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So many people under sixty think medicare is such a breeze as is social security. They have no idea about all the choices that impact you the rest of your retirement. On top of that, every year brings more changes and more decisions to review. Thank you for providing great information. Well worth warching multiple times to really digest and understand albthe information
So glad that we could be a great help at better understanding how Medicare will work for you. It is our pleasure, if you have any questions you can always give us a call we're happy to help! 800-864-8890.
Thank you for always staying on point and not interjecting all kinds of side talk. You always cover every single detail and it's all important but you stick to the agenda.
The biggest problem is the system. There are many health care providers take advantage of the " the government pay and the patient doesn't care." The medicine is very expensive and the middleman makes tons of money.
For those of us on a fixed income. Taking an additional 11.00 a month away for Medicare premiums is a big deal. Plus we end up buying a supplemental and a drug plan.
Then, as soon as you reach your full retirement age and you can make as much as you want, they tax you on your Social Security if you make over a certain amount! And then they take out your regular Social Security and Medicare fees out of your wages as well! Tax on a tax! How unfair is that?
How can you say “Medicare only going up a little bit”? What planet do you live on? That is about a 0.05896 percent (close to 6%) while SS only went up 2.5%. That is over DOUBLE the SS increase. Add to that my home owners and Auto insurance BOTH went up in the neighborhood of 20%. This is unsustainable.
@@jamesp.7496 Obviously you are not on SS. You don’t go to Starbucks if you’re on SS. You need that ten bucks for the increase in meds, electricity, heat, and food. It’s back to cat food. Dog food went up in price too much.
Your presentation explaining the drawbacks under Medicare Advantage plans if I were to come down with a cancer was so illuminating. There are no free lunches period. Thank you for your honesty. As we grow older the chances of cancer increases.
@@mojo3262 I questioned the lady from SSI about that... She said, "no you still have to pay as long as you are working for pay". I couldn't believe her answer.
Is there a way to get the chart as document or PDF I would like to show my parents, aunts and uncles. They only speak Spanish and if I had the document in my hand it would be so much easier
What about married filing separately for 20 years? I get the IRMAA penalty and I still work with continued deductions for social security and Medicare. I think I need to make an in-person visit to social security.
You need to double check because if you wait to apply for Medicare and are not covered under an employers group coverage there could be some issues. Check into it.
@@wisepati123 you are absolutely correct, I carry workplace health insurance rt now so I won't get penalize after age 65 when I apply for Medicare insurance.🙂
Question on the deductible I’m in the hospital for 8 days and then 50 days I go back there is no deductible. I get out in eight days. Does my 60 days start over from when I’m released the second time
The 60 day period starts the day you are discharged from the hospital, if you go back to the hospital within that 60 days you do not have to pay the deductible. If you return after the 60 days period then that is when the deductible would come back into the picture.
I wish you talked a little slower. It was hard for me to follow parts of this. But as a retired teacher, I understand😊. My comment is about the COL increase. I was dual eligible for Medicare & Medicaid until last year. The COL increase we got last year, took me $500 over the maximum for Medicaid eligibility. As a result of this, I am no longer eligible for extra help with my prescriptions. I have determined that I am going to haven't find a job b/4 2025 on order to afford the copay on any tier 4 or 5 drugs I have. THAT is information we needed in June, 2024 rather than October. Let people know about this, please.
If you listen to multiple videos and short videos he teaches, you start to learn the lingo and he even breaks down each topic. The more you listen the more it starts to click and make sense.
I just signed up for Medicare for 2024 at age 65yo. Every single independent agent I spoke to in Denver strongly discouraged Medigap policies, and when I asked they didn't have any info really. Just hope I don't regret it. People 10 years older than me often have these Medigap policies but they are now around $400 a month.
@@AliceR27 I pay $100/month with Humana for supplemental. I paid $430/month supplemental prior with United Healthcare (preexisting conditions) but was waiting until my birthday month rolled around to make the switch with no medical underwriting because of my state’s law for making supplemental to supplemental change. I was lucky. I will hold on to a supplemental plan for the foreseeable future and LOVE the ease of choosing doctors and treatment approvals.
The commission on Medicare Advantage plans is double (2x) the commission for Medicare Supplement (Medigap) plans, so many independent agents are looking out for themselves, not you.
It depends on where you live. If you can afford it, it is always better than advantage plans because the out of pocket charges can add up and the delays or denials of authorizations. Even needing home health, rehab or physical therapy is almost impossible to get a prior authorization sometimes.If you absolutely cannot afford a supplement be sure and call this group they will check every plan to fit your circumstances and guide you in your decision WITH NO pressure at all. But call before December 7. That's when open enrollment ends. I chose plan N which does have a tiny bit of risk but it was almost $40 cheaper.
I took my mom to the DR. and they handed her an ABN. She said what does MC cover. She said only do what MC covers. They weighed her, checked her BP and sent her home and all the test they said she needed she didn't get because MC did not cover it. Well she could have check her BP at home and weighed at home.
This doesn’t seem right. What did your mother go in for? She should be able to be treated for that. But if you only had Medicare and not a supplement, you might have to do a co-pay. I’m surprised Medicare would pay for that because Medicare would consider that an annual physical checkup and they don’t pay for that.
Good luck with the appeal I worked one month into the year and they hit me with Irma the ss44 ask how much you are going to make and it’s like next to impossible to fill out
So when you file taxes jointly it can mess up the spouse that takes their SS earlier than FRA because it takes into consideration both incomes when it comes to the $$ ($22,300 this year). Am I understanding that correctly? So will the spouse that took their SS early get penalized even after the other spouse starts collecting at his FRA? I hope I'm making sense.
