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@@sandramiller8894 Retirement planners have told us for yeas that we should have at least $50K in savings to meet our Part B premiums, deductibles, co-pays, etc, for uncovered medical expenses. SS was never intended to give a senior like me to have a middle-class lifestyle. It would cover a room in a boarding house with meals & utilities, bus fare, and a library card. That's it. And a recipient was expected to have savings. Medicare NEVER paid for itself, it's broke in 4 years. I don't get why people thought it was "free". I worked an extra 2 years to be able to have enough savings to pay FOR MYSELF. I don't wanna pay for anyone else.
I don't understand why you have to live like a pauper just because you are retired. I have always maintained that retirees who struggle to meet their basic needs are the ones who did not invest in the right place. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad depended on pension fund to handle her retirement. My mom retired with about 4.2 million, but my dad retired with roughly 1.8 million.
This is true. I'm in my mid 40's now. My partner and I were following this same trajectory. Last two years, I pulled out my money and invested with a wealth manager. Not catching up over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
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 $21k passively by just 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
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
@@Mugsy-14 Federal employees get the federal health plan which is a choice of plans from private companies. When they retire they can use that same plan at the same price as a supplement to Medicare. Congress was put into an ACA market, but when they turn 65 they have to utilize their Medicare benefits.
You are correct, there is no increase at all. By the time the government gives the increase it just balances us retired people out to be the same. NO RAISE AT ALL. Here in California out tyrant governor taxes us on the Social Security .
Pay all of what? If you go Advantage you have no premium and the COLAs more than cover the increase in part B. Go back to work if you are starving, I found a f/t job I love and still feel retired. And I can give away hundreds every month and not think twice.
In reality the cost is much higher! My Dad had additional insurance and was billed $100,000 for 6 days in ICU. The only winner is Big Parma and hospitals
@@daisy7141 I don't know. I know that to be given certain special tax-exemptions, a hospital must provide some free medical care. Every hospital does, and the criteria are less impossible than you might think. Also, long-term interest-free repayment plans are ordinary.
When you think about it, seniors have to go through alot of hoops just to find the right plan. Whoda thought it would ever come to this? It's borderline cruel. 😅
This goes to show the world that the elderly gets abused on this planet in their golden years and they only have just a few years left in their life. And the world makes sure they suffer greatly before they go. That's humanity for ya right there. Its beyond cruel. The government doesn't care about anyone but themselves.
You are amazing. I know you are a business but your videos are a great public service. I appreciate your complete understanding of Medicare and Social Security and the work you do putting it together and presenting it to us the way you do. It is so helpful. Thank you very much for your efforts, interest, and energy.
I hate all of this! It’s shameful how a person who has been a productive citizen their whole life is being treated. Medicare A sucks so I have to pay for medicare B which also sucks so I have to pay for a supplement. If I’m drawing my retirement you are going to penalize my social security. Medicare A through Z! Ridiculous! How about one plan to take care of everything? Why make everything so complicated?
@@Satjr35031 I certainly do not. However, since insurance companies are among the richest companies in the US, supplemental-plan affordability would be fair.
I'm confused. My wife will get a COLA increase of $29. Yet The monthly premium is going up $10 and the deductible is going up $14 leaving her with an increase of $5. So where is the COLA? That means that she is losing $24. Is this a scam or am i misunderstanding something?
That is because they are feeding you a bunch of BS. See we senior on SS are loaded with cash, we pay in a little and if we live past like 70 we collect way more then that. Our medicare care is about $160 a month and that pays for just about everything. Plus there are plans where you get back the $160 a month. Don"t ever listen to a senior tell you how tough we have it, we eat out, visit casinos, travel the world, and have lot of extra cash left over to hand to our kids and grand kids. Our problem is that we are just so greedy that no matter what the increase is we want more.
It is! I know an American octogenarian who works two jobs, even though she wants to retire. She got the second job when oil prices went too high for her to heat her home on one job plus Social Security (we all know why oil prices increased).
