Social Security benefits to start on January 1, 2023 meaning that hopefully, I will get my first check in February 2023. I plan to take my FEHB into retirement and want to also have Medicare. Since I have 8 months after retirement to sign up for medicare and want to start getting my Social Security benefits in January 2023. Can I defer my medicare payments for 8 months or will the payment come off my social security in January or February 2023?
Wish I'd seen this video earlier...thought once you hit 65 you'd automatically be issued a Medicare card... Life Time Penalties, absolutely terrifying!!! well I'm done, can't afford medical insurance on my job and facing penalties renders me hopeless...
@Liz Jo You could apply for extra help at ssa.gov to see if you’re eligible for help with those penalties
I made the biggest mistake in selecting the wrong insurance carrier after getting A and B.
I can't waite for open enrollment to dump this carrier. Its been nothing but problems since I signed up for the other insurance required for the supplement.
Let the buyer beware take your time getting coverage. It was bad enough to have a part taken out of my benefits. There are so many good carriers but I selected one that took the money but didn't provide the services that were suppose to do.
Joel
Joel I’m sorry this is not working out for you. If you give me a call 919-535-8261 or send me an email privately Hans@CardinalGuide.com, I’ll see if I can figure out a way to change your plan before open enrollment. Hans
Does people receive Social Security benefit irrespective of the rental income or employment income that they make after 65 years ? As per few videos, I see that the Social security benefit depends on the average salary that we made monthly ( highest 35 year income divided by the number of months). If I had 2 houses where I get a 3000 $ in rent on a monthly basis, does that lower my Social security benefit amount ?
The other income does not lower your Social Security check. The other income causes you to pay more federal tax on your social security check.
I received a pile of confusing Medicare insurance stuff in the mail. I dislike the complexity. Yesterday was garbage collection day in my neighborhood, and I put the whole pile in the garbage. It felt good.
You mentioned an HSA Health Savings Account, is it the same for the FSA Flexible Spending Account??
HSA and FSA have many similar benefits but they are different.
Another great educational video, thanks for educating us. Question Hans, I will be 65 in July and will continue to work. I am covered by my wife's group insurance with an employer that has over 3000 employees and is covered by an HSA therefore I do not need to sign up for "A" or "B" , correct ? Also I have a letter from her group insurance company that it is "Creditable Coverage".
I'm in the same situation. I believe you are correct.
Turning 65 May 2023, I'm currently on my spouse's insurance and they have more than 20 employees. We also have an FSA with her company. Does that make a difference?
We are on hubby's fed BCBS insurance which is a good insurance cov. HE PAYS THE PT B premium too. We have dental and eye with it. Does he need both. I am turning 65 this yr. Should I get pt b or stay with our BCBS insur only.
I think with the Fed BCBS plan you are required to have Part B if you are 65 and over and retired. Thanks
Don't forget the 6 month look back with Part A in regards to HSA contributions.
I have not heard this before. How does contributing to an HSA savings account 6 months before you turn 65 come into play? My husband and I both have individual high deductible HSA insurance coverage. I was thinking we could add 6 months worth of $ into his account as he would have his policy or the first 6 months of this year. ( better to not add to I?? We will talk to an agent but not until 3 months before he turns 65 by then we will have funded his account. Thanks in advance
@@smileytow1925 You can only contribute to an HSA if you are covered by a HDHP and not Medicare. When you signup for Medicare and get Part A, the coverage is automatically backdated 6 months and causes you to be ineligible to contribute to an HSA. I planned to start Medicare A & B 02/01 and was informed that my Part B coverage would start 03/01 but Part A would start 6 months ago. I had to withdraw a months contributions as excess.
Thank you so much for getting back to me so fast! I really appreciate it!
@@smileytow1925 You're welcome. It was VERY annoying when I stumbled upon it as I was researching prior to my retirement. I actually wanted to front load the full years HSA contribution until I found out that your contribution (unlike a 401k) can only be pro-rated over the time you are covered by the HDHP and not Medicare :(
thank you for this video, my question is, I am turning 65 July 2022, my wife doesn't turn 65 for another three years, it seems I have to continue to pay for my BCBS plus one plan, to keep my wife covered, because Medicare A and B and some supplement of some kind, only takes care me, is that so, or is there some other way I can take care of my wife without paying for two health benefit plans, till she turns 65 ? I know A is no cost, but B, is 170.00.
Your wife can apply for an ACA plan and possibly qualify for a premium subsidy.
Awesome video! What is Medicare Extra Help?
I assume both Part G and Part D in addition to the estimated premium you listed also require the IRMMA additional premium? I know the Part B IRMMA amounts, but IRMMA surcharge also applies to G and D in addition to the premium required for that coverage? You don't really cover the impact of IRMMA.
No IRMAA for Plan G. ua-cam.com/video/8A9e9lx5PvM/v-deo.html
Hans, does one need a "Plan G" if they have TriCare For Life?
Hans, if I understood well you said that going the Medicare Advantage way will possibly cost you the same as the original with some added benefits. What is there to decide if this is the case? Should I not want to jump to Advantage for the same premium?
Exactly. Hans you have to answer that question. If the price is the same for the two, why wouldn’t everybody want to immediately jump to the advantage plan? What’s the difference between the two plans? Is it just semantics?