No for the earnings test those are calculated for each individual. So if you are both collecting before FRA, both would go through earning tests and each can make the $23,400(2025) amount.
I am going to be 65 in 2026 and will apply for Medicare then. Please clarify this for me: so if I understood you correctly, every year after I turned 65 and received my medicare, the premium will automatically change because it will look back to my previous 2 years' adjust income? TIA
Is the earning test for taking social security early just on the person taking SS or joint income. Example spouse is 62 and below the earnings limit. I am 63 and still working so above the limit. I know her SS amount will be reduced since she is not at FRA but curious if she will also be penalized by my income.
Can you please clarify something since you seem to mention two different look back periods. Sometimes you say they look back to your MAGI in 2022 and later you say they look back to your MAGI in 2023. Which is it? Please tell me which of these two scenarios your are saying applies, assuming MFJ examples: Scenario 1) The IRMAA bracket of $212,000 was part of the new 2024 tax year IRMAA brackets, so I think it will be used when filing our 2024 income taxes. Since it is for the tax year 2024, it looks back to 2022 MAGI to determine what your 2025 Medicare premiums would be. However, since taxes filings for 2024 are not due until April 2025, that means any IRMAA penalties for 2025 wont’t start until after the tax filings. If this is true, will the penalty be applied retroactively in the later months of 2025? Scenario 2) since the new tax bracket is used to determine your IRMAA penalty for 2025, maybe the IRS will look at your 2023 taxes and if our 2023 MAGI was over $212K, then we will start paying the IRMAA penalty immediately in Jan 2025. As I write this I realize now that while I always thought Scenario 1 was true, I am starting to think that it is really Scenario 2 that is correct. Which is correct?
@ I understand that the look back is two years, but note that BOTH of the scenarios I mention have a 2-year look back. What I am confused with is the the title refers to 2025 IRMAA Brackets, and we still haven’t got the final stuff for Tax Year 2024 yet. When the term Brackets is used by the IRS , it is usually referring to the Tax Year in question. So the $212K MFJ bracket would be for Tax Year 2025, and it would look back to 2023 to see what the IRMAA penalty to pay during year 2025. If that interpretation is correct, then that is what I am trying to describe in my Scenario 2, not Scenario 1.
It’s critical for Medicare-eligible individuals to select optimal plans to reduce the likelihood that lack of coverage would prevent smart health care utilization choices, not only for their health outcomes, but also to help keep health care spending in check.
In my opinion, enrolling in medicare isn’t just a way to get health care coverage when you turn 65, it’s also a major part of ensuring financial security during retirement. Individuals can seek counsel from a certified financial advisor, who can provide specialized advice and methods to decrease expenses and maximize income.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $800,000 by investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Kathie Daisy Bosco’’ for about three years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Kathie has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
Couldn't find Your Medicare Monday Event tonight (11/11/24). Did it not air or did I just push the wrong button. Are those events playable later? Thanks...
When you start collecting Social Security and you then are automatically enrolled in Medicare do they start taking the $174 our for Part B and enroll you in that? Or do you have to ask for that? Thank You!
Thank you for putting a great video. Do you know Cigna supplemental plan holders move forward next year in 2025 after the deal with Service Heath Care Corporation ? What is the outcome of policy benefit holders ?
We do not offer high deductible plan G with our company. We do have a video that briefly discusses this option. ruclips.net/video/5Gz0bfbtQgc/видео.html
$419 per day? We live in a society that does not value peoples healthcare. It values youth and people who make money. Even more primitive societies took better care of their elders.
You can start receiving social security at 62. You can not get Medicare until 65. Before 65 you have to enroll for marketplace healthcare, or qualify for Medicaid.
No. But when you begin receiving SS if you have accrued 40 work units. You will automatically receive M'care part A. You will pay the $185 a month for part B or you can opt out of part B. But if you do that you won't have insurance for anything other than hospital stays. Once you get part B it will pay 80% of your medical bills. To have the other 20% covered you will need either a M'care supplement plan or an advantage plan. You can opt out of part D but if you choose to do so you will be charged a penalty if you ever decide to enroll in a D plan. This may be more information than you need and you may be aware of all this. If so please forgive me.
You do not HAVE to be in Medicare especially if you are still working or covered by a spouses employer plan as well. Other wise we would advise taking Medicare to avoid any penalties.
The 174 is for 2024. It should already be deducted from you SS.. It increases to 185 in 2025. And you will be responsible for whatever your premium is for G
@@8aNda1d I will be getting SS but still working full-time. In April, I'll be 67. I want to work part-time and change over to the G plan, but the cost of B monthly and G plan monthly is a lot.
We absolutely do, you can check that out here: ruclips.net/video/JJYauUj8MWU/видео.html If you have any other questions you can give us a call at 800-864-8890.
I'm 67 and 8 months (full retirement age) and still working full time and have applied and confirmed my SSI payments. I stopped my health benefit at work because I understand that Medicare part B comes out of my monthly payment automatically. Can anyone here that knows, confirm to me if I did this right with my Medicare? I already have a Govt. issued Part A card.
