Same happened to my dad - at 70 (actually on his birthday!) the company 'eliminated' his position (? a delivery route?) and two months later hired another guy to 'reinstate' the position. Ageism is real.
Some truth to this... especially larger, public companies (banks, drug companies). If you're not moving up the chain of command by age 55, then you're moving out of full time employment. Sure, they give you 6 months severance, but that's a drop in the bucket relative to a $250,000 health insurance claim. Smaller, private companies are typically just trying to keep the doors open year after year. Health insurance has become the #2 company expense behind salaries, and given the wrecking ball of government regulations, rising claim costs and a shrinking employee market, it's a wonder how many smaller companies survive.
@@clwest3538 true, and they waited until he was no longer a protected class. Age discrimination is only valid for 40-70. [EDIT FOR UPDATE: I was incorrect. See this info: “Legislation signed by President Reagan on October 31, 1986, largely eliminates the age 70 cap on the group of workers protected by the Age Discrimination in Employment Act ("ADEA"). As you know, the ADEA previously protected workers between 40 and 70. With this new legislation, effective January 1, 1987, all workers over age 40 are protected by the ADEA.”
@@Cathy0915 advantage plan makes the insurance company as your primary coverage and puts you at the mercy of an insurance company…they can deny you coverage which is getting more egregious. And coverage is not as good as a Supplement plan. There’s a reason why it’s so cheap
II still working when I rich 65, I have insurance thru my company, I dropped it, and get Medicare, I saved a lot of money, and better benefits. I’m 70 now I’m ok with Medicare.
@@olgavere6462 Wow! My companies insurance plan is a fraction of Medicare and the supplementals I'd need to equal my companies insurance. I dread the day I'm required to take Medicare.
My sister is 64 yrs. old, on Oregon Health Obamacare, many health problems, terrible service, wait 6 months for appointments, and then gets rescheduled. I hope she’s still alive when she can get Medicare @ 65.
@@xltek1 that is NOT the insurance it is lack of healthcare personnel. Same issue here in Washington. I have great BlueSheild through my employer and my son has to wait 5 months for his first appointment. Not ACAs fault.
No apologies needed! Talk as long as you’d like. Your information and insights are always helpful. Time for me to get outside and check out these beautiful Minnesota blue skies!
Ditto! Many, if not most, employer's plans nowadays are bare minimum plans with huge deductibles! Medicare was so much better! Medicare (with Supplement) is the best health insurance we have had in twenty years, despite full time employment and employer's coverage during that time. Other coworkers who have turned 65 have done the same! Putting off Medicare may have been good advice years ago when employer plans were worth a damn, but not anymore.
I thought medicare basically sucked cause it only paid 80% of whatever.... then u pay for some part ###??? or supplemental such and such to cover the rest? but does it cover...anyhow, new to all this, just trying to get the couple sentence basics down, whatever that may be
@@davidcarp5935 I’m healthy. I do I take 2 meds regularly, had a Ct scan, cot Az one shot, knee physical therapy and never pay a cent. My dental, vision, check ups free. If I want glasses or contact I pay. Medicare allows me 4 free classes in any workout center nearby!
Red, Thank you. Very informative. Your comments agree with what my employer told us during a medicare webinar. Unfortunately all of my co-workers did NOT get message and now have an issue with their HSA . Our employer told us the HSA automatically turns into an HRA account which means they can still access the funds but can no longer make any contributions.
Blue! THANK YOU for this information! I had always been told that it was mandatory to take Medicare at 65; how nice to find out I can delay that and continue contributing to my HSA for additional years. New subscriber!
Yellow ❤ your little girl is lovely. Approaching 65in December and still working. Scary times… so much information. Thank you for answering some of my concerns.
Green! Nice job! I had to sign up this year (my husband is younger and we are self employed) and it was quite the journey. I wish I would have seen this before then, but you clarifies most of what I did so Thanks for the explanations.
I am not getting any medical insurance, especially Medicare. I have not paid for medical insurance since 2006. I have put all that money into an account and I negotiate my medical/dental anytime I need it with cash. Way cheaper.
That is crazy one week in hospital after some kind of medical emergency could cost close to 100.000 dollars. Especially once you get old enough for medicare. It is pretty hard to negotiate when their putting you in a ambulance after having a stroke or heart attack. This person needs to use some common sense and logic.
@@RodneyDempsey-o8w it's quite possible he has that 100 grand in the Bank!!!! I don't participate in part b at all. I have never had life insurance in my entire life. I saved that money and have more than 100,000!!!!! 73...I have spent far more money on dental care. You shouldn't call someone crazy!!!!!!
I have over 38 years experience in the insurance industry . Always take Standard Medicare A snd B stay away from Medicare Disadvantage plans that private insurance companies offer. Those plans are an advantage for the big rich insurance companies .
I am BLUE in the face with the cost of health insurance. I'll be 62 this year starting my SS. Don't have any retirement to speak of except my dwindling 401K. I researched catastrophic health insurance and that crazy expensive as well. I take Sir Jason Winters tea regularly as a cancer preventative; know to reverse stage 4 cancers. Fingers crossed!
