Nov 10, 2021
Summary:
As you approach the age of 65, it’s absolutely critical to know
about medicare and what plan is best for you in advance. I sit down
and chat with Scott Maibor who is an expert on this topic, and he
talks through Medicare, advantage plans, and Medigap, which have
different facets suited for different individuals. There are many
moving parts of the equation, so it’s important to look into them
and see what makes most sense for you.
Highlights:
-It is important to know about medicare and the different aspects
of it if you are approaching the age of 65
-If you’re going to be on medicare, you need some sort of
additional coverage (medigap)
-Medicare combines government coverage as well as private
insurance
-With any doctor that takes medicare, you’re covered 80%—but the
20% is no cap
-With medigap, you pay a fixed monthly fee
-A medigap plan is usually around $200 a month, and depends on a
number of health factors
-With an advantage plan, there are no fixed costs
-Medigap plans have been around longer than the advantage plans
-It is important to look into state regulations to find out if you
are allowed to switch plans at any point
-You can sign up for part A before you’re retired—it has no
premium
-People compare medicare options to employer options, and there is
a lot to consider
-You do get penalized for making too much money, which you also get
with social security
-There’s so many moving parts of the equation
-You can avoid so many things if you plan these things out
ahead
Useful Links:
Financial Survival Network
Senior Benefits Boston