There are some rules that need to be met in your circumstance. Having to do with the number of employees at your workplace and when and if you do decide to get part B you will have to have your employer fill out a form saying you've had credible insurance. Be sure and call Medicare School, to have everything explained to you they are REALLY nice and willing to help you
That is one that can not be appealed, depending on what the amount was, would likely out you in a higher bracket. If you have any questions you can call our office at 800-864-8890.
As long as you are in a special enrollment period, we may need more information to properly answer your questions completely. You can call us at 800-864-8890, our team can determine when your enrollment period will be begin.
And remember, the contracts they have with doctors are abysmal. They pay a 325 doctor bill about 75. It's disgusting and why we have so few family practitioners and no independents.
Great video, but you made a mistake with the dates at the very end of your presentation for "Before the Year of FRA". It should be 11-1-2021 to 12-31-2025 (not 11-1-2021 to 12-31-2026).
If a person turns 62 in February 2025 and wants to start drawing there SS when should they go and apply on the SS web site? I would think it would be now? 11/2024
For joint if you are paying 50% of Gov'ts cost at 184.10 that means 100% = 368.20: So how do you get that someone is paying 85% of the cost to the Government at 441.70? Am I missing something? My math says you're paying 120% of the gov'ts cost.
The IRS allows all taxpayers to deduct their qualified unreimbursed medical care expenses that exceed 7.5% of their adjusted gross income. You must itemize your deductions on IRS Schedule A to deduct your medical expenses instead of taking the Standard Deduction.
Currently the standard deduction is very high, but it will end at the end of 2025 when Trump‘s tax changes expire. Who knows what it will be after that.
My Medicare premium (supplemental) makes it impossible to save for the deductibles. I refuse to go on an Advantage plan. I make just a few $$ over the limit for the extra help. I don't expect things to improve under the incoming administration. This is when people will see how their votes truly affect them personally.
Well, if you refuse to take an advantage plan!! Then you are stuck between a hard place. I didn't wanti to take an advantage plan either but I can't afford the $184 part b premium! Plus I am relatively healthy. So I just have to stay on top of advantage plan! It is what is....
@@skipbailey4017 I don't think I saw a calendar - I probably called, I have a special situation and wanted to talk to someone initially. I often have those special situations. . . . .
Look into the Medicare Savings Program. If you qualify the program will pay the monthly Medicare part B premium. Each state has different income limits. This program will also pay your part D premium and lower your drug costs. Call your local social services office for information.
@@MedicareSchoolMedicaid will only pay what Medicare doesn’t cover. Remember if Medicare doesn’t pay anything, then Medicaid cannot be billed. Medicaid/Medicaid is called QMB on California. (Qualified Medicare Benefits)
Total Dr charges. But only 5% of Dr's charge excess charges and a few states do not allow Dr's to do so. This mostly refers to specialists, anesthesiologists or mental health someone told me some rehab or PT (I'm not sure about that.) You just have to be vigilant and ask, if you are ever referred to another Dr other than your own.
@@geraldforrester4366I don't think that's right. They can't give information on WellCare any more but they should be able to help you. I'd call again to be sure.
We still offer plans in GA, Depending on what kind of plan you we're look at sometimes we are unable to help with certain plan changes. So it depends on that. Give us a call to see if there is anything that we can help you with. You can contact us at 800-86-48890.
I applied for Medicare October 14. I’ve paid into Medicare for 46 years. I received an email that my case was moved to the Chicago office. Why haven’t heard from them? It’s been almost a month. I need to give them my payment information for my part B and any other parts I choose.
This is their busiest time of the year. You can either create an account on medicare.gov and contact them directly, or you can make an appointment to see someone in the social security office.
Hi there, I apologize for the delay in sending out those recommendations. While I don’t have an exact timeframe for when they will be sent, I want to assure you that our team is working diligently to get them to you as quickly as possible. We kindly ask for your continued patience during this time. If you’re unable to wait and would like to move forward sooner, feel free to join our live sessions every day at 1pm, where we walk through exactly how to proceed. We truly appreciate your understanding and apologize for the wait!
One thing being suggested is doing away with survivor benefits based on how much money you have saved and assets. It's in a Republican discussion. Another is to save money is to require everyone to have advantage plans. ( never mind right now this is more expensive than traditional Medicare) Another think I hope they don't do is change Medicare decisions to third party risk assessment where a third party determines your right to health care like most all private and advantage plans are doing.
Good info, but too much at one time. Would have been better to start Part 2 when you started talking about the gaps. That’s where I lost you & could no longer focus. Too many numbers & rushing through the info.
So you spend your life from age 15 to 65 working like a dog and paying in to MC, Then when you turn 65 and you have to sign up for MC, you have to still pay each month to have it, then if you go to the hospital you have to sign an ABN that you are responsible for anything MC does not approve and that you pay 100% out of pocket (because you did agree by following instructions that said sign here while you are puking in a bucket not even looking at what you are signing and not seeing it is BLANK) and then if you are in the hospital you have this huge copay or you have to again BUY more coverage that you pay for each month, what you are not telling people is that that ins. only covers what Medicare Approves and if MC does not approve that the doctor did, then you pay that cost 100% oop,(because you signed that ABN) and since more and more hospitals are being bought out by private hospitals they are coming after you and what you own because they are Private businesses. So that piece of Paper you are handed while you are about to died and you just sign your name to called the ABN that is BLANK that is not supposed to be but you don't look because you are so sick.. then you just gave the Dr. and hospital a blank form that they then can fill in with all the things that MC will not cover and you are responsible for. Good luck and buying a true SECONDARY insurance that picks up what MC does not allow. It is really bad when you are so severely injured you have to refuse to go to the hospital in fear you will loose your home.