By pension do you mean social security? Most Americans don’t have what we call pensions, retirement income from the previous jobs. Government workers do and a few unionized jobs.
Keep in mind that over half of Medicare recipients have a supplemental plan to help with copayments from the original Medicare. Those help a lot. Having said that, way too many Americans spend most of their life savings on healthcare for the last few years of their life.
ebgewen, food and energy which includes heat, electric, and gasoline for our vehicles and the trucks that transport everything we must buy to survive, are excluded from the cost of living index as well.
The health care in USA is the most complicated in the whole world at old age really we have to absorbe all this confused informations is that fair🤔🤔🤔🤔 24:42 24:42
It's absurd. As our population ages, we make their healthcare coverage almost incomprehensible. Insurance companies know this, and they build this confusion into their plans and profit margins. It really should be criminal.
Gee wife and I are 73 and it not all that complicated to us. Yes you do have to go through some hoops sometimes but lets be honest. Where can you get the coverage we do for a $165 a month, and in many cases they rebate you that amount, with no co pays or very little? I know many of use who have had knees, hips, got type 2, heart conditions, cancer(me for one), that get great care again for little or no monies. Plus how much did we pay into the system anyway when we were working, peanuts.
My team would be happy to assist you with setting up your Medicare coverage correctly. Give us a call at 800-864-8890 or schedule an appointment at www.medicareschool.com
So 3.2 is better than nothing when every single thing is going up except FS. We got screwed again . Take pay away from Congress until they give us da living wage.
I think the biggest challenge for me, after a lifetime in employer-sponsored insurances, is grasping the issue that every year, you must go thru this process of figuring out how these inevitable changes will affect me in the coming year.
I've been retired for almost 10 years now and really it's not that big a problem. I mean, after a lifetime of employment you do have retirement savings accrued, I hope. You can also continue to work if you want. Signing up the first time is the most stressful part. You can certainly check all the plans every fall if you want, but you don't necessarily NEED to change. I'm speaking from the vantage point of someone who is basically healthy. People with real health problems have more issues, I know.
Granted I have been retired for 8 years but our employer provided insurance changed virtually every year too. I have no idea where you might have been working to have not experienced changes but most of us had changes every year.
My team would be happy to assist you with setting up your Medicare coverage correctly. Give us a call at 800-864-8890 or schedule an appointment at www.medicareschool.com
@@karenkoe7096 The corporate shysters will force all of their employees to jump through insurance companies' and doctors' HOOPS every year if they could save just one penny... Appears Uncle Sam does the same too!
You can tell by his "this is no big deal or cost " attitude, that he is set for life with a government insurance for life. If he wasn't and had to love on the fixed income most elderly people have to live on he wouldn't be so positive about these numbers. As far as raises, since 2000 I know that little raise the elderly gets they never see. The increase they get is always less than the insurance increase they face each year. So basically, the brag about the raise they give the elderly when actually even with the raise they have less to live in than they had the previous year.
You are far better off to move to a country with good medical care that costs a small fraction of what it cost in the U.S., dropping completely out of this U.S. system and buying a health insurance plan to cover you in your new location. My country is destroyed, you don’t have to wait for it, it’s here.
Don't believe for a second that we senior are going broke on Medicare, because that is just nonsense. For $165 a month something that will be re bated to you depending on your plan, with little or no co pays you can receive all kind of test, drugs, and treatment. It really is great to bad some of us don't know how well we have it.
Okay, the medical care is not better. Cheaper to the individual, but people that work pay more in taxes. Nothing is free, someone is paying, one way or another. But if the care were actually better or more advanced, people wouldn't come from other countries for certain treatments, surgeries, etc. Also, the United States pays for a majority of drug research by paying more for our meds (and of course those huge pharma profits and CEO salaries). The fact is that medical care is not fantastic anywhere anymore and it's not free anywhere.
