The Ugly Side of Medicare - Things You Should Know
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- เผยแพร่เมื่อ 19 มิ.ย. 2024
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Ugly Side of Medicare
0:00 Intro
1:45 Medicare and HSA
4:13 Creditable Coverage
4:53 Cobra and Retiree Coverage
6:21 Dental Vision and Hearing Coverage
8:08 Medicare Drug Plans
9:32 IRMAA - Income Adjustments
11:34 Medicare Advantage
14:24 Get My Book!
🎥 Welcome to Medicare on Video's official TH-cam Channel 🎥
I am Keith Armbrecht founder of Medicare on Video and I help people across the country make the right Medicare choices.
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✔️Difference between Plan G vs Plan N
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✔️And more
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Thank you for your straightforward discussion about Medicare and Advantage Plans. All the advertisements about Advantage are very misleading. It is what is called 'lies by omission'. Keep up your good work. Very needed !
Thank you for making this very informative video on Medicare! I absolutely agree with you about staying away from the Medicare Advantage Plans. I work in a hospital and can tell you about all of the problems with the different health insurance Medicare Plans. Delays! Delays! Delays! Original Medicare you don't need "Your mother "Your father" "Your daughter" "Your son" "Your sister" " Your brother" "Your aunt" Your cousin" "Your dog" permission for services.
This guy Is most helpful. I’m a retired Social Worker.
Thanks Sherri!
Friggin WHEN DOES THE 🔩 STOP!
My life partner lost his doctor when his well-being, but very ignorant daughter switched him from the veterans administration to Medicare. It meant that at the age of 85 almost 86 years old, he suddenly had no doctor. I put him back to the VA umbrella by taking him out of the nursing home that was not serving him, bringing him home to me, and letting the Veterans Administration continue to take care of him. She did not understand that we live in a rural area in the state of Maine, even though it’s the capital of the state, and there are no doctors available none. She is from New York City. And she expected promises to be kept because she’s in the middle of a highly populated area. We just don’t have the people or the professionals to deal with the people.
Goood for you. My husband will remained with VA. They real keep a good follow up with him🫶🏾💯
Another failure in Medicare is the lack of coverage if you decide to live or travel extensively overseas, without returning to the US, on a regular basis. You still have to pay in, or suffer the accumulated penalty, but you get zero benefit, after you are outside of the US for more than a few months. Note, too, that you also have to keep paying for Medigap, in order to avoid underwriting (with the possibility of denial) and a gap in coverage, when you return.
This one is particularly ugly since it essentially forces anyone who wants to live overseas for several years to choose between (a) keep paying for something that is essentially worthless, since you will also need to pay for other insurance outside of the US; (b) pay for regular trips to/from the US, even if there is no other reason to return, except to maintain coverage; or (c) remain lving outside of the US indefinitely, once the penalty has accumlated to the point where Medicare is no longer affordable, and Medigap (or Advantage) plans will no longer accept you, because of age or health issues.
Yep, you got all that correct. I was shocked when I found out about this as well. That 10% penalty per year delayed really adds up and not having a guaranteed acceptance once outside your sign up window is really bad. Medicare isn't cheap either--I know mine will cost about $500/month if I sign up at age 65 and I plan to retire in the Philippines with maybe a 2-3 week visit back to America once per year.
Great points. I was thinking of canceling Medicare and going with the marketplace exchange instead.
I agree, it is difficult for anyone who decides to live overseas for some time. You are either going to pay for an insurance you can not use outside the US, or pay a penalty when you return to enroll in Medicare during the GEP.
@@Gregory-MasovutchI believe you cannot use marketplace if you are medicare age. Or if you were eligible for premium credits decreasing the premium to affordable amount once medicare age. I may be wrong but please check out the rules before depending on the marketplace
Wow. Medicare has over 60 million recipients and spend of over $600 billion, and you expect the program to meet personals needs like travel or ex-pat aspirations. While in the workforce for 40 years, people had to manage these circumstances that exist with vacation travel outside the US, and more, and by being over 65, you want to transfer that personal responsibility to the government.
I applied for part D when I first applied for medicare. I was denied part D coverage because my drug coverage through my employer hadn’t yet ended. I didn’t get any info from medicare about if & when I would be eligible for part D only to find out that I would have to pay a penalty forever if I wanted to have part D coverage. I’ve heard from friends & family about individuals who were denied coverage for cancer treatment by a medicare advantage plan.
i am turning 65 this november.I’ve watched tons of videos trying to get educated on the process before i sign up.this by far the best information i have gotten. thank you very much for this information.i would like to know more about plans G&N in my state.
You can have a local insurance agent help explain things too.
Most local insurance agents have one thing in mind, their commission. The money is in selling advantage plans, not supplement plans.