Medicare pays 80% of your covered health care costs. If you want coverage of the balance buy a Medigap plan or get a Medicare Advantage plan (I have a Medigap plan.) The worst thing you can do is have original Medicare with nothing else since there’s no cap on your costs that way.
Unless you get a plan G supplement. It covers everything, but a lot of people can't afford it. I saved almost $40 changing to plan N. Only 5% of Dr's charge excess fees. But as you said if it's a life or death situation you will be responsible if they charge an excess fee.That's a risk I have to take because plans go up in price every year and I can't afford part G.
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✅ To get 1 on 1 Help from our Team, Schedule a Call Here: medicareschool.com/talk-to-a-guide/?
I've had to read through many health plans while working to make a decision. By far, nothing is anywhere near as complicated as they made Medicare.
So many people under sixty think medicare is such a breeze as is social security.
They have no idea about all the choices that impact you the rest of your retirement.
On top of that, every year brings more changes and more decisions to review.
Thank you for providing great information. Well worth warching multiple times to really digest and understand albthe information
So glad that we could be a great help at better understanding how Medicare will work for you. It is our pleasure, if you have any questions you can always give us a call we're happy to help! 800-864-8890.
Agree I always watch the videos at least 2x once just to listen the second time to take notes.
I don't understand why we are FORCED to be on medicare...
We the people
Control
Thank you for always staying on point and not interjecting all kinds of side talk. You always cover every single detail and it's all important but you stick to the agenda.
It is our pleasure, so glad that we can be of great help!
One of the best videos, if not the best, explaining these medicare stuff. Thank you!
Glad it was helpful!
Praying 🙏 people
You are a great teacher in explaining some of the complications of the fees and benefits. Thank you!
Glad that we could be of great help!
The biggest problem is the system. There are many health care providers take advantage of the " the government pay and the patient doesn't care."
The medicine is very expensive and the middleman makes tons of money.
For those of us on a fixed income. Taking an additional 11.00 a month away for Medicare premiums is a big deal. Plus we end up buying a supplemental and a drug plan.
Then, as soon as you reach your full retirement age and you can make as much as you want, they tax you on your Social Security if you make over a certain amount! And then they take out your regular Social Security and Medicare fees out of your wages as well! Tax on a tax! How unfair is that?
ugggggg. I'm gonna be broke forever
Wow, crazy premiums
How can you say “Medicare only going up a little bit”? What planet do you live on? That is about a 0.05896 percent (close to 6%) while SS only went up 2.5%. That is over DOUBLE the SS increase. Add to that my home owners and Auto insurance BOTH went up in the neighborhood of 20%. This is unsustainable.
It’s $10.00 a month. It’s like 2 cappuccinos at Starbucks a month. Happens every year. ❤️🌵
Thank your politicians!
@@jamesp.7496
Obviously you are not on SS. You don’t go to Starbucks if you’re on SS. You need that ten bucks for the increase in meds, electricity, heat, and food.
It’s back to cat food. Dog food went up in price too much.
AND the power bill! And food!
That’s the plan.
Your presentation explaining the drawbacks under Medicare Advantage plans if I were to come down with a cancer was so illuminating. There are no free lunches period. Thank you for your honesty. As we grow older the chances of cancer increases.
We are glad this information has been helpful! If you have any questions you can always give us a call at 800-864-8890!
If I get cancer, I’m checking out. Chemo is not worth it.
Thank you for the video....clarifies a lot of questions I had about Medicare.
Glad that it could be so helpful!
The more you make the more they take 🚩🎯💯
I can’t afford Medicare.
I can't either! I had to pay 3 mos up front! I didn't want to apply for SS, but figured I better do it!
@@rinar5771do it and. Look for the ,lower (GAPS) part C OR D payment...and wait untill next C H A N G E S❤
Thank you for sharing Professor.
Thanks for the information. Very well presented. JQ
I paid into it for 45 years. still working paying into it. I did not retire I decided to work a few more years while I collect.
I'm doing the same as long as I can.
Same here but I hate paying IRMMA and continuing to pay social security and Medicare out of my paycheck.
@@mojo3262 Yes... I was shell shocked when I found out about that. Good call.
@@mojo3262 I questioned the lady from SSI about that... She said, "no you still have to pay as long as you are working for pay". I couldn't believe her answer.
@mojo3262 You dont get health care where you work? And you make above IRMMA?
Is there a way to get the chart as document or PDF I would like to show my parents, aunts and uncles. They only speak Spanish and if I had the document in my hand it would be so much easier
You can see if they have them on SSA.gov
Thank you. Very informative.
What about married filing separately for 20 years? I get the IRMAA penalty and I still work with continued deductions for social security and Medicare. I think I need to make an in-person visit to social security.
IRMAA is accessed based on how to file your taxes, so if you file separately that is how they will asses your IRMAA
And the labels say sugar and corn syrup
Thanks for the information I will be 65 this year. I believe I will work until 67 and 10 months
🙋🏾 me to
Of course, if you have any questions you can call our office at 800-864-8890.
I meant 67, have 2 yrs left to work.
You need to double check because if you wait to apply for Medicare and are not covered under an employers group coverage there could be some issues. Check into it.
@@wisepati123 you are absolutely correct, I carry workplace health insurance rt now so I won't get penalize after age 65 when I apply for Medicare insurance.🙂
It would be good to clarify that earned wages of your spouse do not count for earnings test on your own benefits, even if filing jointly.
