The video is organized very well, very thorough, yet simple & easy to understand. Although I have a couple of years before I am eligible for Medicare or plan to retire, I am getting my ducks all lined up in a row and learning as much as I can now, so I can make the best decision possible later. Thanks!
The part that is confusing for me is that he says "If you're already receiving social security you'll be automatically enrolled in Part A & Part B when you turn 65". What if you retired early at 62 or 63 or 64 (not qualified yet for Medicare until 65) and collecting social security...when 65 comes around and I don't want Part A or Part B because I want a Part C Advantage program? How will Social Security/Medicare know not to automatically enroll me in Part A & Part B?🤔
I like your comment because it states stuff that applies to this video like you actually watched it, instead of a generic comment that could be applied to many videos without watching them.
I am retired and collecting SS. I enrolled on Part A only on 65th birthday (3/2020) and have been on my wife's insurance (company over 20 employees) for about 8 years. I now wany to enroll and Part B and buy Parts D and G. When is the enrollment period using the SEP rule? I would like to start the full Medicare program within the next 3 months if possible. Thanks for your help.
So turning 65. Employer over 20 employees. No HSA. My group health insurance premium is under $200 month for spouse and myself. Spouse is 64. Do I just sign up for Medicare Part A only and my health insurance through employer will keep paying (for spouse and I) until I retire in 3 years?
I brought the required medicare documents to the local SSA office and placed it into the metal drop box. Then they told me they couldn't find it. Lesson: make an appointment, had it to them and get a receipt.
I am 66 and have private insurance through my husband's job until the end of this month (September), but he suddenly decided to retire at the end of this month (in 3 weeks!), so I need to apply for Medicare now. Am I screwed?
I am 66 and still working full time and have health insurance through my job. I called and got a Medicare card for Part A hospitalization only when I turned 65. I thought I had to do that so I wouldn't be penalized later. Am I going to be penalized for not signing up for Part B and Part D?
Mary, this is a great question. I honestly don't know for sure. Are you still receiving health insurance from work on top of Part A? If so this may be one of the "special enrollment periods". Great question!
@@PranaWealth I ended up calling Medicare and it was explained to me if I work for an employer who has more than 20 employees (which the school division has) and I am on their health insurance since I am working full time, that I didn't have to sign up for Medicare Part B or D, or Medicare Advantage.
Very nice and informative video. Quick question, Am working past age 65 and covered under FEHB. Since I have 8 months after I stopped working to sign up for Medicare, can I apply and be receiving Social Security like say in January and delay signing up for Medicare till July or August? I will still carry my FEHB either way.
Osi -- that's actually a great question. You should call the Social Security office to ask. I *think* you can do that, but I'm not totally sure. It's certainly worth confirming! Great question!
Part B Premium is based on last 2 years WITH income or is based on Income at age from 63 and/or 64 (which could be Zero)? If someone have high earning and stop working at 63, is that person avoiding high Premium B ?
Can you make a video on retirement at 55 and using your 401k early? I’m planning on 55 and have my 401k in a pcra account that I control myself. Do the same rules apply to this? Thanks.
Johnny, this is a fantastic idea for a future video! I'll put it in the queue. It takes several weeks for an idea to become a video, so it may not be next week's video. Fantastic topic idea, though!
Great question, Anthony. If you're on a group plan through your spouse's employer, you don't have to apply during your "Initial Enrollment Period". Once your spouse retires, you'll then have 8 months to apply. This is known as the "Special Enrollment Period". However, you may want to have your spouse check with the benefits coordinator at work. Their plan may offer some sort of discount or special arrangement if you apply for Medicare during your Initial Enrollment Period. Who knows? It's worth asking.
Social security recipients are paid regardless of where they live. Would be nice if Medicare would just pay overseas recipients a fixed amount on a regular basis just like Social security. If the cost medical services is below the fixed amount, then recipients can keep the diff. Otherwise the recipients will be responsible for the diff. No need to process claims which greatly reduces fraud and paperworks. US usually has higher medical cost than most countries. This will allow Americans to retire wherever they want to. Many Americans contributed during their working years, they should get something even if retired abroad. Student loans are partially forgiven. 🙂
Why is so much money wasted on heath care for old people? We should be spending this money on children's health care. No company would invest in old, outdated equipment. This misallocation of resources is stupid.
My fear is that the pharmaceutical companies see the elderly as a gravy train, @@websterhays8352. They convince doctors to prescribe unneeded medications, which cause side effects, but rather than cut back on the unneeded meds, they convince them to prescribe more meds to deal with the side effects. Insurance (or medicare part D) pays for it all which drives up that cost. And the pharma captains all buy bigger mansions and yachts and drink Champaign.