I really appreciate this video. It’s hard for our patients to know what to choose and we find many don’t realize what a big decision it is.
I'd already been on traditional Medicare A & B for 5 years went I went full time at my large national employer and got excellent health insurance, which is now primary. Do I have to keep paying Part B premiums? Can I discontinue until I no longer have creditable coverage, with no penalty?
Thank you this is a great channel!
Im turning 65 on 1/25. Im learning now ahead. Im a renter n mobile. Looking to see where best state to retire.
Can be a tricky decision! A lot of states have different state-specific rules for Medigap plans!
This is by far the best channel for Medicare Information
Thanks Peter!
I absolutely agree! I am over retirement age, but still working. I currently have insurance through work, but I sincerely hope Keith is still working with Medicare when I DO retire. I have learned so much from these videos!
Stay out of an advantage plan if possible
The trend now in a lot of companys is independent contractors and they have zero health care.
Yes, but they can pay into Medicare and SS as self-employed persons, and have all the benefits @ 65. However,, they have to be smart and get 25% more than salaried workers so they have the overhead $ to pay as self-employed. If these 1099 workers are getting the same hour rate as salaries workers, then they are screwed.
Great video and channel, thank you!
Great information. You are a huge help navigating these ridiculous government programs.
You are welcome, happy to help!
Really? Private insurance, of all kinds, is more ridiculous and intentionally complex so you not only can't compare one to another, but also you will lose and they will always win no matter what you do. Government programs are under pressure from taxpayers (that's you) to serve, but not waste, which explains their complexity. Private stuff is out to take you for all they can get.
Excellent information
Was perfectly fine with my own insurance didn’t want Medicare and feel it’s totally unfair to be forced to take instead of opening it as an available opportunity to choose at 65 or later especially when Govt. keeps complaining about fundage shortage. My coverage was an annuity coverage from ex and SS said I could not put off Medicare and I would be penalized. Unreasonable since had more covered and it paid 80 per cent just like Medicare
You seem to have a special circumstance that requires research. You are never "forced" into anything, just that there are Medicare time windows to enroll to avoid penalties and/or Medical underwriting. You are comingling Medicare and SS; they are 2 different programs, but share information as a convenience to mainly Age 65 people who are easily inconvenienced and complain a lot. SS is particularly flexible, where you can claim benefits ANY TIME between ages 62 and 70, without ANY penalty; the financial decision is yours alone.
My Cobra is identical to my employer’s coverage. It’s idiotic that Cobra is not considered creditable coverage.
Thank You :)
I don’t have a month or two to wait for your agent to respond to me when I have an issue I don’t understand or can’t find the answer on my own.
Great information! We have a plan G supplement which when chosen during initial enrollment had no medical questions. My question is if you quoted a better rate and we wanted to switch, would we be subject to review?
For most states yes. There are a handful of states that don’t have underwriting.
Thank you for this info. Are dental and vision covered under supplemental care?
Unfortunately dental and vision are not covered under Original Medicare or a supplement plan. There are, however, may options to add on stand-alone dental and vision plans!
Great Information Thank You!!!
You bet!
Just simply Thank You very much
Happy to help!
My Food Stamps are being cut back. $120 last year $86 this year. Nothing's changed just SS and SSI. Refiled same forms with no changes. I think this is pressure to get me on a advantage plan. Has this been happening to others
You do not need dental or hearing aid insurance. Why? Many Dentists take cash, and will 'discount you' to equate to insurance cost - they don't like insurance companies anyway, and like to deal wit cash paying patients. Hearing aids off prescription, good hearing aids now at better cost. The 'open market' will drive cost down. PS - dental insurance is not insurance at all, it is prepaid dental services, that only last one year. Save your money, pay cash.
Good advice. I had dental insurance for 3 years but recently canceled it because the premiums were high and the plan didn’t cover much. It simply wasn’t worth it. Better to pay cash.
🎯 Key Takeaways for quick navigation:
00:00 👴 *Introducting concept on Medicare and its intricacies*
- Introduction to the speaker and the platform, Medicare on Video.
- Medicare is generally good but with some key pitfalls that need understanding.
01:36 🎂 *Discussing concerns for people enrolling in Medicare beyond the age of 65*
- If setting up Medicare past the age of 65, your Medicare part A start date is retroactive by six months.
- This can affect people contributing to health savings accounts (HSA).
- Starting Medicare halts further HSA contributions, which can lead to tax complications if not properly managed.
04:18 ⚠️ *Explaining different types of coverages & their implications*
- For no penalty on Part B, you need to have credible insurance coverage.
- Cobra coverage and retiree coverage are not considered credible, which can lead to penalties on your Medicare Part B.
06:21 😁 *Delving into coverage limitations of Medicare*
- Medicare does not cover dental, vision, or hearing- explicit policies are needed for these.
