Medicare

The Impact of Medicare’s IRMAA on Retirement

Planning to ever retire, if so, you may want to take notice of a federal rule that maybe missing in your  financial plan; Medicare’s Income Related Monthly Adjustment Amount (IRMAA), which happens to place surcharges on top of the current year’s Medicare Part B and D premiums. Federal rules state that when you retire you […]

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Yes, You Need An Annuity in Retirement

There is plenty of financial advice about Annuities, but the truth, when you apply federal regulations, is the simple fact that, yes, if you are relying on Social Security in any way you need an Annuity in retirement. For those in retirement federal regulations state: You must accept Medicare when eligible in order to receive […]

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Original Medicare verse Medicare Advantage Plans

Original Medicare or Medicare Advantage …that is the question. In retirement, for those that are 65 or older and who are no longer covered by health insurance from an employer of spouse’s employer we are faced with the decision of having to choose between either enrolling into Original Medicare or opting for a Medicare Advantage […]

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Most and Least Affordable States to Reside in for Original Medicare Coverage

In retirement, when it comes to health coverage there is only Medicare. Here is a breakdown of the most and least affordable states to reside in for of Original Medicare that includes a Part D Drug Plan and a Medigap Plan G policy: With the cost of Medicare coverage reaching over $405,000.00 this year for a […]

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2020 Retiree Healthcare Costs

With 2020 comes some changes within Medicare and unfortunately with these changes the out-of-pocket expected costs for a couple retiring today have increased significantly. For a couple, both 65 years old today, projecting to live until age 87 for the female and 85 for the male the expected cost to insure themselves through Medicare will […]

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What are Supplemental Plans?

What are Supplemental Plans?  Supplemental Plans, commonly referred to as “Medigap” Coverage are health insurance policies that work in-conjunction with Original Medicare. They are administered by Private Insurance Companies and are regulated by the Centers for Medicare/Medicaid Services (CMS). Medigap Plans are broken into 11 different types of plans, A thru N that each cover […]

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What is Medicare Part B

What is Medicare Part B?  Medical Insurance that helps pay for physician services, medical supplies, and other outpatient services that are not covered by Medicare Part A. What does Part B cover?  Doctors’ services Outpatient hospital care Laboratory tests Outpatient physical therapy Certain home health care, ambulance services, medical equipment and supplies Other services that […]

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What is Medicare Part A

Medicare Part A: What is it: Part A or known as “Hospital Insurance” is the driving component of Original Medicare (Part A and Part B). Is health insurance provided by the federal government to U.S. citizens and legal immigrants who have permanently resided in the U.S. for at least 5 years. What does it cover: […]

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2020 Medicare Premiums and Costs

The Centers for Medicare and Medicaid Services (CMS) released the 2020 Medicare premiums and costs that impact retirees for 2020. Unfortunately, the news doesn’t seem to bring a lot to be merry about for the upcoming year. Here is a breakdown of what retirees on Medicare should expect in upcoming costs for 2020: Part A […]

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Guess what? The government thinks you are rich

Good news! The government thinks you are rich and they are about to tax you accordingly. Bad news! Your financial advisor doesn’t see the problem they created and you don’t feel rich. Where the disconnect happens is once you are retired, you will enroll in Medicare and begin taking Social Security. Within Medicare there is […]

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