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
December 2020 Financial Planning and Capital Market Review – Goodbye Year – Hello 2021 By John Kvale
Hello and Welcome to our December 2020 (yes the final review of 2020!) 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 audio 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!
Hope you enjoy!
December 2020 Video – Final of Year
YouTube
Financial Planning Tips
Retirement Levels and Contribution Amounts
In our post here, we review the coming 2021 Retirement levels of contributions and max amounts….
With the most popular highlighted and also matching the catch-up amounts, there are a few changes, but for the most part much of the same from last year 2020 !
Money Begins Moving at a Snails Pace
Oddly, something we had not experienced before…. early in the Month of December, as mentioned here in our Warning Post — money slowed to a trickle pace…
While not sure if this was a result of remote workers, last minute movements, procrastination or a combination of all, money slowed alarmingly…. So much so that we have marked our calendars for an earlier start to year end “Stuff” for 2021 !
Thankfully we are happy to announce, we made it through with not too terrible of delays… but got me once, shame on you …. you know the rest !
Capital Market Comments
Why Price is So Important
In a carefully chosen extreme example, meant to remind but not alarm, in this rewind/remember 1999 post of what can happen if price is not remembered, we show the length a badly timed “all in” purchase – again carefully chosen can take almost two decades to get back to even…
“Price is what you pay, value is what you get!”
Final Thoughts As Year Ends
As the year wound down, we shared a collection of points that we hope made you chuckle but also had some serious items as well…. here in this post. If you missed it … worth your time!
There you have it, so long 2020 – That is your December, final for the year review.
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
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Posted in General Financial Planning, Investing/Financial Planning, Market Comments, Podcast, Retirement Planning, Tax Related
Tagged 401k Maximums, Break Even, December, Price Importance, QQQ, Retirement Benefits, Review, Roth Maximums