Apr 25, 2019
Today we are joined by Danielle Robert from Boomer Benefits and are taking Medicare. I know, Medicare isn’t high on your list of topics to discuss, but trust me when I say you need to hear this episode even if you are still in your 20’s or 30’s, and you really need to listen if you are in the older age range.
Most people assume that when you retire and begin using Medicare all of your medical needs are taken care of by the government at little to no additional cost for you. This couldn’t be further from the truth.
You need to be putting money aside for medical expenses, particularly if you are in a higher income bracket.
Join Danielle and I as we break down some of the myths associated with Medicare and learn the basics of how Medicare works.
Time Stamps:
- 1:22 - Background on Danielle Roberts and general information on Medicare
- 4:20 – Discussion about the cost of Medicare and medical care
in general during retirement.
- 79% of middle-income boomers have no money set aside for retirement
- Need to start reviewing your financial plan in your 50’s to make sure you build in the cost of Medicare at minimum.
- 5:30 – Study done by Fidelity that states that average couple needs almost $300,000 for medical care during retirement.
- 5:40 – Medicare works similar to your current insurance with co-pay’s, co-insurance, and deductibles – it is going to cost you money to see a medical provider.
- 6:18 – 40% of people start retirement with no savings and will be living on social security. This means income of around $1,400 per month, then 10-15% of that amount will automatically be deducted to cover Medicare.
- 6:56 – Discuss about Health Savings Accounts and how much money they can save you. People associate HSA money with medical expenses which means that they have a different view of that money. It makes it much easier for them to accumulate and save HSA money.
- 9:18 – What is an HSA account and what can they be used for.
- 11:06 – Explanation of the 4 parts of Medicare – Part A, Part B, Part C & Part D and how each one is used for varies part of your medical care
- 13:56 – Explanation of Supplemental Medicare coverage and how it works.
- 15:14 – The assessment process for clients that are just about to retire and want to know what Medicare costs and covers and their options.
- 16:30 – When does Medicare enrollment occur?
- 17:12 – Potential options for people who only have social security income
- 17:40 - What to do if you are a snowbird or traveler and need to make sure you have the right coverage.
- 18:30 – How do companies like Danielle’s make money and still provide such a valuable service to retirees.
- 19:50 – They also support the clients questions and help them
when they have a billing issue.
- What to do if Medicare denies a claim
- 22:18 – What does Medicare cost to an average consumer?
- Different costs more medical care in different states – this can be a big issue when you are retiring.
- 25:30 – When can you enroll and how does the enrollment process
work?
- 26:24 – Penalties that can occur if you don’t enroll correctly.
- 27:24 – What can happen if you develop health conditions and you haven’t enrolled properly.
- 28:00 – Always buy your insurance before you need it
- 28:10 – Enrollment information on Medicare Advantage plans
- 29:02 – How to get started – Free 6 Day Medicare Mini Course to get you started with Medicare and how it works.
- 31:00 – How and where to find Danielle and Boomer Benefits.
Key Takeaways:
- Medicare insurance isn’t free, and you will incur medical costs during retirement. Make sure and include money for medical care in your retirement planning.
- If you have an HSA plan start contributing now and putting as much money away for retirement as possible.
- Don’t try to do Medicare enrollment on your own. You need the advice of a professional company like Boomer Benefits. It won’t cost you any extra money, but can potentially save you thousands of dollars in the long run.
Call To Action
If you are getting close to retirement age reach out to Boomer Benefits!
If you are younger and haven’t started saving for retirement, start today!!! And I really do mean today. If you need help getting started drop me an email or give me a call and I’ll help you.
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