@@sylviabickell8924 What you don't think people are coming here in droves to get medical care, really. Just ask the average Canadian who will rave about their no cost health care. And then ask them how long of a wait they have for something very simple. All I know never heard or read about anyone laying dead on the side of the road from hunger. Nor anyone dead on the side of the road because they couldn't get health care. Of any illegal who got here from some place to went back home because this country had too much racism, not good enough health care, now way to make a living. Nope that is only the BS you read hear and read in the media by the stooge of the Dumbocrat party, the rest of us are living like kings, but sadly don't realize how good we got it.
@@thomasm9139 Yep no one is leaving because the health care is no good, or that they can't make a living or inflation is to high or there's to much racism. We have it made and sadly a ton of us think it could and should be so much better if not for fill in the blanks.
Since WWII, the US has provided more foreign aid to Israel than to any other country. Total US foreign assistance by country, adjusted for inflation, 1946-2022 $0.0 $50.0B $100.0B $150.0B $200.0B $250.0B $300.0B Israel $317.9B Vietnam (former South) $184.5B Egypt $182.3B Afghanistan $160.9B South Korea $119.9B United Kingdom $107.5B India $102.9B Iraq $100.6B Turkey $98.3B France $96.9B Adjusted for inflation in 2022 dollars. Data for 2020-2022 is partially completed. Source: US Agency for International Development Get the data Embed Download image Download SVG
You would not like it. It’s not about Biden either,UK has universal and their is a long wait to get a knee replacement,or any other surgery, you don’t just pop in and are taken care of,did you know?
The pay raise of 40.00 and my bills went up 300.00. Then my medicad changed my food stamps dropped. Everything is almost gone cause the state stuck me caring for my ill son. Here let me tell you what I think just remember there is swearing involved
@@kokomo9764 he may not have qualified for SSI One can be disabled yet not qualify and the care and costs all falls on the family. It’s not easy to get.
The workers who are paying for your SS benefits will get a lower rate of increase than 3.2% and their health insurance will increase higher than Medicare.
As an agent for almost 38 years, the only bit of information that I would have included is the fact that there is NO MEDICAL UNDERWRITING when changing from a SUPP to an ADVANTAGE for the first time. This one time allowance GUARANTEES the beneficiary the ability to return to their supp with that carrier without question at any month for that year.
@@scottmiller9804 Don't know about Advantra, but I've been enrolling for Fl Blue for many years, been covered by their $0 Cost PPO for almost 4 years now,. I've had 5 medical procedures this past year( one in- hospital) and not had any issue whatsoever. Total outlay for ALL medical costs was just over $600.00. I've got well over 400 clients on Advantage, most all on PPO, and had very little issues with any of my clients. If you compare that to a Supp with a Part D script plan, with a paying just over $200 per Month outlay, I would have easily paid out OVER $8,800 in premium over the same period! Think I'll stay the course I'm on...
I had an Advantage plan for several years with absolutely no problems. My husband had brain cancer a few years back and our Advantage plan worked seamlessly...no hiccups whatsoever. Maybe problems occur with lesser competent insurance companies? Always stick with the bigger names...IMHO. @@scottmiller9804
@@sandrarhodes5925 Hi Sandra, you are not fully correct... There is a specific provision by CMS that if it's your FIRST time going from a Supp to Advantage, you are able to return back to your Supp in ANY MONTH during the subsequent year, WITHOUT ANY medical underwriting. (Look it up) I've had two clients use this guarantee provision over the years. This is only a ONE TIME provision, and limited to the first time only when coming from a Supp.... Hope this helps!
The system is a joke and complex and convoluted. Only a bloated government bureaucracy could screw this system up completely. I like when he says the government pays 75%of the cost. Who does he think the government is? The people who get screwed.
I assume everyone really knows this cola stuff giving us something is a scam. Why theyvpretend it is going to help us, is beyond me. Any cola they calculate actually just goes to another governmental agency, and we the supposed recipients are not effected by it.