Thanks for this, first time I saw your videos. I will be 64 this summer and starting to really look at the Medicare question. I am still working and would like to retire at 67, I have full medical /prescription with work and an HSA. AND I still have a 21 year old who is on my plan and has chronic health conditions that require coverage. Does not look like taking Medicare at 65 is my best choice until I fully retire. Tickled Pink.
Two and it's garnet & gold; I wonder why. True about the penalty lasting the rest of your life. My mother is 99 and did not sign-up for medicare thinking she was doing the government a favor! My parents always paid for doctor visits out of pocket (they were children of the depression) so they thought deferring a "bill" from government was the right thing to do. But geez, the penalty lasting a lifetime is BS. My mother spent her entire work career as a public school teacher. Because she had her own pension plan as a teacher, I don't think she knew medicare was an option for her. Anyhow, great information, thanks!
You take it when YOU need it. Most people who no longer can or want to work past 65 for whatever reason, can't afford to pay $1500+/monthly premiums for private health insurance. That's when Medicare (which we've all paid into our entire working lives) come in.
He is so right! Medicare can be complicated but it doesn't have to be. If you have claim issues we can help call the insurance companies about your claims. We assist from education to enrollment to help seniors navigate with ease since 2006.
I took AMB when I retired at 65 however, I got penalized for everything else, but I did not take that I need now because now I need surgery so now I’m gonna be penalized. It wasn’t cheap.
This comment makes zero sense from the context of the video. There is no 1 year Medicare penalty for delaying. There is no penalty period if you fall in what was covered in the video.
@@Theretirementnerds Mine was item two, my wife was still actively working, (I was retired) and I was covered and I still got dinged for $141 a month. Her company, HP, dropped me without telling us.
😬😬😬😬 I work as a 64 1/2 y-o private nanny in Georgia; I recently withdrew myself from marketplace coverage as a result not being able to afford the plan I was on. I am currently uninsured. My husband opted to have his coverage apart from mine, he being older and self employed🫤. After watching your video, I am dismayed and anxious about the whole matter of insurance and penalties nor do I understand why seniors are penalized upon retirement age if don’t have insurance. Most cannot afford decent coverage ….?😢
Good and helpful information. I live in the "Emerald" state and will be turning 65 in about 3 weeks. I think I can delay all Medicare as I plan to work a couple of years longer, but it would be good to talk to someone familiar with Washington state if you can recommend someone. Green actually is my favorite color.
Would be honored to help. Send me an email to erik@theretirementnerds.com and I can connect you. Did you see this video? ruclips.net/video/Fv9-6swpLvE/видео.htmlsi=q7_rxxVK9bQt21oD
Blue, I think the information was concise and helpful. Thank you. Question. If I enroll in Medicare and life in a foreign country, would I be able to travel to the U.S. for medical treatment?
I'm one of those that work for a company of less than 20 employees, and I did know I had to take Medicare as my primary insurer at 65. I had my employer drop me from the company healthcare plan, and he reimburses me for my Medicare. In fact he pays me what he's paying per employee for healthcare which is about twice what I'm paying for Medicare, so I pocket a few extra hundred dollars a month. And Medicare has a much lower deductible, so I'm happy with it.
@@Theretirementnerds he actually covers health insurance for employees and their families, which isn't common these days, so yes he is generous in that.
sky blue - I appreciate your explanations and the detail oriented communication style you have. I am in S Florida. I would like a SS consultant who has time to talk to me. I've reached out to two of them and no one has returned my calls or emails.
Most companies have people in their HR departments that can answer many of these questions and they also have workshops with SS and Medicare staff. The information is out there and you can get it directly from the source not second hand opinions. This is a major step so do your research and talk to others that have already gone through the process.
They do. And HR gets this incorrect all the time, which is why we're here. We do those Medicare presentations for HR groups and have helped tens of thousands through this Medicare and retirement transition 🙂 So yes, do research and reach out to someone who helps people with these decisions.
Sky-Blue....okay lets say I retired at 67 and continued with my employers healthcare Plan till that time rather then apply for medicare at 65...when I retire will I have to pay a medicare penalty?
Nope! Your employer will fill put a form stating you were covered from 65 to 67 on their plan and you wouldn't have a penalty. Here's a video about that form: ruclips.net/video/DB8TQi5iIlk/видео.htmlsi=Wa9lY98CnbCReBz7
Very colorful explanation! I living the American dream,..I move to the Andes Mountains !!! I am using a medical coverage here covering A AND B for $ 96 monthly, …I am visiting the states very seldom…according your explanation nothing to do if I will out of the imperium for ever …right?
My company had over 15,000 employees and the primary payer is Medicare if you're over 65 and the allow us to use the company's insurance as secondary. PERIOD
Purple. Husband is on my plan which is very good thru the hospital I work. He will turn 65 next year but doesn't plan to retire until age 67. I'd like to stop working before age 65.(I'm 61) Should he go ahead and get on Medicare or sign up for his companies health coverage, which is so' so but could cover me.
It'll come down to a math equation. Chances are, him delaying Medicare and keeping you on an employer plan will be less costly than you going on an ACA marketplace plan and him taking Medicare, but we'd have to take a look at the math. My email is erik@theretirementnerds.com if you want to explore further.