Why is it so complicated?
So if my MAGI went down significantly in 2024 due to retiring, will it take two years before that is reflected in reduced or eliminated IRMAA ???
Question on the deductible I’m in the hospital for 8 days and then 50 days I go back there is no deductible. I get out in eight days. Does my 60 days start over from when I’m released the second time
Good question!
The 60 day period starts the day you are discharged from the hospital, if you go back to the hospital within that 60 days you do not have to pay the deductible. If you return after the 60 days period then that is when the deductible would come back into the picture.
I wish you talked a little slower. It was hard for me to follow parts of this. But as a retired teacher, I understand😊. My comment is about the COL increase. I was dual eligible for Medicare & Medicaid until last year. The COL increase we got last year, took me $500 over the maximum for Medicaid eligibility. As a result of this, I am no longer eligible for extra help with my prescriptions. I have determined that I am going to haven't find a job b/4 2025 on order to afford the copay on any tier 4 or 5 drugs I have. THAT is information we needed in June, 2024 rather than October. Let people know about this, please.
Let people know about what? It is unclear from what you have written.
You can adjust the playback speed under the gear (setup) at the top (for me) of the screen. All the way down to 1/4 the original speed.
If you listen to multiple videos and short videos he teaches, you start to learn the lingo and he even breaks down each topic. The more you listen the more it starts to click and make sense.
adjust the speed on the gear icon.
Turn down the play speed, rewind-relisten as needed.
I would also like to know medical plan. Do you have video?
What are you looking for exactly?
I just signed up for Medicare for 2024 at age 65yo. Every single independent agent I spoke to in Denver strongly discouraged Medigap policies, and when I asked they didn't have any info really. Just hope I don't regret it. People 10 years older than me often have these Medigap policies but they are now around $400 a month.
@@AliceR27 I pay $100/month with Humana for supplemental. I paid $430/month supplemental prior with United Healthcare (preexisting conditions) but was waiting until my birthday month rolled around to make the switch with no medical underwriting because of my state’s law for making supplemental to supplemental change. I was lucky. I will hold on to a supplemental plan for the foreseeable future and LOVE the ease of choosing doctors and treatment approvals.
@@mojo3262 Supplemental medical insurance is a HUGE scam!
The commission on Medicare Advantage plans is double (2x) the commission for Medicare Supplement (Medigap) plans, so many independent agents are looking out for themselves, not you.
We are happy to review those options with you. You can call our office at800-864-8890.
It depends on where you live. If you can afford it, it is always better than advantage plans because the out of pocket charges can add up and the delays or denials of authorizations. Even needing home health, rehab or physical therapy is almost impossible to get a prior authorization sometimes.If you absolutely cannot afford a supplement be sure and call this group they will check every plan to fit your circumstances and guide you in your decision WITH NO pressure at all. But call before December 7. That's when open enrollment ends. I chose plan N which does have a tiny bit of risk but it was almost $40 cheaper.
I RMAA IS applied on Part A also. Correct ?
IRMAA only applied to Part B and D. Part A is always free as long as you have all your 40 working quarters!
Thanks Marvin❤
Glad that we could be of great help!
What about those that have not had to pay for part B for Medicare?
I took my mom to the DR. and they handed her an ABN. She said what does MC cover. She said only do what MC covers. They weighed her, checked her BP and sent her home and all the test they said she needed she didn't get because MC did not cover it. Well she could have check her BP at home and weighed at home.
This doesn’t seem right. What did your mother go in for? She should be able to be treated for that. But if you only had Medicare and not a supplement, you might have to do a co-pay. I’m surprised Medicare would pay for that because Medicare would consider that an annual physical checkup and they don’t pay for that.
Advantage or supplement plan?
I laughed reading this but it’s really NOT funny!
Always, always ask the doctor to make sure the visit is coded for Medicare to cover the visit. Always!
I’ve been using your info since 2012 when you first helped me.
So glad to hear that!
At FRA Social Security is taxed at a percentage if you earn over a certain amount. Could you do a video on that for 2025 ?
THIS GUY IS THE BEST AT WHAT HE DOES
Good luck with the appeal I worked one month into the year and they hit me with Irma the ss44 ask how much you are going to make and it’s like next to impossible to fill out
So when you file taxes jointly it can mess up the spouse that takes their SS earlier than FRA because it takes into consideration both incomes when it comes to the $$ ($22,300 this year). Am I understanding that correctly? So will the spouse that took their SS early get penalized even after the other spouse starts collecting at his FRA? I hope I'm making sense.
No for the earnings test those are calculated for each individual. So if you are both collecting before FRA, both would go through earning tests and each can make the $23,400(2025) amount.
I am going to be 65 in 2026 and will apply for Medicare then. Please clarify this for me: so if I understood you correctly, every year after I turned 65 and received my medicare, the premium will automatically change because it will look back to my previous 2 years' adjust income? TIA
That is correct, they review your income every year looking two years back.
@@MedicareSchool Thank you for your response. Truly appreciated
Why does it cost the same for part B for me receiving less than $15,000 a year as someone receiving $100,000?
That is the standard rate for all Medicare recipients
Is the earning test for taking social security early just on the person taking SS or joint income.
Example spouse is 62 and below the earnings limit. I am 63 and still working so above the limit. I know her SS amount will be reduced since she is not at FRA but curious if she will also be penalized by my income.