- Medicare Advantage plans usually offer basic dental coverage but not for major procedures.
09:19 💊 *Highlighting key points about Medicare Drug Plans*
- Going without a drug plan when entering Medicare can lead to penalty later on.
- Low-cost drug plans are available and they may be practical to avoid penalties.
09:33 💰 *Introducing Income-Related Monthly Adjustment Amount (IRMAA)*
- IRMAA can significantly increase Medicare Part B premium for high-income earners.
- Health savings account (HSA) funds can be used to pay the Medicare Part B premium.
11:37 🛡️ *Discussing the pros and cons of Medicare Advantage vs Original Medicare*
- Original Medicare provides more freedom and ease compared to Medicare Advantage.
- Medicare Advantage plans often deny coverage, causing difficulties and stress for users.
14:26 📞 *Encouraging viewers to get help *
- Recommendation to reach out for help to put things in the right place regarding Medicare.
- Offers a comprehensive book with complete Medicare guidance.
15:08 📘 *Promoting his book on Medicare & features of the website*
- Offers a free book called "Medicare made clear," which contains links for Medicare needs.
- Encourages to do a price check on Medicare Supplement Plan through Medicareprice.com
- Discusses the benefits provided by their website like updated deductions and premiums info.
16:48 🔚 *Concluding the video & Recommendations*
- Recommends viewing other related videos to gather more information about Medicare.
- Advises subscribing to the channel for gaining access to all videos.
Made with HARPA AI
Thank you
Recently dealing with elderly parents - and your video series has been very helpful.
So, are you saying that Retiree Medical which is Medicare Advantage would or would not be considered "creditable coverage"?
If it is retiree coverage from the employer then it is not deemed "creditable" coverage. As long as they stay on it for life it won't make a difference.
I’m a provider Advantage programs don’t pay me enough and I refuse advantage clients
Good to know there are doctors out there not accepting advantage plans. Some hospitals also, like MSK are dropping Advantage plans.
I have not found that my doctors can order and do whatever they want. Medicare still has to pre-authorize everything in the sense that there are some things they won't cover. The doctor has to check ahead of time to make sure the procedure is covered. And as with othe medical insurance provides, their definition of "medically necessary" differs from mine.
true. Medicare has a strict ban on paying for any compounded medications. My doc says I'm looking at losing my feet do to diabetes and I NEED it. It's $90 a mont. Looks like if I want to keep my feet I'll have to do without heat in the winter or since I'm on a liquid diet for gastroparesis cut back to only "eating" every third day. Unlike Medicaid Medicare won't pay for my ensure.
Thanks
You're welcome!
a number of other embedded links are not functional and found several typos - While the content of the video and webbook are excellent the website needs attention
Thanks for the heads up. Anything specific?- always hard to keep up with as many links as I have on website.
After nearly 30 years of coverage (middle-aged woman on SSDI), I thought I had Medicare figured out. NOPE! I was gutted to get a phone call on Friday from the the imaging centre where I had a procedure scheduled for Monday saying they would not see me because the MD who referred me does not himself accept Medicare. He's not on the PECOS system. The imaging centre DOES take Medicare and my visit would be fully covered.
I've always known that referrals from chiropractors and other non-MD doctors are not valid, but I thought all MDs could refer. What a blow! To further confuse things, the same MD prescribed meds for me last year which WERE covered by Medicare part D. !?!?
It's a $650 lesson. Brutal.
I’m going through the videos and I’m getting a little confused. Is there a correct order to view them ?
The best place to start would be with my mini course: medicareonvideo.com/mini-course/
One of the other things I have heard is if you make “too much” the year before you start taking Medicare is the Part B coverage is priced higher as if you had a high income before it drops once you are in a lower income of your retirement years.
I think they actually go back two years. There are five different levels of payment for Part B coverage based on income levels.
The look back period is 2 years. But, if you have retired and your income has dropped below the threshold for IRMAA, you can appeal and if you show proper documentation of your current income, you will not have to pay it.
What do you do when I sign up for Medicare and spouse has no insurance. We plan to use the 6k in our HSA for cover her medical expenses for one year. Is there a penalty for spouse signing up at 65 but had no insurance for one year?
There is no penalty fir signing up for Medicare with no insurance only during your Initial Enrollment Period when you turn 65. The penalty would be delaying Medicare enrollment past 65 with no creditable coverage.
How far backwards after age 65 do you have to show creditable coverage? One year before 65 or way further?
You have to show you have credible insurance from the day you turn 65 to day you get on medicare. No missing days
do you handle for texas residents too?
Yes I do! - I think Texas is my largest client base. Happy to help!
My family will still be on my employer account so why can’t I contribute?
If I carry the health insurance through my employer and currently contribute to a family HSA. If my hubby goes on Medicare, can I continue to contribute to a single HSA?
