Stop THROWING AWAY Money On Medicare Part B! 💰
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- Опубліковано 27 кві 2024
- Are you spending too much on Medicare Part B without needing to? Many Americans find themselves enrolled in Medicare Part B by default and are paying more than necessary. Today, Marvin Musick from Medicare School breaks down the details of Medicare Part B enrollment and show you how to avoid unnecessary expenses. Learn when you MUST enroll, how to evaluate your current health plan against Medicare options, and learn strategic ways to delay or terminate Medicare Part B if it's not the right time for you.
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✅ Watch the Internet's #1 Online Medicare Educational Workshop for FREE: get.medicareschool.com/45V4Rbw
✅ To get 1 on 1 Help from our Team, Schedule a Call Here: get.medicareschool.com/3PuKFq3
I have many health issues and I'm absolutely thrilled with my medicare A, B, G & D plans. Thanks for all of your info/help.
We're glad we could help!
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People don't understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments don't match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.
Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.
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Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things
Jeff demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
Your attention to accurate detail when explaining things is amazing and very much appreciated.
I agree
Thank you! That's what we're here for.
I am a retired RN I did a clinical rotation at a VA hospital when I was in school and I remember the VA hospital being very different than private hospitals. I would prefer to get most of my care through a private hospital.
Women out there. I just recently found out that individual work place insurance does Not! Cover some preventable services when you are 66 years old. One of them being pelvic exam. This is true as I received a bill for it. When I called the insurance company UHC this is what was explained to me.
My husband got rid of our health insurance when he signed up for Medicare! Last year had quadruple bypass surgery! Medicare covered the procedure and meds from hospital
But! It does not cover his new meds which are super expensive
I had to put him on my coverage until open enrollment for his old work healthcare
Be careful people ask questions! As we get older sometimes our bodies don’t work right
Then went back and got him back on his old healthcare plan!
Thanks for the video. I got laid off, lack of work. I'm on COBRA, but believe that because I'm 65, I should just sign up for A and B.
Yes, we would advise signing up at this time. If you would like some assistance please contact our office at 1-800-864-8890.
Excellent video. Thank you. I signed up for Medicare A and B even though I'm still working. This morning after watching your video I printed the 1763 form and went to my local social sec office. The representative I spoke to said I needed form 564 and it had to be filled by my employer. In other words, she didn't want to help me. My question is, where can I mail form 1763?
You would just mail it to your local SS office, it seems the representative didn't understanding that you were attempting to term it overall. Once you send it in they will understand and start processing.
Spouse has coverage at large employer. Being disabled I have many high higher deductible specialist and numerous tests annually. When Medicare is billed as secondary this always triggers an adjustment down to wipe out any primary deductibles and pays specialist co pays. I may break even some years but any hospital events it has saved a small fortune in expenses by the adjustments.
Turned 65 and completed mandatory Medicare enrollment, I waived part B as I'm still employed, and using the Veterans Healthcare as well. I had Tricare however was told by Tricare that I am discontinued because I waived part B. Once I turned 65 my Tricare turned into Tricare for life, but they discontinued me because I don't have part B.
Yes unfortunately at 65 they require you to take Part B to keep Tricare for life, even if you are still employed.
Tricare requires you to have part B when over 65 even if you are fully insured via a spouse or still working. This is my experience. Seems tricker wants to be secondary. Please tell me I wrong, this is my experience.
Thank you for this very informative video. It was very helpful.
Glad we we're able to help!
Awesome information. Thank you
Glad it was helpful!
I'm retiring the day I turn 65
Why wait that long? I retired at 61 and my wife and I got an ACA policy for $2.30 a month. We have plenty of retirement savings so I’m waiting until 70 for my Social Security. Life is too short. Please don’t work any longer than you have to.
@@johnscott2746If you live beyond 80 that could work out for you. Otherwise you're losing money by waiting to collect.
CHAMPVA requires Medicare part B when eligable.
I’m going to work till I drop so I don’t waste a drop.
Social security said if u only want part A do not mail the card but go to your closest SS office
Both are sufficient ways to go about it. You can mail in or go to the office yourself.
whats up with the 20 employee's,who,what when and why?....what's the reasoning??
very good info, i have made my phone appointment and will be excited to hear what i can do to save money, yet get good service's. It depends on how much the medicare school will charge me monthly, to set this up .LOL
If you haven't met with one of our guides already, all of our services are free, no monthly charges from us!
Thanks for this video and all you do to educate. However, I think part B is unnecessary with FEHB because the additional benefits of lower co-pays, out of pocket, dental, hearing, gym membership and partial reimbursement rarely get used enough to add up to the part B expense. Further, many of the federal retirees' in the older retirement system have a pension that combined with other sources of income must pay the increased part B cost of IRMAA. Do you think part B is non-advantageous in the above scenario?
