Tag Archives: Part B

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 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

More Medicare Discussion from Our Roundtable Event … Turn Down Part B at Your Own Risk

As a follow-up to last weeks Medicare Part A and B overview, today we dig deep into Part B. Our speaker has several very strong important points which we highlight.

Let’s roll!

Medicare Basics Focusing on Part B

Medicare Part B

Click Here for Direct Link if Audio Not Showing

  • Medicare Age 65 Commences for ALL
  • Part A = Hospital In Coverage – No Cost due to FICA tax subsidization
  • Part B = All Important as it has a cost starting at about $105/month (about 1/4 of the cost, with 3/4 of the cost subsidized by the government with a sliding upward cost offset scale amount at certain income levels)
    • Since there is a cost, you can turn down Part B
    • Turning down Part B is the biggest mistake you will make in your life, according to Mr. Tom Clark
    • After 65 and over, Part B always pays first (if you turn down Part B because you have a company plan you MAY be liable for what Part B would/should have paid first)
    • Turning down Part B upon availability, MAY cause you a delay (first 3 months of next year Jan- March) and the premium may be higher
      • One exemption: Continuing working past age 65 for an employer with more than 20 employees does exempt you from the above mentioned restrictions and possible higher premiums, just remember to contact Social Security at least three months before you retire to let them know so that Part B will begin paying first upon your retirement

Have a Great Day!

John A. Kvale CFA, CFP

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

Medicare Intro … Part A and B Overview (First of Series on Medicare)

After seven weeks of dissecting Social Security, again from our Private Client Roundtable, this week we begin digging into Medicare. According to our speaker Mr. Tom Clark, as you will hear in great detail, Medicare is even more important and dynamic than Social Security.

We have a new Medicare Page on this site as some are still not receiving the all important audio portion on the email notification.

Let’s get going!

Medicare Basics

Medicare

Click Here for Direct Link if Audio Not Showing

  • Medicare Age 65 Commences for ALL
  • Part A = Hospital In Coverage – No Cost due to FICA tax subsidization
  • Part B = All Important as it has a cost starting at about $105/month (about 1/4 of the cost, with 3/4 of the cost subsidized by the government with a sliding upward cost offset scale amount at certain income levels)
    • Since there is a cost, you can turn down Part B .. but wait ..

Stay tuned as our next Medicare analysis post discusses:

 “WHY TURNING DOWN PART B COULD BE THE BIGGEST FINANCIAL MISTAKE YOU EVER MAKE…”

according to our speaker Mr. Tom Clark.

Thank you for listening to our ongoing analysis of Social Security and Medicare from our Private Client Roundtable Event.

Have a Great Day!

John A. Kvale CFA, CFP

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