I'm not a professional, but my understanding is yes, you can contribute as an individual, but be sure and stop contributing 6 months before you retire to avoid the penalty.
As a FEHB worker, and I get on medicare A at 65 does FEHB stay as primary.
No
@@MM-ig2zq ouch, I figured while still working as fed and not on part b yet fehb still primary.
Federal Employees if they pay for Medicare part B and carry FEHB insurance the benefit is that you will not have to pay any deductibles or copays since you carry both insurance. Now USPS employees in 2025 will be different if you are one. Do the math see what’s good for you. If you decide to do without FEHB Do Not cancel it, just suspend it in case you want to come back.
I turn 65 this fall, but will still be covered under my husband's insurance for at least 7 more years and I think that he gets to keep it after retirement. Do I sign up now for medicare or wait?
Sign up for A only
I will apply for SS when 70 and want to opt out of Medicare entirely. Is this possible? I'm 65 and not enrolled.
If you opt out of medicare......you won t get the SS money.....blew my mind....but I did find one that gives $60 per month back...but you gotta pay for healthcare to receive "your" money
When you say stay away from Medicare Advantage, I think that is very misleading. Take a look at the cost of Gap Plans in NY, FL and CT. with no prescription plans. Yes Advantage plans are somewhat limited, but not that bad. Most hospitals in the NY area take Advantage Plans.
I really enjoyed your videos…but I called today to sign up for the GHD plan (your #) and was told she couldn’t do that for me. Most likely she wouldn’t have made profit from this how disappointing
Im still working and medically covered, I am a military veteran who plan on using VA when I retire . Should I still get part A cause its free, and deny all other parts
Unless you have an HSA, no reason not to enroll in Medicare Part A at 65.
I am confused about supplemental insurance, medigap. I am 65 Jan 2024, on medicare through disability, wife plans to work 4 more years and I am on her health insurance plan through her work. Do I get supplimental insurace/ medigap now to avoid denial in the future due to chronic medical condition or should I wait until my wife stops working? If I wait until she stops working in 4 years I could be denied supplemental/medigap coverage right?
As long as wife's insurance is a good plan and employer has 20 plus employees it should be a credible plan. Speak to your HR. When time for both of you to retire, they will give you a letter and have them fill a form out that medicare needs proving you had credible insurance from day you turned 65 to day you go on medicare. No gaps. Then you get an initial enrollment period into part B with no underwriting. You can choose to go in A but if you have HSA don't do that and I'm not sure the benefit so I haven't gone on A. My husband is 3 years younger than me and I'm on his insurance which we love and 100 percent paid for by his company. No plans for Medicare until he retires.
@@micheleyoungblood I worked past 65 with Employer Health insurance. Mediace just approved my Medicare application, just based on my answers that I had insurance through an Employer 20+ employees. Your husband's is 100% paid by Employer ? I have never seen that before, even with Teachers Union. But good for you. Because, my group insurance (typically based on average age 40-44 for a 22-65 population) is $8,000 per year, of which I pay 25% + various co-pays & deductibles, which are not unreasonably high. 100% Employer would mean a $2,000 per year (after tax) raise.
@@patriciamagatrator3843 yep, my husband's employer pays 100% family coverage. We are very blessed. Not many employers do that. It is definitely a reason he's stayed with them for over 20 years now. It is a way to keep their employees that easily move around trying to get better pay. He is on a field that requires licensing with endorsements, is essential, and in desperate need of more new people getting into the field.
I am right on the cusp of signing up for a medigap plan, having just received my A&B card in the mail yesterday. One thing that should be mentioned about IRMAAs is that they can be appealed. That's what I'm going to have to do because they go by your salary from 2 years ago (when I was working and had the best income year of my life) and I literally make half that much today in retirement. They must do this to catch a lot of people off guard. Another "Ugly" thing about Medicare is that the A&B (Red White & Blue) card is paper! I can't believe they are sending out paper cards in 2024!! There's also no way to incorporate it into a digital wallet. Somehow, other countries, like Australia, have figured this out.
Yes, always a good ideal to appeal IRMAA no matter what. Funny, your Medicare number used to be your Social Security number, so you really didn't want to lose that card!
They do it because that’s the only place that your income can be found. Part B premiums are determined in January. Taxes for the previous year have not been filed yet so they must go to the most recent return which is two years prior.
They are very good responding to the appeals. I did it twice and the IRMA was eliminated immediately both times.
I can’t afford a supplement and I haven’t had any problems with Advantage. I keep hearing people say not to get it but so far it works for me.
Advantage then for you is better than nothing then. Have you used your Advantage insurance for anything serious or that is not considered preventive care coverage?