I will be turning 65 next February. I am a Veteran with a disability rating (30%). Due to the horror stories of people being denied coverage under the Advantage Plan, Congress is getting an earful about this issue. I will look at the high-deductible plans G, N, or L. Plus, I will be traveling a lot and enjoying retirement, and the PPO aspect of being out of network does not appeal to me. So, I think a lower premium with a high deductible part G, N, or L would help offset this aspect of "throwing away money." Yes, I still won't have eye or dental (which boggles my mind about Medicare) but being out of network scares me. With all the medical issues I have, it would be hard to get back into a G, N, or L plan once I am in an Advantage Plan. Feedback would be greatly appreciated.
I am still researching this, but there is a VA cap of $700 deductible for the year. However, I am not sure if this is all-encompassing, just with copays and/or deductibles.
In less a change has been made, if you are only 30%, then VA will only cover you for free medical conditions that is listed to gives you 30%. All other medical conditions the VA will help but only if they have the space, you will be responsible for the cost, how much depends on your income and other aspects. So highly suggest you research this thoroughly
We would be more than happy to help you review your options, we can look at supplement plan options, and comparing to just your VA coverage to that. Please feel free to contact our office so we can better assist and have proper information on the situation. 1-800-864-8890
Question concerning MA only, I'm a disabled vet, based on your video, MA only will allow me to go to no VA Doctors or hospitals, but I will not have a Drug plan because I can get medication through the VA. However, I have been told that the VA pharmacy will only fill prescription written by VA Doctors. How will my non-VA doctors prescription cost be covered? Thanks in advance for all you assistance!
In those scenarios you would have to look into other services like GoodRx and self pay, or services along those lines. Since VA pharmacy only takes those from VA doctors.
Aren't self-employed persons also required to enroll in Part B at 65? If they are not on a qualified group plan? To avoid the lifetime penalty?
That is correct, here is a video going into detail about that scenario ua-cam.com/video/4GtRppYTHho/v-deo.html
I need to correct my last post. You are wrong. If one turns 65 they have to be on Medicare, if not Tricare for life is not activated. Bottom line any retired Military person goes from regular Tricare to Tricare for life at the age of 65.
Also for VA, one has to be a certain % to be eligible for any medical that was not caused by military service .
Thanks for the vid. I work for a company with 20 or more on a plan and I will be 66 soon, I started the medicare process haven't completed it yet did I make a mistake or should I have waited?
You may be paying for coverage you don't need at this time. Here is a more in depth video for those who are going to continue working past 65 ua-cam.com/video/4GtRppYTHho/v-deo.html
Yes we are wasting our time and money by paying all deductibles copay coinsurance and premiums.
In this video you talk about enrolling in Advantage plans. In every other video you talked about how they deny coverage. I don't understand what the difference is here?
Plus as he has said, if you wanted to change from an advantage plan to a supplemental plan you would have to medically qualify
Individuals with special situations like FEHB, Tricare, or VA benefits may have unique considerations when choosing their Medicare coverage. In many cases, they may be limited to Medicare Advantage plans that are designed to work alongside or complement their existing coverage. These specialized plans are tailored to accommodate the specific needs of individuals who already have additional health benefits from programs like FEHB, Tricare, or VA benefits.
Hi: thank you for this informative video. I’m currently on my husband’s COBRA plan which ends 5/25. I will be eligible to sign up for Medicare this year:which I must sign up before end of Jan 2025. 1) should I wait till January to sign up or is that too risky? 2) I will have overlap of Medicare & COBRA for 4 months, should I terminate Part B? Or just keep it? If I terminate when can I reactivate?
Our COBRA premiums are 100% reimbursed by new employer.
It depends what month you turn 65. You have another 3 months after the month of your birthday to sign up for Part A and B. You'll want to make sure you do it within that window. Cobra is not considered credible after a few months.
If you are sent the Medicare cards 100 days in advance, when do they start charging you the part B premium? And when are you supposed to start using it? So confusing!
The start date for both Part A and Part B will be indicated on your Medicare card. Typically, you'll receive the card before your coverage begins, and the card will display the start date for both Part A and Part B. As for billing, you may receive your first bill for Medicare premiums either in the month prior to the coverage start date or in the same month that coverage begins. However, the payment won't be due until the month your coverage actually starts.
If I use VA and an MA only plan can I cancel the MA only and get on a Plan G in the future?
You will likely have to medically qualify depending on when you are trying to sign up for the Plan G.
So what if I want to avoid the hassle and go ahead and get established in the medicare system. this will ensure and help me know how much im going to be paying. work all done for when i retire say 1 year later and im all good. is this not a good plan or thought?
If you don’t like your employer’s plan, makes sense. I’m now over 65 but I stay with my employer plan….it allows me to still have an HSA and continue to pay into it as I continue to work. Signing up for Medicare will mean you can no longer pay into an HSA. If you have an HSA and want to continue to pay into it you shouldn’t sign up for Medicare. One complication with the HSA and Medicare, you have to stop paying into your HSA 6 months before you go on Medicare, after you are 65. So you have to be aware of that.
You can still do so, in some cases people will still transition to Medicare while still working. If it's what you would prefer. In this case we would compare your employer plan to Medicare plans to see what would be best for you to take as far as finances.
