Medicare Hacks Made Easy - Scott Maibor #5322

Summary: As you approach the age of 65, it’s absolutely critical to know about medicare and what plan is best for you in advance. I sit down and chat with Scott Maibor who is an expert on this topic, and he talks through Medicare, advantage plans, and Medigap, which have different facets suited for different individuals. There are many moving parts of the equation, so it’s important to look into them and see what makes most sense for you. Highlights: -It is important to know about medicare and the different aspects of it if you are approaching the age of 65 -If you’re going to be on medicare, you need some sort of additional coverage (medigap) -Medicare combines government coverage as well as private insurance -With any doctor that takes medicare, you’re covered 80%—but the 20% is no cap -With medigap, you pay a fixed monthly fee -A medigap plan is usually around $200 a month, and depends on a number of health factors -With an advantage plan, there are no fixed costs -Medigap plans have been around longer than the advantage plans -It is important to look into state regulations to find out if you are allowed to switch plans at any point -You can sign up for part A before you’re retired—it has no premium -People compare medicare options to employer options, and there is a lot to consider -You do get penalized for making too much money, which you also get with social security -There’s so many moving parts of the equation -You can avoid so many things if you plan these things out ahead Useful Links: Financial Survival Network Senior Benefits Boston