Great and very informative video! I'm turning 65 in less than a month and I'm self employed and on my husbands insurance. They sent a letter indicating existing coverage is a Credible Coverage Drug Plan. Do I need a letter indicating the same for the medical coverage? The insurance coverage is a self funded plan by UMR with several hundred employees. I was told if it's self funded it may not be qualified health coverage. Thank you!
@@Theretirementnerds Thank you so much for replying!! I've been calling insurance to send me a letter and they can't find anything to send. Now we know why. lol
@SharonBlack-n3s haha! Yeah... a lot of people refer to creditable medical coverage and, from a Medicare perspective, that's not a thing. Creditable drug coverage is. Medical is not. Glad that helps close that task in your mind 🙂
Favorite color is yellow. What documentation do I need to keep to show that I had employer plan coverage from 65 until I retire and register for Medicare?
Like I said in my previous comment, Yellow is my favorite color 💛. Btw, If you currently only have Medicaid and do not have any earned income are you still required to sign up for Medicare when you’re 65 years old or about six months before you’re 65 years old? What are the Medicare requirements for unmarried, unemployed and underemployed 65 year old seniors who do not have any pension, savings, retirement benefits or income and who are currently covered by Medicaid?
Blue. Learning a lot from you. Still working at 70 and enrolled in Medicare (not Part B) at 65. And contributing to company’s HSA. Can I unenroll from Medicare and continue to contribute to my company’s HSA?Thanks!
I’m an RN who works for the VA. I will be 65 this fall and plan to keep working and keep my insurance even after retirement. I have serious arthritis, already had one hip replaced, need a cervical and lumbar fusion and have autoimmune issues. I wonder if I should go ahead and get Medicare for secondary. My favorite colors are turquoise blue and sea green. 😊
Blue. Question: I will have a police pension and no Social Security when I turn 65 years old. When I sign up for Medicare, how do I make those payments of $174.00? Everyone I know has Social Security and those payments are deducted from Social Security every month. Again, I won't have a Social Security check for the payment to be deducted from.
I turned 65 2022 and got medicare. In Feb. 2023, for some unknown reason, my medicare was terminated by ssa, and my insurance extended to May 2023. From Feb to Dec 2023. I've contacted and went to local trying to solved the situations (22 times). I've got my medicare back in Nov.2023. By this time, I had had paid out of my pockets $12,000.00 for my medicines due to no coverage. SSA refused to pay me. What should I do ! Green color.
Sorry to hear this. My email is erik@theretirementnerds.com if you want to go into this in more detail. Did they give a reason why Medicare was stopped from Feb. 2023 - Nov 2023?
My favorite colors are blue and green. I am 64 and I live overseas and plan to do so for many more years. I plan on applying for plan B this october. Should i apply for plan D?
Orange. Don't forget that if you are still working and decide to take Social Security in anyway (early, FRA, or delayed) you will concurrently and automatically be enrolled in Medicare Part A which means you need to cease HSA contributions immediately if not before. It is advisable to stop HSA contributions a few months BEFORE you start Social Security or sign up for Part A. There are penalties for continuing HSA contributions after Part A enrollment that can be quite financially uncomfortable.
So, I have both primary coverage as a retired Federal employee and secondary coverage with Tricare as a retired Reservist. I understand that in order to maintain Tricare (Tricare For Life), I will need to get Medicare A&B. Does that mean I can drop my current primary coverage (BCBS)? I actually like BCBS and find the rate to be fairly decent. I'm afraid that Medicare A&B is going to be more expensive.
Yes, you will need A and B to maintain TFL once you retire. I don't know the costs and coverage of your BCBS plan, but I don't know that we've seen anything stronger than TFL and Medicare from strictly a coverage perspective. Very good coverage.
Red, So what if your in career with a forced retirement at 65 buy your looking for a new job to get yourself to the 67 SS retirement age and get a job 3 or 4 months after you turn 65? should you take Medicare and then drop it when you get a new job.
Blue, Blue and Blue all the way🙂. Few more days to hit 65 (ouch!) , planning to turn left as I am covered through my wife's employer, but will check and ensure that everything is kosher based on the nuances I learned here. Thank you for a great video on the subject. ps. Not long-winded by any means, very precise and focused!
Let's see, 2 knee replacements, and a joint in my left foot replaced. Walking and kneeling on cement for 46 years kind of wore my body down a bit, I wish I had sat behind a desk, BUT I didn't!!!
Favorite color is Green!!! I started social security at 62.5, took it for a year and then went back to work. I let Social Security know I was going to make way too much to continue SS. They paused it at the beginning of the year. Two questions....if I work to 67 (FRA) and decide to take SS again, do I still have the 25% loss from taking it at 62 even though it was paused and I have been paying into it, making over 120K a year? Also, since I took SS at 62 and paused it, am I required to take Medicare A even though I am working and have coverage?
Thank you for watching! :) Regarding SS, it will continue to grow and you will end up with about 93% instead of the full 100% since you took it for 1 year. It will essentially be as if you filed at 66 (1 year early). You "shouldn't" need to take Part A. Part A would automatically jump into play if you were on SS when you turn 65. Hope that helps!