@@ckstaff Fortunately I don’t have any chronic serious problems, so I don’t know if it would work if I did. I have had cataract surgery and did need some co-pay on that. I had surgery for my esophageal stenosis, and that was covered. Over the years any visits to urgent care or emergency room were covered with a minimal co-pay. I can’t say to anyone that I know this is best because I think it’s all a guessing game anyway. But at least over the last 10 years the advantage plan has saved me a lot of money.
I am still on Medicare Advantage for 2 years now and my husband for 4 years. I can't say bad about it. I had kidney stone surgery, MRI, colonoscopy w/ no problem. But I've signed up from work where I retired w/c is Empire Plan effective 3/1/24. I am planning to go for my spine surgery, and I want to HSS, and they don't accept Med. Advantage. Also, I called my old orthopedic doctor and dermatologist they don't accept my insurance, that's a wakeup call for me. I used to have a very good health insurance for 30 yrs. that I can go anywhere when my husband was not retired yet.
Depends on where you live.
@@jingwills6267 Call NYP at Cornell or Columbia. HSS is good though. 😢
If you’re unfortunately affected by IRMMA due to a one time financial transaction in the tax year used to determine your initial premiums, will your premiums reduce the next year as your income again drops below the thresholds?
Yes they will go down the next year
@@MedicareonVideoi thought your stuck with IRMAA for 2 years? They look back 2 years so you need 2 years of lower tax returns???
@@micheleyoungbloodYou file an appeal, SSA-44 (IRMAA) you request to lower your future income.
@@micheleyoungblood No, IRMAA is applied for 1 year only, and they look at your income from 2 years ago. Then, the next year, it will go down again unless you once again had high income for the next year.
I am planning to retire at 66 and spend time outside the USA for 6months per year. What is the best plan for me?
Unfortunately, neither Medicare Advantage or Original Medicare with a Supplement are designed for living abroad. Medicare Supplements have a foreign travel emergency benefit, but it is reserved for short trips abroad.
@@MedicareonVideo Thank you for the info.
How can our needs be met, when Medicare and the supplemental coverage are in cohots with each other!! Medicare is has too much say so with our healthcare!! Why should I have to pay for Medicare care anyway out of our retirement check?? Let us decide what healthcare plan we want!! The whole system needs to be overhauled!!
Not sure what kind of cohots they are in. Medicare is actually very good. Having to pay for it is another story though...
My parents had an advantage plan for 25 years and loved it. I have a supplement plan and am glad I did.
There are always fans of both!
With all these Celebrity Endorsement ads, "No Premiums" plans, and "Get what your Deserve", the Part D Advantage Plans are now about 50% of the population.
The Health Savings Account with my employer requires employees to use every dollar contributed by the end of the year, or they lose the remaining money. Where does the money go? Does the employer take it or does the government claim it? How is this legal?
I think that is an FSA.
You have an FSA (Flexible Spending Account / Arrangement), not an HSA. The employer keeps the unused funds and they are supposed to be used for the administrative expenses of the FSA.
Switch to the HSA plan and you can use the money to invest in the stock market (S & P 500, example) like you would for your 401K plan. Some employers HSA plans want you to keep a certain amount in cash for emergencies then the rest you can invest. No one will tell you about enrolling in the HSA plan instead with the awesome benefits. Do your research on TH-cam and learn about the triple benefits of the HSA plan to grow your wealth.
Medicare For All. Get the middleman (Ins.companies) out.
My friend bought a car for her disabled vet son by taking out retirement savings. This 1 time event caused an IRRMA increase. She tried to appeal it but was turned down. Hopefully Medicare will allow a decrease in the future.
At 66, I'm in the middle of the retirement process but still working for another 6 weeks. (I've had Med part A since 65) Another agent recommended I accept my employer's retirement plan offer (BC/BS BlueSecure), rather than getting something on my own. Was that a mistake?
It really depends on what benefits your employer's plan offers. The key issue is that BC/BS will be overseeing/dictating your healthcare ... not Medicare. Therefore, you are likely to run into issues where BC/BS will deny coverage for certain medical procedures and force you into taking a cheaper option, first (i.e. step therapy).
@@markg6860 Well, that's not what I want. It was my understanding that my employers plan was a supplemental plan, not a medicare advantage plan. I just turned in paperwork today. I better do some digging and if that's the case, hopefully I can get it changed.
@@markg6860 So after checking into it, I learned my employer plan is traditional Medicare with the BC/BS plan as the supplemental plan. If Medicare covers a procedure, BC/BS must also cover it. They can't dictate or deny a thing. Phew ... had me worried for a bit. lol
@@philshock3805 That's great news! BC/BS have no say in your treatment ... which is precisely what you want! (Does your supplement plan have a letter designation - A thru N? It should do).
