Tag Archives: Medicare

Part 15 : Tom Clark, Medicare Expert, with Audio – Three Medicare Supplemental Options – FINAL PART – Thanks Tom for all your content!

This marks the last Part and as they say …  last but not least … Mr. Clark discusses the three options for Medicare Supplemental/Gap Policy. Let it be noted, you most certainly need these, but the good news is this is finally pretty straight forward.

 Direct Audio Here on our site for your viewing/listening pleasures as well as links to every full  post:

Once again, neatly there is a gold nugget of information in the audio, and a trick on where to find an easy phone number to call to get a referral for help – listen up and enjoy –

Medicare Supplement Explained Three Options 

  • Employer Offered Supplemental Private Insurance – this less often- likely best option if available – best coverage
  • Traditional Medicare – no network must buy a Medigap Policy A through F – Full comprehensive coverage- similar to full health coverage, but at the Medicare Level
  • Medicare Advantage – Like Medicare HMO – Network of People that must go through
  • 26 Medicare Advantage plans in DFW area-
  • Part D may or may not be available for Medicare Advantage
  • Do not try to do this all by yourself- see next
  • Local Non-Profit Agency – Dallas County would likely be the Dallas County Agency on Aging, Fort Worth would be the Tarrant County Agency on Aging
  • Dial – 211 – Phone Number for Social Service Referrals – NO kidding – Texas a state that this number works completely, may not be available in all states

Here is the audio…

Wave file format:

MP3 Format:

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Click Here for Direct Link to All Parts Audio Posted on our Special Social Security Medicare Page

Have a Great “Medicare Supplement Options Explained” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents

Part 14 : Tom Clark, Medicare Expert, with Audio – Medicare Part B Creation, Monthly Cost, IRMA Exclusions, IRMA Examples

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:

MP3 Format:

OGG File Format:

 

Click Here for Direct Link to All Parts Audio Posted on our Special Social Security Page

Have a Great “Intro to Medicare Part B” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents

Part 13 : Tom Clark, Medicare Expert, with Audio – Medicare Part A Explained

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:

 

Medicare Part A Explained

During the meeting, there was a lot of jumping between Medicare Part A and B, with a ton of information on Part B coming in the next Part. Early in the audio, the most important item to note is re-iteration as above, for those many of us working beyond age 65, check with your Health Insurance Provider for the best source of accurate actions needed on your part – ok, here are the bullets from the Audio for Part A Medicare:

  • Medicare Part A only for Hospital care
  • Medicare Part A is funded via the 1.45% FICA Tax from your payroll during your working lifetime, as such no cost upon retirement/enrollment
  • Medicare Part A (B) starts at age 65 (Not age adjusted as Social Security)
  • Consult your Health Provider, not HR for best post 65 age Medicare Part A decisions and elections
  • Once on Medicare, cannot fund your HSA – a reason you may want to defer Part A if you have full other coverage options
  • If still employed and you do not take Medicare, you can still fund your HSA –
  • By deferring Medicare A you will have a small penalty on Medicare Part D – Drugs
  • Social Security . Gov website to start Medicare and can choose Part A and/or Part B
  • Careful when you file for Medicare Part A, normal look back of six months which may void your HSA – must sync this
  • If you are over 65 and drawing full retirement age, you automatically have Medicare Part A

This audio is a bit longer, but full of great examples for the bullets above …coming up the more complicated decisions of Medicare Part B –

Here is your audio…

Wave file format:

MP3 Format:

OGG File Format:

 

Click Here for Direct Link to All Parts Audio Posted on our Special Social Security and Medicare Page

Have a Great “Medicare Part A Explained” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents

Part 12 : Tom Clark, Medicare Expert, with Audio – An introduction to Medicare, Background, Stats, Part A and B Explained

What follows will be a multiple part series as we will attempt to explain the various parts of Medicare. In this first post, a high-level explanation of just Part A and B.

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:

 

Medicare Statistics, Background and Part A and B Explained

OK here we go an introduction to stats and statistics and a high-level view of Medicare Part A and B:

  • Medicare is far more important than Social Security benefits as the government offset of Medical Costs are likely much greater than Social Security Benefits
  • Bet you didn’t know Medicare was started in 1965!
  • Medicare’s purpose is to provide substantial benefits at very reasonable costs for retired folks at age 65
  • Unlike Social Security Age 65 remains the age Medicare Benefits begin for retired people
  • Social Security Disability receivers are automatically enrolled into Medicare after two years of disability benefits
  • Part A is Hospital Insurance Benefits – Prepaid
  • 1.45% of FICA taxes used during work to prepay Part A
  • Part B Covers Doctor bills and out patient treatment
  • Part B has a cost- monthly starting premium of $135 month – there are means test that increase this cost
  • This cost is usually withheld from Social Security Benefit
  • If not taking Social Security, you will be billed directly

Here is the audio…

 

Wave file format:

MP3 Format:

OGG File Format:

 

Click Here for Direct Link to All Parts Audio Posted on our Special Social Security Page

Have a Great “Intro to Medicare” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents

April 2019 Podcast Video, Financial Planning and Capital Market Update – By John Kvale

Hello and Welcome to our April 2019 Financial Planning and Capital Market Update!