@@Theretirementnerds Two questions....since I paused social security, am I still considered to be on Social Security? I am working full time with full time benefits, 64.5. Second question....If I am considered to still be on Social security even though it was paused at the end of last year, do I HAVE to take Medicare part A? I have a group plan HRA. I NEVER use my medical benefits....no meds, no illness, etc. and am also in the medical field, lol. Thanks for your help!
I am trying retire sooner than later like at 62 1/2...I am trying to figure out how to pay for insurance before medicare...I am not trying o delay it...if I do then I might to keep working....
Thank you for watching and subscribing! 🔵 You'll want to jump on Medicare. There are programs available to reduce or eliminate the Part B premium. Those in Medicaid cannot be sold a supplement plan. There are Advantage plans available for people eligible for Medicare and Medicaid called Dual Eligible Special Needs Plans (DSNP - pronounced "Dee-Snip")
Companies don’t try to move older employees off Medicare. They just try to find ways to move older employees out the door.
lol!
Yup, that happened to me....forced retirement. 😢
Same happened to my dad - at 70 (actually on his birthday!) the company 'eliminated' his position (? a delivery route?) and two months later hired another guy to 'reinstate' the position. Ageism is real.
Some truth to this... especially larger, public companies (banks, drug companies). If you're not moving up the chain of command by age 55, then you're moving out of full time employment. Sure, they give you 6 months severance, but that's a drop in the bucket relative to a $250,000 health insurance claim.
Smaller, private companies are typically just trying to keep the doors open year after year. Health insurance has become the #2 company expense behind salaries, and given the wrecking ball of government regulations, rising claim costs and a shrinking employee market, it's a wonder how many smaller companies survive.
@@clwest3538 true, and they waited until he was no longer a protected class. Age discrimination is only valid for 40-70. [EDIT FOR UPDATE: I was incorrect. See this info: “Legislation signed by President Reagan on October 31, 1986, largely eliminates the age 70 cap on the group of workers protected by the Age Discrimination in Employment Act ("ADEA"). As you know, the ADEA previously protected workers between 40 and 70. With this new legislation, effective January 1, 1987, all workers over age 40 are protected by the ADEA.”
I took mine at 65 and it is the best thing I did. I can suggest, do not take an Advantage Plan.
I work with medical billing and I totally agree with you!!!
Why not take Advantage plan. Please enlighten me.
@@Cathy0915 advantage plan makes the insurance company as your primary coverage and puts you at the mercy of an insurance company…they can deny you coverage which is getting more egregious. And coverage is not as good as a Supplement plan. There’s a reason why it’s so cheap
Blue
The supplement premiums continue to increase every year and it does get very costly for much older folks.
Developed a cataract at 62 and I was praying to make it to 65 so my Medicare would kick in. I made it and Medicare saved my sight that's for sure.
II still working when I rich 65, I have insurance thru my company, I dropped it, and get Medicare, I saved a lot of money, and better benefits. I’m 70 now I’m ok with Medicare.
@@olgavere6462 Wow! My companies insurance plan is a fraction of Medicare and the supplementals I'd need to equal my companies insurance. I dread the day I'm required to take Medicare.
My sister is 64 yrs. old, on Oregon Health Obamacare, many health problems, terrible service, wait 6 months for appointments, and then gets rescheduled. I hope she’s still alive when she can get Medicare @ 65.
I hope she is too!
@@xltek1 that is NOT the insurance it is lack of healthcare personnel. Same issue here in Washington. I have great BlueSheild through my employer and my son has to wait 5 months for his first appointment. Not ACAs fault.
@@MarcutsuSpoon who’s fault is it?
its called selective living if he had anything to do with medicare he make that selective living too !!!!!!!!!!!!
Nice that your daughter can contribute to your video. My employer bounces between 19 to 21 employees. I took Part A at 65 to avoid the penalty.
No apologies needed! Talk as long as you’d like. Your information and insights are always helpful. Time for me to get outside and check out these beautiful Minnesota blue skies!
Thank you, Anthony! Love Minnesota 🙂
@@TheretirementnerdsI agree. Most people are surprised at how nice it is (other than in winter!).
I took Medicare at 65, continued a full time job. I received many many benefits from Medicare, I spent less on medical care on Medicare as well.
Ditto! Many, if not most, employer's plans nowadays are bare minimum plans with huge deductibles! Medicare was so much better! Medicare (with Supplement) is the best health insurance we have had in twenty years, despite full time employment and employer's coverage during that time. Other coworkers who have turned 65 have done the same! Putting off Medicare may have been good advice years ago when employer plans were worth a damn, but not anymore.
Medicare can be great!
I thought medicare basically sucked cause it only paid 80% of whatever.... then u pay for some part ###??? or supplemental such and such to cover the rest? but does it cover...anyhow, new to all this, just trying to get the couple sentence basics down, whatever that may be
@@davidcarp5935 I’m healthy. I do I take 2 meds regularly, had a Ct scan, cot Az one shot, knee physical therapy and never pay a cent. My dental, vision, check ups free. If I want glasses or contact I pay. Medicare allows me 4 free classes in any workout center nearby!