@@markg6860 It's equivalent to Plan G, which was the middle of the three options. With my current health, I could actually get by with the high deductible option and save a good chunk of money but who knows what the future holds with this "getting older" thing. I say "equivalent" because I don't think it's technically labeled as such, but works in the same way with the same exact coverage. And this is specific to my employer (large university), that works with BC/BS.
I was hoodwinked into taking Medicare Advantage. Fortunately, I was able to switch to a Plan F high deductible.
Are you charging fees ???
So va tells me my va coverage is credible. Under 65 years of age, is this correct?
Im 64 and turn 65 in Dec 2024. I lost my Medicaid beginning Feb 1, 2024. I don't have insurance now for 10 months. Will I have a penalty now when I become eligible for Medicare?
No, if you enroll in Medicare at age 65, there is no penalty, even if you are coming from not having any insurance.
The thing that concerns me about Medicare is the fact that it creates a record of your history. While all medical plans do so, not everbody can get access to the record like they can with Medicare. Say i'm unconscious, and get taken to a hosptial. That hospital can access my Medicare records, and while I'm unconscious, and against my will, adminster treatments I don't authorize relative to that history record. Medicaid pays my Medicare premiums.
Part D is almost useless if you have regular RXs. I have Medicaid which paid 100% for my 16 RXs. But with Part D and extra help they regularly refuse all my RXs. They claim if your meds are not part of their formulary they will send I month and then arrange prior authorization or a substitute med. But they screw it up constantly. I regularly go for weeks without insulin because they "forget" the paperwork. And their formularies are quite limited only one or 2 meds covered for common conditions like high blood pressure, anxiety, insulin, asthma, etc. You are told to compile a list of your meds and choose a company that covers them. For those of us with serious and multiple illnesses we are prescribed new meds sometimes weekly. The worst thing to me is that Medicare is Mandatory. And it's one size fits all. And Medicare Advantage is something that people are conned into signing up for with the promise of minimal 'bonus' benefits without understanding they are joining an HMO that will restrict many of the benefits Medicare offers. Mandatory Medicare has caused me to cut my food budget to $29 a month and do without necessary medication.
I have A, B and continue with my employer's plan. The plan rebates $1000/year for those who take out Medicare Part B. In the 14 years I have been on Medicare I have never paid a penny to a doctor or hospital. B even pays for my vision treatment, since I have a condition (who doesn't in old age?). As far as hearing, my wife got a cochlear implant , a $100,000 expense, with no cost to us except for a trial period with hearing aids, which was a precondition. I have no copay or deductible, which is an improvement over the time when I was employed. The best part of all this gold-plated insurance is NO PAPERWORK!
hsa or fsa ... or both?
CMS and Social Security classify FSA and HRA differently from HSA.
65 , still working and on employer insurance. I dont have to file for Medicare until I retire without penalty?
That's correct as long as SS considers the insurance "credible insurance" like he was talking about and the employer has more than 20 employees. I think most people in that situation sign up for Part A anyway since there's no cost involved. That's what I did anyway. (66, still working but in the middle of the retirement process)
SIgn up for Part A now, as that's free for most people.
Ask for a letter from your employers insurance confirming that your insurance qualifies. I did that just for my peace of mind.
Thank you
Yes, as long as your coverage is employer group coverage with 20+ employees and considered creditable coverage, you do not have to apply for Medicare until you leave that coverage. At that point, you will have your employer complete the L564 form to prove creditable coverage from age 65 on.
I am new to all this. So, after being told my entire life that when I turn 65 I will have health insurance for free, it turns out that the very least it will cost me $174 a month. Am I missing something?
Will part B be affected by my retirement savings?
No, only your yearly income/earnings count towards the cost of your “B” premium
Are you totally unbiased ? How are you compensated ? Are you commission with original Health Care Referrals only ? Do you get a commission for advantage plans Referrals ?
He's made it very well known from past videos that his preference is original Medicare with a supplement. Why? Choosing an advantage plan is a choice for managed care. Plans that change every year, networks, preotherizations, higher out of pocket costs and only 20 vs 100 days paid for rehabilitation and recovery for an assisted living facility.
You should be aware that commissions for "Medicare" Advantage plans are much higher than for Medigap/supplement plans.
Everyone is biased! I just don't let it get in the way of helping someone!
Please explain the LEF fines! And now they just raised my fine! Explain how this is a LIFETIME PENALTY!
Ten years ago, I made a change in my insurance company ! So because I made this change to a better company outside of the allotted time frame. I was then given a LIFETIME penalty of around 50$ extra per year! So I've had around $500 taking from my check thus far!
I understand that SSI doesn't want people to be making changes to their insurance plans, and creating extra paperwork for them selves! I'm ok with paying the fine for the year I made the change, but where or when else does a person ever receive a lifetime penalty????
Then there's an issue of who is charging or collecting this fine! Medicare says it's the insurance, and the insurance will say it's a fine from SSI! Why doesn't Medicare automatically take this from my monthly check?
