The most complex part of Medicare decisions comes from folks that work past age 65. The most important point of this entire second half of Mr. Clark’s presentation is that to get the most exact details for your situation you should check with your health insurance carrier. Frequently employers’ HR departments are outsourced and a recurring theme is the HR department is not in sync with the health insurance carrier.
Bottom line your health insurance carrier is your go to point of contact if you continue to work past age 65 as you will most certainly need to find out how they want you to handle your Medicare decisions.
Direct Audio Here on our site for your viewing/listening pleasures as well as links to every full post:
Much like our Social Security Benefits discussions, there are certain parts of Medicare Benefits that have more decisions and techniques to choose – Medicare Part B is by far the most detailed, confusing and has the most options to choose – The audio is terrific and gives more details than the bullets below – take a listen!
Medicare Part B Creation, Cost, IRMA, Benefits Options
Medicare Part B:
- Doctor Bills coverage and outpatient coverage
- Part B has a cost of $135/Month –
- You can turn Part B down, but not a good decision unless you have current health insurance coverage “Not taking could be the worst financial decision you make” According to Clark
- The $135/Month is about 1/4th of the actual premium – Government Supplements the 3/4 – see next
- Income over $85k Individual or $175k Couple, you will pay more as the Government supplement goes away – IRMA – Income Related Monthly Adjusted Amount – click link for recent detailed analysis and solutions
- IRMA – Everything but Roth counts towards income, including tax free, interest and anything
- Started in 2005 to pay Medicare Part D, Drugs and prescription-
- Can refute IRMA as administration has three year old data
- Example for IRMA premiums – Severance
- Social Security Favors Individual
Here is the audio…
Wave file format:
OGG File Format:
Have a Great “Intro to Medicare Part B” Day!
John A. Kvale CFA, CFP