@@alansach8437 My insurance through my employer is a seventeen hundred dollars deductible. It's so expensive I'm not using it.
Sky blue. Thank you very much. I thought I had to take Medicare at 65. I am in Healthcare and did not know that. Awesome info!
Glad it was helpful 🙂💠
Still working, no health problems, can keep my insurance when I retire as long as I keep insurance. I am NOT taking Medicare until I retire!
Red, Thank you. Very informative. Your comments agree with what my employer told us during a medicare webinar. Unfortunately all of my co-workers did NOT get message and now have an issue with their HSA . Our employer told us the HSA automatically turns into an HRA account which means they can still access the funds but can no longer make any contributions.
Thank you for watching! The HSA is one of the most common misunderstandings we see 😕🔴
Unfortunately, if you are a retired military veteran you have no choice. Tricare mandates military retirees start Medicare at 65.
FORTUNATLY
New Sub. Will be 65 in Feb-25 and starting to pay attention and research/plan. Thanks for your info sources. Oh… yeah and Blue.
So glad you found us :) Thank you for subscribing and sticking through to the end! 🔵
Green is my favorite color! I have about 10 years to reach 65 but I have started educating myself to get prepared. Thank you for your video!
Thank you for watching! 🟢
This could all look much different in 10 years 😬
I love all colours. But I'm partial to green. Thanks for the information
Appreciate you watching! 🟢
Blue! THANK YOU for this information! I had always been told that it was mandatory to take Medicare at 65; how nice to find out I can delay that and continue contributing to my HSA for additional years. New subscriber!
So glad it was helpful! 🔵
Thank you for subscribing!
Very informative I worked with my HR Specialist before I retired from Federal service. Senior talk a professional at 64 plan for you and your spouse
Red & Blue - Thank you! Only 60 now.
Thank you for tuning in! 🔴🔵🙂
Yellow ❤ your little girl is lovely. Approaching 65in December and still working. Scary times… so much information. Thank you for answering some of my concerns.
Thank you for spending time with us! 🟡
Green! Nice job! I had to sign up this year (my husband is younger and we are self employed) and it was quite the journey. I wish I would have seen this before then, but you clarifies most of what I did so Thanks for the explanations.
It is quite the experience. Appreciate you watching! 🟢
I am not getting any medical insurance, especially Medicare.
I have not paid for medical insurance since 2006.
I have put all that money into an account and I negotiate my medical/dental anytime I need it with cash.
Way cheaper.
Crazy! What if you have a substantial emergency??
That is crazy one week in hospital after some kind of medical emergency could cost close to 100.000 dollars. Especially once you get old enough for medicare. It is pretty hard to negotiate when their putting you in a ambulance after having a stroke or heart attack. This person needs to use some common sense and logic.
@@RodneyDempsey-o8w it's quite possible he has that 100 grand in the Bank!!!! I don't participate in part b at all. I have never had life insurance in my entire life. I saved that money and have more than 100,000!!!!!
73...I have spent far more money on dental care. You shouldn't call someone crazy!!!!!!
I have over 38 years experience in the insurance industry . Always take Standard Medicare A snd B stay away from Medicare Disadvantage plans that private insurance companies offer. Those plans are an advantage for the big rich insurance companies .
Thank you so much for sharing. I have 2 relatives reach 65 next year. Should they sign up for all parts?
Advantage plans have part D no 20% payout on A & B
You are a good source of information. Thank you, you're awesome 👍
Appreciate you saying this! Thank you for watching!
Thank you for this important information 🙏🏻 Eddie 🇵🇷🇺🇸
Green. Extremely informative. Thank you!
Thank you so much! 🟢
I am BLUE in the face with the cost of health insurance. I'll be 62 this year starting my SS. Don't have any retirement to speak of except my dwindling 401K. I researched catastrophic health insurance and that crazy expensive as well. I take Sir Jason Winters tea regularly as a cancer preventative; know to reverse stage 4 cancers. Fingers crossed!
Thank you! 🔵
Thanks for this, first time I saw your videos. I will be 64 this summer and starting to really look at the Medicare question. I am still working and would like to retire at 67, I have full medical /prescription with work and an HSA. AND I still have a 21 year old who is on my plan and has chronic health conditions that require coverage. Does not look like taking Medicare at 65 is my best choice until I fully retire. Tickled Pink.
So glad you found us! Thank you for making it to the end :)
Sounds like you have the right idea on your upcoming decision.
Blue! Thanks very much for the great content, you answered my question in the video and saved me hours.
Thank you so much! So glad it was helpful! Appreciate you watching to the end :)
Two and it's garnet & gold; I wonder why. True about the penalty lasting the rest of your life. My mother is 99 and did not sign-up for medicare thinking she was doing the government a favor! My parents always paid for doctor visits out of pocket (they were children of the depression) so they thought deferring a "bill" from government was the right thing to do. But geez, the penalty lasting a lifetime is BS. My mother spent her entire work career as a public school teacher. Because she had her own pension plan as a teacher, I don't think she knew medicare was an option for her. Anyhow, great information, thanks!