Your TAXES don't pay for Medicare or Social Security! They are insurance policies we pay for AND our employer pays for! NOT TAXES! Your crooked Republicans steal money from these insurance policies and now want to destroy these very popular insurances so they won't have to pay them back. Do some research before making your stupid remarks! NO TAXES fund either insurance plan. We ALL pay premiums when we work for our Social Security insurance and we pay the premiums for Medicare forever. These are simply insurance policies at a very cheap price! Your employer also pays your workers comp insurance....NO TAXES! YES, if you can't read everything is complicated.
So someone with an income of $1,000,000 or $10,000,000 pays no more to social security than someone making $168,600. No wonder it’s financially at risk.
It is at risk because it is a pay-as-you-go system. In your example, a person with an income in excess of $1,000,000 gets the same maximum payment as someone with an income of $168,000.
@@williamrogers1219 yes but he/she hardly needs social security as part of their retirement planning. I mean come on, if your fortunate enough to be in the 1-2% of income earners why should you not have to pay a dime of social security on millions of dollars of income notwithstanding the disproportionate payout in the end. But your actual point is well taken with respect to pay as you go. And I thank you for being civil in your comments. I generally hesitate to post comments because of the vitriol that often follows from both the right and left.
Benefits for SS are based on taxed earnings. There's a maximum amount of monthly benefits no matter how much income was taxed. BUT.....There's ALSO a minimum amount of monthly SS benefits, no matter if you earned less than what you should receive. On top of that, there's no cap on Medicare taxes, so high earners, even those working more than one job are paying enormous amounts of Medicare taxes, yet they pay a higher Medicare premium at retirement. Don't take my word for it. Read it for yourself at the official SS website instead of depending on social media platforms for correct information. It's not high earners draining the system.....not by far! Complain about the bottom feeders if you want to talk about who's draining the system. Www.ssa.gov
@captainkangaroo4301 Originally, the SS program was not invented for "high earners" and they did not participate. BUT....everyone complained about it so the rule was changed to require their participation. I agree.....they obviously manage their money well and shouldn't be required to participate. You just can't make people happy.
These Social Security and Medicare plans are extremely popular! That's the only reason the Republicans haven't been able to stop them. They are NOT tax funded as we pay for these insurances above and beyond our federal taxes. They are insurance policies proctored by our government. They will ONLY fail if we continue to allow the Republicans to steal this money.
The raises are fine but when you get a $35 raise on basic social security, medicare goes up $9. As soon as raises are announced prices in stores goes up. Those trying to survive on one income it gets worse. It will never catch up. I am thankful for social security and another back up so end up not having to pay for any medical care
My last pay raise of $70.00 on my disability income was immediately taken away by a raise in my rent of $100.00 dollars a month. I lost $30.00 a month income
U all notice you work for 50yrs and paid into the system and when retire at old age you still have to pay...What happen to all my mandatory payment go????
This whole WEP mess is disturbing. Without my dinky $420 pension amount I should get at least $1500. But I don’t I only receive $1038. It’s just not right because I fully contributed to both plans.
Do you really think they just don't like you so they pay you less? Your SS check is based upon what you earned. You apparently were a low wage earners or worked UNDER THE TABLE! Some folks think they are getting away with something when they cheat like that.... but when it's time to collect they cry.
No different than the workers who are paying you SS and Medicare benefits. They will get lower COLAs and their health care costs will increase more than Medicare
i will never understand the "donut hole". i hit it this year and have been unable to get one of my meds because its $300 there. my husband and i make just a wee bit over the LIS subsidy so no help, but we are still rather low income, as most disabled and elderly are. why on earth would the government set it up that at some point during the year, you suddenly don't qualify for prescriptions until you spend thousands out of pocket???
I’m sorry. It’s pretty sad when you learn that term, donut hole. Tried to get my brother into care and the admission nurse casually said, oh, you’re in the donut hole. The State had in home care he qualified for but there was a wait. They finally called, six months after he passed. It was frustrating.