Can you please clarify something since you seem to mention two different look back periods. Sometimes you say they look back to your MAGI in 2022 and later you say they look back to your MAGI in 2023. Which is it?
Please tell me which of these two scenarios your are saying applies, assuming MFJ examples:
Scenario 1) The IRMAA bracket of $212,000 was part of the new 2024 tax year IRMAA brackets, so I think it will be used when filing our 2024 income taxes. Since it is for the tax year 2024, it looks back to 2022 MAGI to determine what your 2025 Medicare premiums would be. However, since taxes filings for 2024 are not due until April 2025, that means any IRMAA penalties for 2025 wont’t start until after the tax filings. If this is true, will the penalty be applied retroactively in the later months of 2025?
Scenario 2) since the new tax bracket is used to determine your IRMAA penalty for 2025, maybe the IRS will look at your 2023 taxes and if our 2023 MAGI was over $212K, then we will start paying the IRMAA penalty immediately in Jan 2025.
As I write this I realize now that while I always thought Scenario 1 was true, I am starting to think that it is really Scenario 2 that is correct.
Which is correct?
Scenario one is correct, they are always going to look back two years no matter what. If it's 2024 lookback is 2022, if it's 2027 lookback is 2025.
@ I understand that the look back is two years, but note that BOTH of the scenarios I mention have a 2-year look back. What I am confused with is the the title refers to 2025 IRMAA Brackets, and we still haven’t got the final stuff for Tax Year 2024 yet. When the term Brackets is used by the IRS , it is usually referring to the Tax Year in question. So the $212K MFJ bracket would be for Tax Year 2025, and it would look back to 2023 to see what the IRMAA penalty to pay during year 2025. If that interpretation is correct, then that is what I am trying to describe in my Scenario 2, not Scenario 1.
It’s critical for Medicare-eligible individuals to select optimal plans to reduce the likelihood that lack of coverage would prevent smart health care utilization choices, not only for their health outcomes, but also to help keep health care spending in check.
In my opinion, enrolling in medicare isn’t just a way to get health care coverage when you turn 65, it’s also a major part of ensuring financial security during retirement. Individuals can seek counsel from a certified financial advisor, who can provide specialized advice and methods to decrease expenses and maximize income.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $800,000 by investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Kathie Daisy Bosco’’ for about three years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Kathie has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
Great show.
Couldn't find Your Medicare Monday Event tonight (11/11/24). Did it not air or did I just push the wrong button. Are those events playable later? Thanks...
Yes, you can always replay those. You can find it on our Facebook page here: fb.watch/vP8M2sIUeI/
When you start collecting Social Security and you then are automatically enrolled in Medicare do they start taking the $174 our for Part B and enroll you in that? Or do you have to ask for that? Thank You!
That is automatic!
Thank you for putting a great video. Do you know Cigna supplemental plan holders move forward next year in 2025 after the deal with Service Heath Care Corporation ? What is the outcome of policy benefit holders ?
All will remain the same, the only thing that would change is just the name of plans. All coverage will remain the same.
Thank you for information
Do you have information on the G-High Deductible plan and Long-Term Health Care Plans?
We do not offer high deductible plan G with our company. We do have a video that briefly discusses this option. ruclips.net/video/5Gz0bfbtQgc/видео.html
If you're 58 years old and recently on disability due to cancer can I apply for Medicare coverage?
You'll be eligible for Medicare after being on SSDI for 24 months!
@ I see. Thank you, how about on Medi-Cal?
$419 per day? We live in a society that does not value peoples healthcare. It values youth and people who make money. Even more primitive societies took better care of their elders.
Informative, however, I did not understand 40 quarters.
Excellent video.. Thank you for the information. I have learned a lot from you.
Glad it was helpful! If you have any questions you can always contact us at 800-864-8890.
I am told that in order for me to recieve social security benefits I must be enrolled in Medicare. Is this true?
You can start receiving social security at 62. You can not get Medicare until 65. Before 65 you have to enroll for marketplace healthcare, or qualify for Medicaid.
If you don't enroll in Medicare by age 65 you likely will be penalized for failing to do so. Before that age, you don't have to enroll in Medicare.
No. But when you begin receiving SS if you have accrued 40 work units. You will automatically receive M'care part A. You will pay the $185 a month for part B or you can opt out of part B. But if you do that you won't have insurance for anything other than hospital stays. Once you get part B it will pay 80% of your medical bills. To have the other 20% covered you will need either a M'care supplement plan or an advantage plan. You can opt out of part D but if you choose to do so you will be charged a penalty if you ever decide to enroll in a D plan. This may be more information than you need and you may be aware of all this. If so please forgive me.
You do not HAVE to be in Medicare especially if you are still working or covered by a spouses employer plan as well. Other wise we would advise taking Medicare to avoid any penalties.
So every month I would pay 174.20 for B plus 150.00 for G?
The 174 is for 2024. It should already be deducted from you SS.. It increases to 185 in 2025. And you will be responsible for whatever your premium is for G
@@8aNda1d haven't started yet This Dec will be 66 and 8 months so guess I start Jan 2025
@@carolynowens2788so you are retiring in December?
@@8aNda1d I will be getting SS but still working full-time. In April, I'll be 67. I want to work part-time and change over to the G plan, but the cost of B monthly and G plan monthly is a lot.
@@8aNda1d to get SS only and keep working full time
So, Medicare goes another $10 a month, and Social Security goes up by basically nothing.
Do you have a Video that includes TriCare For Life, Medicare and VA Benefits???
