Medicare is a mandatory
decision by every Retiree turning 65!
"Medicare as a topic is complicated and everyone is faced with unique scenarios to that requre informed choice"
Simply put-- Medicare takes care of the “Skilled Care Expenses”
Those expenses that you accrue when at the doctor’s office, outpatient testings and are checked into the hosptial.
With Medicare decisions, you will be faced with questions like:
Question
“I am retiring and going on Medicare part A and B and my husband is still working. We make over 250,000. I now find out we will have a surcharge on Part B and D. If my husband stays on my health insurance at work as a dependent, would that lower the cost of part B? Is there any reason to not delay signing up for Part B and D and getting the supplement?”
Answer
“No. The IRMAA is definitely a reason to rethink Medicare. If she can be on his employer group health plan she can delay signing up for Medicare. But do look at the costs — both premiums and out-of-pocket costs based on expected health care usage. Employer plans are not always the bargain people think they are.”
Question
“I have a question about automatic enrollment… If someone who fills out the application for social security benefits- who is also 65 and working fulltime and checks the box to ‘decline enrollment into medicare’ will they still sign him up for Medicare Part A anyway (even though he checked the decline box) because he WILL BE getting Social Security benefits and is 65?”
Answer
“Yes. Anyone who receives Social Security must enroll in Part A.”
Question
“I am 74 years old. Several years ago I was in between jobs and went on Medicare A and B for about two-three months. I then got a job that offered health insurance and dropped Medicare. I am now considering working as a contract employee and will once again need to get coverage from Medicare. The employer I have been working with for several years has more than 20 employees on group coverage. Employer told me I will have to pay a penalty. Is this correct? Is there a way I can avoid the penalty? If so, what will I need to provide to show I had coverage? Thanks for your help!”
Answer
“There should be no penalty. When you enroll, you’ll provide CMS Form L564 stating that you have been covered by an employer plan. This will entitle you to a special enrollment period.”
Reach out to Mark Rogers today to schedule your 15-20 minutes on the phone or Zoom to see how you can efficiently and effortlessly plan for these increasing medical expenses in the future.