If you are too busy to read, feel free to listen as we describe our post and thoughts in friendly podcast format as well as Video!

Newbies – We like to articulate our thoughts and review on a Monthly basis our Financial Planning Tips, Capital Markets and current events!

April – 2019 Video

Financial Planning Tip (s) –

Source of Funds Entrance Into Capital Markets

Here in this post we discussed the possible ways to most comfortably enter new capital into the Capital Markets.

Super Safe sources of capital may be best suited for an entrance over time, while funds coming from the Capital Markets, may go directly back into the Capital Markets, especially if risk reduction is also part of the allocation.

Over a 5 – 10 year time frame it does not matter, but why twist an ankle in the short term!

Social Security Event – Questions

Wow – all of these great questions were sent to us for our Event this month…. all were answered, if not directly, indirectly.  We look forward to sharing actual audio (Tom speaks very fast and covered a lot of ground) from the event in a multi-part post series over the summer months! DCIM100GOPRO

 

  1. Last time we spoke you were VERY certain Social Security would be there for all of us upon retirement – With all of the changes, do you still feel this way?
  2. Can you explain the divorced verses divorced and remarried benefits?
  3. Have you ever heard of someone being offered a lump sum of retroactive Social Security benefits?
  4. November of 2015 ushered in new laws and changes, are there any neat techniques that survived?
  5. Can you explain non US citizen spousal benefits?
  6. We have been told many of the benefit statements are not always accurate, understating the actual eventual benefit, has this been your experience?
  7. How much can I earn and not receive penalties if I retire before my full retirement age?
  8. The Full Retirement Age keeps being pushed out, will this continue? Is there a schedule?
  9. How long do I have to report my Social Security earnings if they were not reported by an employer?
  10. For many years I did not draw on an ex-spouses earnings by accident – using only my earnings benefit, can I request some sort of look back to get my full benefits?
  11. If want to change my Social Security election decision after I made it and have been drawing benefits, Can I do that?
  12. Do I have to take Social Security Benefits ? What if I do not want to?
  13. Is it better to sign up in person or use the website, or does it matter?
  14. My wife is not a US citizen, does that affect her spousal benefits?
  15. Will Social Security always be there in your opinion?
  16. What percent of people take benefits early, at full retirement age and as late as possible?
  17. I am 65 and working with a good healthcare plan. I wasn’t going to sign up for Medicare until after I retire. However I am told a Medicare Part F; a supplemental plan eliminating deductibles, will not be available after 2019; Should I enroll and sign up for Part F?
  18. I was married for more than 10 years to a high income earner, if I get remarried to my new spouse who is not a high income earner, will I give up benefits?
  19. Have you seen any of the on-line Social Security Optimization Programs? If so, any you like better than others? (From JK)
  20. What are your thoughts about an income based phase out of Social Security in the future? Much like the penalty for W-2 income and having started early Social Benefits ? (From JK)

Capital Market Comments –

Happy Again

After throwing a Hissy Fit near the end of 2018, “Everybody Is Happy” again !

This is a total index chart, note that it has not reached new highs yet, however many other indexes have.

Let’s not forget that we DID have an inverted yield curve which is a great predictor of a pending recession …. only the Shadow knows when! We have our eyes peeled!

4-29-19 Vanguard Total World Index Fund

 

Have a Great Day – Talk to you at the end of May!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
street-cents

Q 1 2018 Newsletter Video Audio Podcast Review By John Kvale

Welcome to our Video and Audio Podcast Review of our Q 1 2018 Newsletter. For those on the road or just unable to grab the time to read, our podcast type review gives you the behind the scenes insight to our thoughts, observations and deep views of the entire Newsletter.

Click here for direct link to an electronic version (an early peek-good ole fashion paper versions are on their way to you shortly) and here for our Newsletter page

Let’s get going!

 

Q 1 2018 Newsletter

 

Medicare – IRMAA – Means testing

In this long overdue article we dig deep into the background of Medicare and the means testing of recent years. IRMAA, Income Related Monthly Adjustment Amount – AKA higher premiums thresh holds are analyzed and presented for 2018.

In the best part of this article we discuss what to do in order to lower your higher means testing Medicare Premiums.

Have We Already Had a Bear Market?

A Bear Market is generally defined as a drop of 20% or greater. In late 2015 – 2016 almost every asset category except the most popular dropped by 20%. In this article we discuss why this may be good news for the future of the current market.

VIX – A Fear Gauge Goes to Sleep

VIX a volatility (fear measure) rises when fear is rampant and slowly drifts lower when fear is absent. Over the last 26 years the VIX index has closed below 10 a total of 9 times. In 2017 this fear index closed below this level 52 times. We warn not to take these placid seas for granted.

First Time Personal Reflections

In this off the cuff article, we give thanks for all the wonderful things we have, what good things have come during the year and a general Thanks To All of YOU our clients and friends.

THANK YOU!