We absolutely do, you can check that out here: ruclips.net/video/JJYauUj8MWU/видео.html If you have any other questions you can give us a call at 800-864-8890.
Thank you
It is our pleasure if you have any questions you can contact us at 800-864-8890.
I'm 67 and 8 months (full retirement age) and still working full time and have applied and confirmed my SSI payments. I stopped my health benefit at work because I understand that Medicare part B comes out of my monthly payment automatically. Can anyone here that knows, confirm to me if I did this right with my Medicare? I already have a Govt. issued Part A card.
There are some rules that need to be met in your circumstance. Having to do with the number of employees at your workplace and when and if you do decide to get part B you will have to have your employer fill out a form saying you've had credible insurance. Be sure and call Medicare School, to have everything explained to you they are REALLY nice and willing to help you
@@8aNda1d Understood. I will make the call.
We'd be happy to answer any questions you have. You can call our office at 800-864-8890, we're here to help!
How does a one time inheritance affect the ERMA?
That is one that can not be appealed, depending on what the amount was, would likely out you in a higher bracket. If you have any questions you can call our office at 800-864-8890.
Marvin If I retire in May 2025 will I be able to enroll in Medicare G in May? What about the period of enrollment?
As long as you are in a special enrollment period, we may need more information to properly answer your questions completely. You can call us at 800-864-8890, our team can determine when your enrollment period will be begin.
Call them.
Thank you, sir, VERY good info.
Glad it was helpful!
What about Dental with medicare
Why did it go up to 185?
Costs rise every year. The actual amount that the government will pay out on our behalf next year will far exceed $11 per month.
And remember, the contracts they have with doctors are abysmal. They pay a 325 doctor bill about 75. It's disgusting and why we have so few family practitioners and no independents.
You didn't mention that if you are in Medicare Advantage program they pay like $174 and you don't have to pay the premium of. Part B program months
That 174 you pay is the Part B premium. If you’re on advantage plans you still pay the Part B premium. In 2025 it will go to $185.
Yes they pay $ 174 is going to 185 so I pay $11 a month better than pay 174 I'm going to pay $11 a different
@@nelsonperez8619LoL... What color is the sky in your world?? 🤣 YOU pay the part B premium, no matter what.
@@bigd3104 Not if they are qualified for assistance, then the government pays the difference.
@@stevenmitchell1so the government pays for part B NOT the advantage plan, in that case?
Is that gross or net income ?
Great video, but you made a mistake with the dates at the very end of your presentation for "Before the Year of FRA". It should be 11-1-2021 to 12-31-2025 (not 11-1-2021 to 12-31-2026).
If a person turns 62 in February 2025 and wants to start drawing there SS when should they go and apply on the SS web site? I would think it would be now? 11/2024
You can apply as early as 4 months before you wish to start collecting.
@@MedicareSchool thanks
Help i don't have understand
We are here to help! Feel free to call in and speak with a Medicare guide about your situation and ask them any questions you may have!
Thank you, Marvin
Glad that we could be of great help!
Pray trust God He said he will never leave us nor forsake us. He said in his words never seen the richous forsaken nor begging BREAD
For joint if you are paying 50% of Gov'ts cost at 184.10 that means 100% = 368.20: So how do you get that someone is paying 85% of the cost to the Government at 441.70? Am I missing something? My math says you're paying 120% of the gov'ts cost.
For IRMA that is
The IRS allows all taxpayers to deduct their qualified unreimbursed medical care expenses that exceed 7.5% of their adjusted gross income. You must itemize your deductions on IRS Schedule A to deduct your medical expenses instead of taking the Standard Deduction.
Currently the standard deduction is very high, but it will end at the end of 2025 when Trump‘s tax changes expire. Who knows what it will be after that.
How good Medicare could be if government would help the people instead of helping themselves?
My Medicare premium (supplemental) makes it impossible to save for the deductibles. I refuse to go on an Advantage plan. I make just a few $$ over the limit for the extra help. I don't expect things to improve under the incoming administration. This is when people will see how their votes truly affect them personally.
Well, if you refuse to take an advantage plan!! Then you are stuck between a hard place. I didn't wanti to take an advantage plan either but I can't afford the $184 part b premium! Plus I am relatively healthy. So I just have to stay on top of advantage plan!
It is what is....
Now I understand where my 2.5% pension increase due to the cost of living allowance will go.
Why aren't you able to offer later evening or weekend appointments so working people can meet with an agent?
my first appointment was on a Saturday afternoon - without being asked - were you told you couldn't?
There was no choice on the calendar I was shown with the available appointments.
@@skipbailey4017 I don't think I saw a calendar - I probably called, I have a special situation and wanted to talk to someone initially. I often have those special situations. . . . .
We just had an appointment at 6:30pm
Today??@@theresadockery6943
The premium keeps rising every year.
If deferred Income ends, and my income drops substantially, is that a life changing event?
Yes, that is you will want to appeal that!
Is there hardship waiver for A and B monthly premiums if a Senior isn't cannot afford to pay?
If your assets are low enough Medicaid will help pay your Medicare premiums. Call them.
Look into the Medicare Savings Program. If you qualify the program will pay the monthly Medicare part B premium. Each state has different income limits. This program will also pay your part D premium and lower your drug costs. Call your local social services office for information.
I have not heard of this before, what you can do is see if you qualify for Medicaid. This could help with the cost of your premiums.