Thank you so much for watching! So sorry to hear about your mom :(
You take it when YOU need it. Most people who no longer can or want to work past 65 for whatever reason, can't afford to pay $1500+/monthly premiums for private health insurance. That's when Medicare (which we've all paid into our entire working lives) come in.
You didn't watch the video...
He is so right! Medicare can be complicated but it doesn't have to be. If you have claim issues we can help call the insurance companies about your claims. We assist from education to enrollment to help seniors navigate with ease since 2006.
I took AMB when I retired at 65 however, I got penalized for everything else, but I did not take that I need now because now I need surgery so now I’m gonna be penalized. It wasn’t cheap.
Maize and Blue. What great detail you go into. New subscriber here. Keep up the terrific work! Very informative.
Thank you so much! Appreciate you watching 🟡🔵
I waited past 65 and got fined by the "government" for doing so. My Social Security was reduced $141 a month for a year.
This comment makes zero sense from the context of the video. There is no 1 year Medicare penalty for delaying. There is no penalty period if you fall in what was covered in the video.
@@Theretirementnerds Mine was item two, my wife was still actively working, (I was retired) and I was covered and I still got dinged for $141 a month. Her company, HP, dropped me without telling us.
😬😬😬😬 I work as a 64 1/2 y-o private nanny in Georgia; I recently withdrew myself from marketplace coverage as a result not being able to afford the plan I was on. I am currently uninsured. My husband opted to have his coverage apart from mine, he being older and self employed🫤. After watching your video, I am dismayed and anxious about the whole matter of insurance and penalties nor do I understand why seniors are penalized upon retirement age if don’t have insurance. Most cannot afford decent coverage ….?😢
Green and made it to 60. Retiring soon and enjoy watching your videos.
Thank you so much for watching! 🟢
Good and helpful information. I live in the "Emerald" state and will be turning 65 in about 3 weeks. I think I can delay all Medicare as I plan to work a couple of years longer, but it would be good to talk to someone familiar with Washington state if you can recommend someone. Green actually is my favorite color.
Would be honored to help. Send me an email to erik@theretirementnerds.com and I can connect you. Did you see this video?
ruclips.net/video/Fv9-6swpLvE/видео.htmlsi=q7_rxxVK9bQt21oD
Blue, I think the information was concise and helpful. Thank you. Question. If I enroll in Medicare and life in a foreign country, would I be able to travel to the U.S. for medical treatment?
Thank you for watching!
I think you sent an email, too, correct? Can't tell your name from the RUclips username :)
Blue! Excellent presentation.
Thank you so much! 🔵
Green. Thank you so much!
Appreciate you watching (to the end)!
I'm one of those that work for a company of less than 20 employees, and I did know I had to take Medicare as my primary insurer at 65. I had my employer drop me from the company healthcare plan, and he reimburses me for my Medicare. In fact he pays me what he's paying per employee for healthcare which is about twice what I'm paying for Medicare, so I pocket a few extra hundred dollars a month. And Medicare has a much lower deductible, so I'm happy with it.
Sounds like a great situation! Not all employers are that generous. Thank you for sharing
@@Theretirementnerds he actually covers health insurance for employees and their families, which isn't common these days, so yes he is generous in that.
Purple was mine at that age. Great video. Will keep following.
Thank you so much! 🟣
My favorite colors are yellow, blue and orange. Thank you for such informative video. 🤩
Thank you so much for watching! 🟡🟠🔵
sky blue - I appreciate your explanations and the detail oriented communication style you have. I am in S Florida. I would like a SS consultant who has time to talk to me. I've reached out to two of them and no one has returned my calls or emails.
Thank you for watching! Send me an email to erik@theretirementnerds.com and my partners will gladly help.
Green is my favorite color. Thank you for the information!
Thank you so much for watching! 🟢
Thanks for the information. I’m glad I’ll not be seeing any RED/Fees.
Appreciate you watching! 🔴
Green is beautiful! Thanks for all the information to consider!
Appreciate you spending time with us! Thank you for making it to the end :)
my favorite color is Blue! great info regarding the medicare
thank you
Thank you so much! 🔵
My favorite colors are Navy Blue, Brown, white n Baby Pink. Thanks for sharing your wealth of knowledge 🙏
Thank you so much for watching to the end ;)
I get your idea.. but not for me.. I pay 2500 a MONTH for my INsurance now.. I can;t wait till I can get Medicare next Oct
Ya, in your case, Medicare all the way
Most companies have people in their HR departments that can answer many of these questions and they also have workshops with SS and Medicare staff. The information is out there and you can get it directly from the source not second hand opinions. This is a major step so do your research and talk to others that have already gone through the process.
They do. And HR gets this incorrect all the time, which is why we're here. We do those Medicare presentations for HR groups and have helped tens of thousands through this Medicare and retirement transition 🙂
So yes, do research and reach out to someone who helps people with these decisions.
Thank you. Blue 💙💙💙🦋💙
Thank you! 🔵
Thanks for the great information, and your daughter is so sweet! My favorite color has always been RED
Thank you! 🔴
Great video!! Could you suggest an agent in the Scottsdale AZ area? Thanks
Excellent
Appreciate you!