Ready or not … 2018 here we come!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
www.street-cents.com

IRMAA Letter, Worse than a “Dear John”, but WE have Solutions!

Last week we discussed the coming big article in our Q1 2018 Newsletter concerning the new Medicare Tiers and Means Testing. In that article we discuss the income levels that will trigger higher premiums.

If you have been targeted of higher means, you will receive an IRMAA letter! You have been IRMAATized

IRMAA Letter

Short for Income Related Monthly Adjustment Amount –

Definition – You have been Mean’s Tested and the Social Security Administration (SSA) is asking you to pay more for Medicare Premiums.

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The SSA is likely looking at your income from two years ago.

Good News- There is a solution if this is an unusual income amount or you have had a life changing event. This SSA Form 44 from the SSA is what you will need.

Life Changing Events According to SSA:

  • Marriage
  • Divorce/Annulment
  • Death of Your Spouse
  • Work Stoppage
  • Work Reduction
  • Loss of Income-Producing Property
  • Loss of Pension Income
  • Employer Settlement Payment

There are literally check boxes with these subjects in it. Of course life has curve balls that may not allow you to “Check the Box” … We have had continued success with folks going to the SSA office and presenting their case directly to the agent.

We would suggest the timely but productive visit if there is anything out of the ordinary with your proving of “Life Changing Event”!

Bring Proof

“ I understand that signing this form does not constitute a request for SSA to use a more recent tax year information unless it is accompanied by:

  • Evidence that I have had the life-changing event indicated on this form;
  • A copy of my Federal tax return; or
  • Other evidence of the more recent tax year’s modified adjusted gross income”

This information is stated just before a signature section on the SSA Form. Heed the warning and bring whatever proof in order to speed processing.

There you have it … many more options to correct the situation than a “Dear John” letter!

Have a Great “Non IRMAATized” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
www.street-cents.com

Medicare Part B Means Testing New Thresholds/ Surcharges for 2018

In our coming Q1 Newsletter we have a terrific detailed review of the background of Medicare, the newer means testing and what to expect in 2018.

In timely fashion, thanks to the nice work of a noted studious professional in our industry, Michael Kitces … the following chart shows the income thresholds and surcharges to take effect in 2018.

 

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These resource thresholds have been lowered dramatically, scooping in more families than in past years. Again, full discussion coming in our Q1 Newsletter.

If you are on Medicare, take a moment to scan these numbers, it worth our time!

Bottom line, a higher income year for a joint couple could result in a $503 (A means surcharge of $369) monthly Part B premium EACH … eeek !

We will discuss planning ideas to help alleviate this and also what to do if you incorrectly may have been targeted for this type of surcharge premium!

All about timing and control of income!

Have a great “Medicare Controlled Surcharge” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
www.street-cents.com

Tax Talk – Newsletter Medicare Article Preview – ITF Orange Bowl Tennis!

So we had a pretty busy week of tax talk.

As mentioned in our posts this week as we near the end of the year, we focused heavily on taxes because the path is short for our April of next year settle up of 2017 taxes.

Expect more tax time, reminders, and tax planning posts as we finish 2017 out. We are still held hostage by the possible changes of tax system, but we have hope since Congress is out of session in a week or so, we will have a plan that we can begin scrutinizing.

In all likelihood any plan will likely begin at the earliest in January of next year making this year end tax planning the same as the last few years.

Medicare preview Article

We are beginning our Q1 2018 Newsletter and will have a detailed Medicare article as it relates to income limitations and the premium adjustments along with super neat ideas to help you save money. We hope you will find it very interesting as we have had continuous questions and confusion over the last several years. We plan on bringing a few small condensed nuggets of information over the next few weeks as we close out the year since Medicare costs and reform, relate to our tax planning for next year.

ITF Orange Bowl TournamentOrange Bowl Logo

Sophia has been accepted to  her first ITF (International Tennis Federation) Orange Bowl tennis Tournament which starts play on Sunday. In true Pro format, one loss and you are outta there!

This will leave me out of town the first couple days of next week at least … hopefully longer. Fingers crossed and thank goodness for our best friend “Technology” !

Have a Great Friday!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
www.street-cents.com

 

Medicare Drug Plans and Healthcare costs – Still on the Road – Bday Boy

While not experts in the Medicare world, we are very familiar, and the costs associated with paying for healthcare can greatly affect a financial plan.

Over the weekend a good Dallas Texas based Medicare article concerning open enrollment from our friends at the Dallas, Morning News:

…Medicare’s website — http://www.medicare.gov — has the best tool for helping you narrow your search for a new health or drug plan. Just click on “Review your health and prescription coverage options.” You’ll then be able to compare your coverage and out-of-pocket costs under different plans…..

Providers for those in the Dallas area:

20151010_123611000_iOS

the reason we watch these costs closely:

Kaiser/Mauldin

Kaiser Infation of healthcare cost

Still on the road !

HAPPY BIRTHDAY to Donald “The Brain”Brain

Have a great day!

John A. Kvale

http://www.jkfinancialinc.com
http://www.street-cents.com
8222 Douglas Ave # 590
Dallas, TX 75225