I am turning 65 in September 2024. And currently I have a ACA insurance. My question is Do I have to enroll in Medicare as early as September, even though there are 7 months open enrollment period normally, otherwise I would lose my tax credits starting from September? I hope that you understand what I’m talking about. Thank you.
Once you reach 65 and have an ACA plan they typically expect you to transition to Medicare once you reach 65, no matter where that falls in the time of year.
@@MedicareSchoolThank you for your prompt response. What if I enroll in the Medicare in December, which is the last month of my open enrollment period. And the Medicare will start from January 2025. Do I still get the subsidies from ACA for September through December? I really appreciate it your help.
You mentioned a 10% penalty for not taking part B at 65 does that penalty apply if you have employee health benefits
As long as your employer has more than 20 employees, and you always maintain that coverage with no gaps or lapse in coverage there will not be a penalty.
So Cobra can continue after Medicare/age 65? Why would employers allow this? Isn't Cobra supposed to be a stop-gap between employment?
It can continue yes BUT once you reach age 65 it is not considered creditable coverage and could result in penalties. We always suggest those on cobra to switch to Medicare when they reach 65 to avoid this.
I am 68 years old, I am not register for Medicare plan and my Tricare is not active beacouse I am not Medicare register and have a work coverage. Which coverage best service to me?
You are right, when a retired military personal reaches 65 the age out of regular Tricare. At age 65 Tricare becomes by law, Tricare for Life. It's only pays as secondary. So if you don't have Part B, Tricare won't pay anything. I got caught on this.
Not sure how it works if you are still working and on a company plan. I just know that at age 65 retires age out of regular Tricare.
It's best to compare the two options as the options differ state to state. If you would like some assistance in comparing those that would be the best fit for you please contact our office at 1-800-864-8890, we'd be more than happy to help!
1. The VA makes hearing aids and eye glasses at no cost for eligible veterans. 2. Medications provided by the VA are not less expensive, they are free.
No they aren't we pay a deductible.
@@joycekveum2205 I wrote for “eligible Veterans”: those with service connected disability ratings 50% or greater
@@joycekveum2205 Most Veterans are not subject to co-pays.
@@joycekveum2205 A large majority of Veterans treated by the VA have no co-payments.
Do MA only plans look at your income like part B plans do?
Medicare advantage plans do not look at income
@@michellebower4643 my understanding is that you still have to pay for Medicare part B with an Advantage plan so I imagine the monthly premium cost for part B with an Advantage plan is the same along with any IRMMA?
@@bettyditillo1425
Part A and B are administered by the government. The government determines the premium for these each year. Currently 2024 is $174.70 per person depending on their income. Higher Income earners pay higher premiums for Part and and Part D. This is known as IRMAA. Has nothing to do with insurance plans. You pay this premium regardless if you go on an Advantage plan with or without out drug coverage, or purchasing a Medicare supplement plan and a Part D prescription drug plan.
They don’t need to, as Betty said you pay Part B plus whatever the MA adds. The company’s are supposedly paid for your Medicare coverage. Whether that’s all of your premium I have no idea. But you definitely use the Part B if you have MA.
@@redhatbear1135
MA plans add nothing.
The government is who determines your IRMAA for Part B and D only. This is separate from any premiums the insurance companies charge for MA or Part D plans.
hi am will turn 65 january 2025 am i got health ins thru my husband retirement FEHB do u think i need part B ?
Here is a detailed video on the various options you may have with Federal BCBS, if you have any other questions please contact our office at 1-800-864-8890 ua-cam.com/video/OeiqSiab794/v-deo.html
Hi I Ben listening to your video I'm getting nervous I really don't understand at all, I work in the states 9 months out of the year I just turned 64 in March I retired at 62 but still work I live the rest of the year in the Philippines 🇵🇭 I plan on staying in the Philippines 🇵🇭 when I'm 66 why do I have to pay medicare if i don't live in a states at that time, I'm maried to my wife In the Philippines with my little girl.
If you are ever in the states and sign up after 65 because you need the coverage while you are here, there will be a penalty at that time for not having creditable coverage after 65. If you are not covered by an employer provided plan it will not be deemed as creditable. We would suggest consulting with someone based on your situation, if you have questions contact our office at 1-800-864-8890. Also an article concerning the topic www.medicareinteractive.org/get-answers/medicare-health-coverage-options/medicare-and-living-abroad/medicare-coverage-for-those-who-live-permanently-outside-the-united-states#:~:text=Remember%2C%20you%20can%20have%20Medicare,for%20maintaining%20Part%20A%20coverage.
Drs. Are a waste of time & money!!!!!!!!!
LoL!! I can sympathize with that feeling! Unless I need stitches, a broken bone set or have to renew my DOT physical every 2 years, I stay away from them like the plague!! Today they're not like they were 50 years ago. Back then they actually cared about their patients and would actually take the time to listen and talk to you and many had their offices in their homes. Nowadays, I've personally seen too many examples, via family and friends, where doctors and medical staff don't give a cr*p about their patients, except making SURE they get paid.