Sky-Blue....okay lets say I retired at 67 and continued with my employers healthcare
Plan till that time rather then apply for medicare at 65...when I retire will I have to pay a medicare penalty?
Nope! Your employer will fill put a form stating you were covered from 65 to 67 on their plan and you wouldn't have a penalty.
Here's a video about that form:
ruclips.net/video/DB8TQi5iIlk/видео.htmlsi=Wa9lY98CnbCReBz7
Great first video from you that I saw. Purple is the color !! Also a new subscriber.
So glad you found us! Thank you for watching! 🟣
My favorite color is blue. You weren’t long winded!!😊
Thank you so much! 🔵
Crimson and cream, 65 and still working with very good company insurance.
Thank you for watching! 🔴🟠🙂
Blue. Thanks!
Thank you so much! 🔵
Red. (Good information, thanks for the video).
Thank you so much 🎈
Awwwe green is my favorite color. Question : Have you done a video involving military veterans and Medicare?
Very colorful explanation! I living the American dream,..I move to the Andes Mountains !!! I am using a medical coverage here covering A AND B for $ 96 monthly, …I am visiting the states very seldom…according your explanation nothing to do if I will out of the imperium for ever …right?
My company had over 15,000 employees and the primary payer is Medicare if you're over 65 and the allow us to use the company's insurance as secondary. PERIOD
Favorite color is hot pink. Your videos are red hot! Thank you.
Thank you so much! 💓❤️
Purple. Husband is on my plan which is very good thru the hospital I work. He will turn 65 next year but doesn't plan to retire until age 67. I'd like to stop working before age 65.(I'm 61) Should he go ahead and get on Medicare or sign up for his companies health coverage, which is so' so but could cover me.
It'll come down to a math equation. Chances are, him delaying Medicare and keeping you on an employer plan will be less costly than you going on an ACA marketplace plan and him taking Medicare, but we'd have to take a look at the math. My email is erik@theretirementnerds.com if you want to explore further.
Great and very informative video! I'm turning 65 in less than a month and I'm self employed and on my husbands insurance. They sent a letter indicating existing coverage is a Credible Coverage Drug Plan. Do I need a letter indicating the same for the medical coverage? The insurance coverage is a self funded plan by UMR with several hundred employees. I was told if it's self funded it may not be qualified health coverage. Thank you!
Thank you for watching!
Drug coverage is the only one you need the creditable coverage letter for, not the medical plan side :)
@@Theretirementnerds Thank you so much for replying!! I've been calling insurance to send me a letter and they can't find anything to send. Now we know why. lol
@SharonBlack-n3s haha! Yeah... a lot of people refer to creditable medical coverage and, from a Medicare perspective, that's not a thing. Creditable drug coverage is. Medical is not. Glad that helps close that task in your mind 🙂
Favorite color is yellow. What documentation do I need to keep to show that I had employer plan coverage from 65 until I retire and register for Medicare?
Thank you! 🟡
It's the CMS L564 form.
We have a video on it here:
ruclips.net/video/DB8TQi5iIlk/видео.html
Like I said in my previous comment, Yellow is my favorite color 💛. Btw, If you currently only have Medicaid and do not have any earned income are you still required to sign up for Medicare when you’re 65 years old or about six months before you’re 65 years old?
What are the Medicare requirements for unmarried, unemployed and underemployed 65 year old seniors who do not have any pension, savings, retirement benefits or income and who are currently covered by Medicaid?
If you are fully on Medicaid, you can get Medicare paid for and have both Medicare and Medicaid.
Green. Thanks so much for video. Do you work in Fl?
Thank you for watching! 🟢
Yes! I have partners licensed there 🙂
My email is erik@theretirementnerds.com and I can connect you.
Blue. Learning a lot from you.
Still working at 70 and enrolled in Medicare (not Part B) at 65. And contributing to company’s HSA. Can I unenroll from Medicare and continue to contribute to my company’s HSA?Thanks!
Thank you for watching!
Unfortunately, no. Canceling your Part A is near impossible. 🔵
I’m an RN who works for the VA. I will be 65 this fall and plan to keep working and keep my insurance even after retirement. I have serious arthritis, already had one hip replaced, need a cervical and lumbar fusion and have autoimmune issues. I wonder if I should go ahead and get Medicare for secondary. My favorite colors are turquoise blue and sea green. 😊
Do you get VA coverage when you retire?
@@Theretirementnerds once you are vested (5 years) you can opt to continue to pay for the insurance you had.
Blue.
Question: I will have a police pension and no Social Security when I turn 65 years old. When I sign up for Medicare, how do I make those payments of $174.00?
Everyone I know has Social Security and those payments are deducted from Social Security every month. Again, I won't have a Social Security check for the payment to be deducted from.
I turned 65 2022 and got medicare. In Feb. 2023, for some unknown reason, my medicare was terminated by ssa, and my insurance extended to May 2023. From Feb to Dec 2023. I've contacted and went to local trying to solved the situations (22 times). I've got my medicare back in Nov.2023. By this time, I had had paid out of my pockets $12,000.00 for my medicines due to no coverage. SSA refused to pay me. What should I do ! Green color.