Why are the insurance companies taking that payment for the fine! I'm curious as to how many seniors or anyone is caught in this LIFETIME FINE! People litterly would have to commit a serious crime before being penalized for life!
I think it’s crazy not to have an Advantage plan. Mine pays 95% of my Part b, gives me free access to almost any fitness club, OTC allowance every month, a free Apple Watch and a pretty good amount on a gift card for getting a flu shot - all with no monthly premium.
All my regular doctors are in the network. I only go for annual physical and eye exams and two dental cleanings per year.
Have no health issues and
no medications. I am 69 but as of yet, not on SS.
Looks like a Camaro nice
The government just doesn't want older people that built this country to live decently
It’s corporations who couldn’t care less about people, and our legislators are beholden to corporations.
Yeah right, the GOVERNMENT cares so much about you that it malevolently is out to get you. I don’t know if that’s a paranoid fantasy or just a lack of gratitude/grievance. The victim stance can be costly to your health.
It’s not personal. If you aren’t still paying into the system the GOP wants you to drop dead. In the meantime they are working to privatize medicare and reinstate the pre-existing condition exclusion. VOTE.
Medicare cost far more than people have contributed. It will bankrupt the country.
We”re deep in debt. We can’t afford it. Maybe our government should stop sending our tax dollar to the Ukraine president. $200 billion so far.
Or, You can manage your HSA, Put in what you plan to spend in a year this will allow an employer contribution, For example $1300 per year 600 employee, 700 Employer contribution. Report both as Excess Contributions on your tax return. Keep your HSA acct balance near zero!! Use all the funds in the year. (like an FSA) Then you are taxed on the year Full (all excess) contribution amount as Other income. Also-you are charged 6% Excise tax on your HSA balance, Form 5329 (the lower of the HSA balance OR the excess contributions for this year and the prior year) . Near zero @ $100 for example, you only pay 6% on $100 or $6 tax.. You don't miss out on your employer contribution. If you have basically been operating your HSA as a zero balance account, only putting in what you plan to use in the year. This can be one strategy.
Omg what what what?
Do Obamacare policies count as creditable coverage?
No, they do not. Individual plans are not creditable coverage.
What in the world do self-employed individuals do to avoid the non-creditable coverage scam? @@MedicareonVideo
Creditable Coverage avoids "enrollment penalty" if you didn't enroll in Medicare at 65 and was otherwise uninsured or didn't have "creditable coverage." You can always enroll in Medicare with penalty if you missed the applicable Enroll Window. Quite frankly, if you had Obamacare at 65, why would you hold it if you were eligible for Medicare ?
Almost 64 I will be calling soon
What if you are past 65, still working and covered by your company’s medical insurance (i.e., not signed up for Medicare), but you get laid off instead of “retiring”?
If you get laid off and lose your employer coverage, and that coverage was creditable (employer has more than 20 employees), you would then be able to enroll in Medicare and get a special enrollment period for 6 months where you can select any supplement you want without having to undergo underwriting.
Cut the insurance companies out of the system, when you see UnitedHealth care stock at around 600 a share you can bet the system is rigged and not in our favor
With a great supplement such as Tricare For Life, Original Medicare is great, worry-free medical coverage.
I have to get parts A&B to get Tricare for life. I was told I would get free medical for life. Just the government taking benefits from a vet.
I tried to join the group, but it says "Pending". Every time I watch these videos I am a 1000% convinced that the "G" PLAN is the way to go. 65 still working, not collecting social security yet, but that time will come sooner than later.
Unless you are at your doctor's office every month, you are probably better with a Plan N supplement/Medigap (which is what I have). Plan N premiums are lower, as that group tends to be healthier ... with lower annual premium increases. With Plan N, you will pay a $20 co-pay every time you visit a doctor, but you'll likely save more each month from the premium difference (G versus N). With Plan N you would also be liable for any "excess charges", but these are very rare ... most doctors that accept Medicare, also accept Medicare's assigned rate for each medical procedure.
Hi Master- Yes, the group requires approval, but we go through the requests multiple times each day. We have to have requests in order to keep out bots. Plan G is a great option!
Plan g is the best option.
@@teams3345 Plan G covers the most, but the premiums are higher and the annual rate increases are also higher, as G is the guaranteed issue plan, so the pool of insureds on G tend to be sicker. If you are not constantly visiting a doctor, Plan N is usually the most cost-effective. You should always have your agent run the numbers for your zip code.
@@markg6860Agreed 100%
Misuse is the primary danger of AI.
As a federal government retiree with lifetime health insurance coverage, I decided not to enroll in Medicare Part B. Couldn’t be happier.
You chose a Medicare Advantage plan?
Trillions for foreign countries and war. Zero for Americans and for disabled we get put into the minus category. On SSDI for two years now still getting processed for medical yes or no yet!
