Medicare Basics: What to Expect as You Approach Age 65 with Danielle Roberts, Ep # 163
You asked and I listened. This summer I asked you all for your thoughts on the show and many people responded that they wanted to hear more deep dives into complex subjects. We tried this out with the Living Off Your Savings series and now we\u2019re taking some extra time to discuss Medicare. This episode is the first of a 4 episode series on Medicare. Grab your headphones and press play to begin your Medicare education.\xa0
Since I am not a Medicare expert, I have invited Danielle Roberts with Boomer Benefits to teach us about this nuanced subject. Make sure to stick around until the end of the episode to learn how you can get a free copy of Danielle\u2019s new book, 10 Costly Medicare Mistakes You Can\u2019t Afford to Make.
Outline of This Episode- [3:22] When should people start looking into Medicare in earnest?
- [7:10] Why is Medicare Easy-Pay a good option?
- [10:03] What will medicare pay for?
- [12:25] What do your taxes pay for?
- [17:15] Part D is an optional drug plan
The official Medicare enrollment period begins 3 months before your 65th birthday and this is often the time when people usually begin to start thinking about Medicare. Age 64.5 is a great time to begin to research your Medicare choices. In addition to Danielle\u2019s book, there are plenty of resources online to help you educate yourself. After you listen to this series, YouTube and the Medicare website are good places to continue learning.
What costs are involved in Medicare?Some people are surprised to find that Medicare is not free. There are costs involved that you need to be aware of to properly plan for retirement. In addition to the monthly fee taken directly out of your Social Security payment, there are deductibles for inpatient and outpatient services as well as copays or coinsurance for doctor visits. Listen in to understand why it\u2019s important to do your research early on to decide on what kind of extra coverage you may need.\xa0
What are the different parts of Medicare?Medicare Part A is what your Medicare payroll taxes have been paying for all these years and it covers hospital stays. Part B is what gets taken out of your Social Security check each month and this piece covers outpatient care. Medicare Part B pays only 80% so it is important to consider how you will cover the other 20%. This 20% can be supplemented in 2 ways. Listen in to hear what the difference is between Medigap and Medicare Advantage plans.\xa0
How you can receive a FREE copy of Danielle\u2019s bookDanielle is a fountain of Medicare information, so you won\u2019t want to miss this series. On the next episode, you\u2019ll hear what to expect if you retire before or after age 65. If you want a chance to get a free copy of Danielle\u2019s book sign up for the Every Day is Saturday newsletter and respond to that email with a promise to leave an honest review of this podcast and Danielle\u2019s book. So, if you haven\u2019t already signed up for Every Day is Saturday, head over to RetirementStartsToday.com and hit subscribe.\xa0
Resources & People Mentioned- Start here to listen to the Living Off Your Savings series\xa0
- Boomer Benefits
- BOOK - 10 Costly Medicare Mistakes You Can\u2019t Afford to Make by Danielle Roberts
- Get the Retire-Ready Toolkit:http://retirementstartstodayradio.com/
- Follow Ben on Twitter:https://twitter.com/retiremeasap
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