Sorry to hear this. My email is erik@theretirementnerds.com if you want to go into this in more detail. Did they give a reason why Medicare was stopped from Feb. 2023 - Nov 2023?
Favorite color is blue!
Thank you! 🔵
Grey
Thank you! 🩶
Purple
Thanks for the great advice
Thank you for watching! 🟣
Red. Great video and I subscribed.
Thank you so much! 🔴
Blue. Hoping to figure this out.
Thank you for watching 🔵
Purple. Thanks for the information.
Thank you for watching! 🟣
My favorite colors are blue and green. I am 64 and I live overseas and plan to do so for many more years. I plan on applying for plan B this october. Should i apply for plan D?
Orange. Don't forget that if you are still working and decide to take Social Security in anyway (early, FRA, or delayed) you will concurrently and automatically be enrolled in Medicare Part A which means you need to cease HSA contributions immediately if not before. It is advisable to stop HSA contributions a few months BEFORE you start Social Security or sign up for Part A. There are penalties for continuing HSA contributions after Part A enrollment that can be quite financially uncomfortable.
What about red white and blue military retirees?
🔴⚪️🔵
VA benefits or Tricare for Life?
Thank you- Purple 😊
Thank you for watching! 🟣
I have medicaid... not sure what to do. Red!
Thank you for watching! Medicaid is a bit different. Are you also eligible for Medicare?
So, I have both primary coverage as a retired Federal employee and secondary coverage with Tricare as a retired Reservist. I understand that in order to maintain Tricare (Tricare For Life), I will need to get Medicare A&B. Does that mean I can drop my current primary coverage (BCBS)? I actually like BCBS and find the rate to be fairly decent. I'm afraid that Medicare A&B is going to be more expensive.
Yes, you will need A and B to maintain TFL once you retire.
I don't know the costs and coverage of your BCBS plan, but I don't know that we've seen anything stronger than TFL and Medicare from strictly a coverage perspective. Very good coverage.
Take it while it's still available
thanks for the info...spring green is my fav😁
Thank you so much! 🟢
Red, So what if your in career with a forced retirement at 65 buy your looking for a new job to get yourself to the 67 SS retirement age and get a job 3 or 4 months after you turn 65? should you take Medicare and then drop it when you get a new job.
You definitely could! You wouldn’t be able to drop Part A, but you could get and then drop Part B.
Blue, Blue and Blue all the way🙂. Few more days to hit 65 (ouch!) , planning to turn left as I am covered through my wife's employer, but will check and ensure that everything is kosher based on the nuances I learned here. Thank you for a great video on the subject. ps. Not long-winded by any means, very precise and focused!
Thank you for making it all the way to the end :) Appreciate you spending time with me!
"My answer is pink, my sweet friend"
Thank you! 🩷
Let's see, 2 knee replacements, and a joint in my left foot replaced. Walking and kneeling on cement for 46 years kind of wore my body down a bit, I wish I had sat behind a desk, BUT I didn't!!!
Favorite color is Green!!! I started social security at 62.5, took it for a year and then went back to work. I let Social Security know I was going to make way too much to continue SS. They paused it at the beginning of the year. Two questions....if I work to 67 (FRA) and decide to take SS again, do I still have the 25% loss from taking it at 62 even though it was paused and I have been paying into it, making over 120K a year? Also, since I took SS at 62 and paused it, am I required to take Medicare A even though I am working and have coverage?
Thank you for watching! :)
Regarding SS, it will continue to grow and you will end up with about 93% instead of the full 100% since you took it for 1 year. It will essentially be as if you filed at 66 (1 year early).
You "shouldn't" need to take Part A. Part A would automatically jump into play if you were on SS when you turn 65.
Hope that helps!
@@Theretirementnerds Two questions....since I paused social security, am I still considered to be on Social Security? I am working full time with full time benefits, 64.5. Second question....If I am considered to still be on Social security even though it was paused at the end of last year, do I HAVE to take Medicare part A? I have a group plan HRA. I NEVER use my medical benefits....no meds, no illness, etc. and am also in the medical field, lol. Thanks for your help!
Very helpful info! Favorite color is blue. Most handsome You Tuber award.
Thank you for watching and the compliment 😊 🔵
I am trying retire sooner than later like at 62 1/2...I am trying to figure out how to pay for insurance before medicare...I am not trying o delay it...if I do then I might to keep working....
Orange, thanks!
Thank you for watching! 🟠
My favorite color is maroon
Great color! 🔴 thank you!
Royal Blue
Thank you so much! 🔵
Blue….she is adorable
@@williamslocum7748 I agree 🙃🔵
blue, just subscribed. What if you’re on Medicaid when turning 65?
Thank you for watching and subscribing! 🔵
You'll want to jump on Medicare. There are programs available to reduce or eliminate the Part B premium. Those in Medicaid cannot be sold a supplement plan. There are Advantage plans available for people eligible for Medicare and Medicaid called Dual Eligible Special Needs Plans (DSNP - pronounced "Dee-Snip")