My team would be happy to assist you with setting up your Medicare coverage correctly. Give us a call at 800-864-8890 or schedule an appointment at www.medicareschool.com
My team would be happy to assist you with setting up your Medicare coverage correctly. Give us a call at 800-864-8890 or schedule an appointment at www.medicareschool.com
Those people how never worked in USA and became senior citizen through their kids They received medicare,medicat ,free apartment and montly payment . Those people who hane benn working for more than 30 years and paid for their social security, and for their medicare and also paid tax each year. When they retired .they must go through all those unnecessary big headache .
Correction. No one is eligible for Social Security retirement without paying into it for 40 quarters. No one that did not pay into Medicare is eligible to receive it.
I was informed that $1,800 is the average pay, I do not receive that amount. When I call to see how I can increase the amount I receive, they hang up the phone on me.
Universal healthcare would solve this issue. Works in Europe and Canada. But no, let’s just keep sending billions of OUR tax dollars overseas, to help everyone else.
@@dlg48081 - but the taxes they pay are less than what they would have to pay for medical and pharmaceutical costs. I know a family in Canada and they love it.
It's insane that all citizens are not entitled to same medical coverage. Why deprive low income people of care because they cannot afford premium prices & income too high to be eligible for Medicaid. 😡
I am 60 years of age and, I do not receive the stated average of $1,800 per month and, I worked all my life . When I call to see how to increase my monthly amount, they hang up the phone on me.
My team would be happy to assist you with setting up your Medicare coverage correctly. Give us a call at 800-864-8890 or schedule an appointment at www.medicareschool.com
besides social security being taxable almost every time it has an increase ( usually a slap in the face small) medicare also gets a raise usually larger or the same as the small raise that was received on socials security
Thank the GOP for the tax cuts you dont keep, but the top 2% do! We need fair taxation and full income on FICA/Medicare deductions. All fixed, see it's easy.
Glad to help! My team would be happy to assist you with setting up your Medicare coverage correctly. Give us a call at 800-864-8890 or schedule an appointment at www.medicareschool.com
It would be too stressful for me to scrounge for co-pays. I opted for Medicare & Medigap G for my sanity. It has more then paid for itself in $1,000's of dollars. I know, people can't afford even that. Some states will pay for your Medicare if you are low income.
Thanks for being the barrier of bad news. 3.2% is a joke then add in the increase in premium and deductible and you get nothing. All while Americans pay outrageous prices for drugs so that other countries can get them cheaper.
This was a serious question. No one from the social security office or the Medicare office can answer this question for me. I really had hoped you would address it.
Health costs are ridiculous, and the doctors should be ashamed to call themselves doctors, which care more about taking from the sick and giving to themselves. Hell has plenty of room without a view.
I turned 65 in May 2023. I picked medigap plan G through Blue Shield of Ca. If I want to move to a different company (USAA), will I have to go through medical underwriting? My concern is the cost of monthly premium as I age. The two companies are comparable now, but if I were 75 Blue Shield is $62/mo more.
I chose the best I could afford as my understanding is it gets more and more costly the older you get. I don’t think they can deny you, they just increase the cost.
Yes - can't wait to get the info - thank you for providing us such an in depth yet easy to understand look into this confusing Medicare/Social Security system!
You are so welcome! My team would be happy to assist you with setting up your Medicare coverage correctly. Give us a call at 800-864-8890 or schedule an appointment at www.medicareschool.com
@@Satjr35031 Most of my life I was living in poverty although it didn't seem like it. Only in the last 3 years did I make the kind of money that I need to worry about IRMA. Now that I am retired, I no longer make that kind of money. Also, it was slightly over the amount by only a few hundred dollars. I could understand the extra payment for part B, if I had made that larger amount most of my working career, but that was not the case. Only the past 3 years did I get that income. A lot of that was deductible for expenses of my business and it still counted toward the adjusted gross income, so actually even less was made after deductions.
