Top FIVE Takeaways from our Medicare SeminarSubmitted by Spectrum Wealth Management, Inc on April 4th, 2018
On April 3, 2018 David Laut and Sheila Cardno hosted Transamerica speaker, Doug Ewing, who enlighten our guests on Medicare.
With so many options in the program, it can be daunting to make sense of this important benefit program. Here are our top five takeaways:
No. 1 – Medicare doesn't pay for everything
Medicare has premiums, co-pays and deductibles based on the options you choose and your income. If you have options in how you can structure your income it can be advantageous.
No. 2 – AVOID Life-Time Penalty
If you do not sign up during your seven-month enrollment period, Medicare will apply a 10% increase to your premium. This does not go away! You will pay this increase for your lifetime.
The seven-month enrollment period begins three months before the month of your 65th birthday and ends the third month following the month of your 65th birthday.
Even if you are covered under a health insurance (employer plan and spouse) you will need to enroll during your enrollment period to avoid this penalty. Regarding which parts of Medicare, you will need it is advisable to speak to your HR department if you are covered by an employer plan.
No. 3 – Medicare isn’t a Family Plan
If you are married both spouses sign up independently based on the month each spouse turns age 65.
No. 4 – Determine your COVERAGE based on your medical needs
The good news is there are lots of options. The bad news is there are SO MANY options. The financial components in determining your premiums and deductibles might tempt you to select your coverage based on finances.
It is recommended to start the selection process based on your current medical needs and your general health. Medicare offers resources to determine which plan is best for you by using their online tools at https://www.medicare.gov/
No. 5 – You are NOT STUCK
No one can predict the future, and as we age, it is highly probable our health will change. You have the option each year to change your plan during the annual enrollment period.
Medicare is an important benefit you have been contributing to over your career and a valuable component in your retirement plan.
Spectrum Wealth Management Group, The Wealth Consulting Group and WCG Wealth Advisors and LPL Financial are separate entities from Transamerica.