@@MedicareSchoolMedicaid will only pay what Medicare doesn’t cover. Remember if Medicare doesn’t pay anything, then Medicaid cannot be billed. Medicaid/Medicaid is called QMB on California. (Qualified Medicare Benefits)
You mention 15% for excess charges, Is that 15% of the Doctor bill or 15% of what Medicare pays? that could be a big difference.
Doctor charges $575, but MC pays 500. 575 is 15% more than $500. You would pay the remaining $75.
Total Dr charges. But only 5% of Dr's charge excess charges and a few states do not allow Dr's to do so. This mostly refers to specialists, anesthesiologists or mental health someone told me some rehab or PT (I'm not sure about that.) You just have to be vigilant and ask, if you are ever referred to another Dr other than your own.
Those part A co pays are deadly
We get screwed every way.
What happened that made you stop serving Georgia ?
???? Medicare school has brokers to help you choose your medigap. They serve all states. Are you taking about a specific insurance company?
I had used MS for the last 2 years.However I was told that you did not serve Ga,and I would need to go elsewhere.
@@geraldforrester4366I don't think that's right. They can't give information on WellCare any more but they should be able to help you. I'd call again to be sure.
We still offer plans in GA, Depending on what kind of plan you we're look at sometimes we are unable to help with certain plan changes. So it depends on that. Give us a call to see if there is anything that we can help you with. You can contact us at 800-86-48890.
You talk so fast I got lost.😞
Under the gear (setup) upper right of screen for me - you can adjust the speed of speech.
@@catpaladin1and also rewind whenever necessary to hear a point again.
Closed caption is my lifesaver.
I will wait till all this info is in print and make copies. I will have to refer to it when needed. I have a terrible memory!😅😊
This feature is a such a stress saver especially on videos where someone speaks way to slow or drones on & on......@@catpaladin1
Israel has "Free National Health Care & Free National College " ,What do Americans have?
50/00 a month? Only when they say families are paying 1,200 a month more. for living.
Bob Lundberg - New York City
I applied for Medicare October 14. I’ve paid into Medicare for 46 years. I received an email that my case was moved to the Chicago office. Why haven’t heard from them? It’s been almost a month. I need to give them my payment information for my part B and any other parts I choose.
I’m not on SS yet.
This is their busiest time of the year. You can either create an account on medicare.gov and contact them directly, or you can make an appointment to see someone in the social security office.
I thought if your on a N plain that you could be charged a additional 15% ?
That is correct, unless you live in a state that, that is prohibited.
Any update on the RX plan since WellCare is not offered to brokers? Been waiting and getting anxious…..
Likewise, Lisa. If we are not going to receive a recommendation, Medicare School should tell us.
I want to medicare.gov and sign up for WellCare
Hi there, I apologize for the delay in sending out those recommendations. While I don’t have an exact timeframe for when they will be sent, I want to assure you that our team is working diligently to get them to you as quickly as possible. We kindly ask for your continued patience during this time.
If you’re unable to wait and would like to move forward sooner, feel free to join our live sessions every day at 1pm, where we walk through exactly how to proceed.
We truly appreciate your understanding and apologize for the wait!
What’s the number yo talk to someone about questions I have
You can contact our office at 800-864-8890.
$11 increase
Didn't they give you 2.5% increase? On average $30 a mo
One thing being suggested is doing away with survivor benefits based on how much money you have saved and assets. It's in a Republican discussion. Another is to save money is to require everyone to have advantage plans. ( never mind right now this is more expensive than traditional Medicare)
Another think I hope they don't do is change Medicare decisions to third party risk assessment where a third party determines your right to health care like most all private and advantage plans are doing.
No. Won’t happen
Good info, but too much at one time. Would have been better to start Part 2 when you started talking about the gaps. That’s where I lost you & could no longer focus. Too many numbers & rushing through the info.
So you spend your life from age 15 to 65 working like a dog and paying in to MC, Then when you turn 65 and you have to sign up for MC, you have to still pay each month to have it, then if you go to the hospital you have to sign an ABN that you are responsible for anything MC does not approve and that you pay 100% out of pocket (because you did agree by following instructions that said sign here while you are puking in a bucket not even looking at what you are signing and not seeing it is BLANK) and then if you are in the hospital you have this huge copay or you have to again BUY more coverage that you pay for each month, what you are not telling people is that that ins. only covers what Medicare Approves and if MC does not approve that the doctor did, then you pay that cost 100% oop,(because you signed that ABN) and since more and more hospitals are being bought out by private hospitals they are coming after you and what you own because they are Private businesses. So that piece of Paper you are handed while you are about to died and you just sign your name to called the ABN that is BLANK that is not supposed to be but you don't look because you are so sick.. then you just gave the Dr. and hospital a blank form that they then can fill in with all the things that MC will not cover and you are responsible for. Good luck and buying a true SECONDARY insurance that picks up what MC does not allow. It is really bad when you are so severely injured you have to refuse to go to the hospital in fear you will loose your home.
Medicare pays 80% of your covered health care costs. If you want coverage of the balance buy a Medigap plan or get a Medicare Advantage plan (I have a Medigap plan.) The worst thing you can do is have original Medicare with nothing else since there’s no cap on your costs that way.
Unless you get a plan G supplement. It covers everything, but a lot of people can't afford it. I saved almost $40 changing to plan N. Only 5% of Dr's charge excess fees. But as you said if it's a life or death situation you will be responsible if they charge an excess fee.That's a risk I have to take because plans go up in price every year and I can't afford part G.