Will the Right sunset Social Security?
When the FDA "Evaluates these statements" healthcare costs will recede.
Never realized there was a good side …
Offering an e-book that one can’t download after having input one’s information is not a good way to gain trust in your knowledge of offers.
Not sure why you couldn't download. You can access it here: medicareonvideo.com/wp-content/uploads/2023/10/Website-Book-2024.pdf
With this link I got it immediately. Thanks.
My brother drove Taxi all his life its all 1099
It's self employed
So no retirement
1k at 62 Social security.
Can you explain what should people like him do
Maybe he will quality for both Medicare plus Medicaid. Both.
Don't take SS at 62. He loses 30%. Wait for full retirement age and continue working
I hope he saved some of his pay for his retirement years. The fact that he was an independent contractor and self employed does not mean that he could not save any money.
As 1099, he is treated as SELF-EMPLOYED, and thus required to pay both SS and Medicare (15% rate instead of employee 7.65% rate). If paid-in 10-years, he is eligible for Medicare like any salaried workers who paid in 10-years. Alternatively, he can also qualify for Spousal coverage if his wife worked 10-years. Under spousal, his Part B is the same, BUT BUT Part A won't be free and can be up to $505/month. I'm don't know, but giving you/him a direction to find out for sure.
@@patriciamagatrator3843 why do you think part A won't be free if claiming under spouse? Never heard of that. claiming under spouse I thought was same as the spouse.
If self employed and worked 10 years or 40 quarters he can also qualify under his own.
Self employed pays 15.3% total.
The penalty sounds like an extortion
It kind of is :(
Medicare is an insurance pool. If you wait until you need it, you are exploiting the pool. It's like buying auto insurance when you have an accident.
I have Medicare and a supplement and have friends that have MedicareAdvantage and they say they lova it. They get free gym and also they get credit cards with money for food. Just interesting. They have only had it a few years and are healthy so we shall see.
Yes - Advantage can be great for those things. When it's not great is when you get cancer. You will be very happy with your supplement when you need it.
@@MedicareonVideoRight. Get sick late in the year and get stuck with the out of pocket maximum. Then be subject to it again the following year as it resets each year. Yikes!
This is too complicated. Why isn't 65 you get medicare, you get health insurance, you pay nothing, they just give you the insurance. What happened? Why is there a, b, c , d , e ,f , g. Do not understand. This is so sad. I give up
Traditional Medicare
A hospital coverage
B Dr. visit you pay monthly premium and annual deductible
C Medicare Advantage program if you don't want traditional Medicare
D drug plan
That is ridiculous!@@peggychurch484
Good coverage of the uglies, but didn't mention that if you go the Medicare Advantage plan way and change your mind, you can go back to Medicare, but you will have a hard time qualifying for any supplemental plan due to your age and any pre-existing conditions you may have; if you find an insurance company that will cover you (most likely not), it will be extremely expensive. You will be stuck with the unwanted Medicare Advantage plans for the rest of your life if you can't get the supplemental coverage you need. Or just be happy with Medicare alone which does not cover everything.
Yes, having to pass medical underwriting can be a daunting task for someone who has a complex medical history. I have quite a few videos on the process. It is important to make the correct decision from the start.
If you are trying to sign up with medigap coverage outside open enrollment, your application will go through underwriting. I got questioned about a percoset prescription I had from five years before. Medical insurance companies access to your medical records is amazing.
@@marymacdonald2379 Is this underwriting true during open enrollment or not?
The only time you can go from Medicare Advantage back to Original Medicare and not have to do medical underwriting for a supplement is if you are in your first 12 months on Medicare. It is called a Trial Right.
@@MaryBethMcCoy Yes, that's quite right.
It is the STEAL BY THE THIEVES...NOT a penalty.
All of it is one big scam
Yep. Don't apply for SS and Medicare.
Corruption
what a MESS!!
How about Medicare not bothering to tell you that you have pay QUARTERLY for part B unless you are collecting your Social Security. How about the fact that you can lose your Social Security of you do not wish have Medicare at all? I don't need Part B. Why should I be penalized for that? Why can't I enroll in Part B when I begin to need it? I can't afford to pay quarterly. So now I can pay my rent OR pay for something I don't need/will use OR not pay for Part B and have to to pay more for it later. Medicare isn't set up for healthy people. They automatically assume everyone over 65 is on medication for something.
You don’t have to pay quarterly. You can set up an automatic monthly withdrawal through your bank. The amount taken out each month will be lower than having it done quarterly.
@@MaryBethMcCoy I think you are missing the point
Sign up for Medicare has fixed age to enter its insurance pool. Otherwi se people will wait until they are ill to sign up and never have contributed their share to the insurance pool.
Been on Medicare for 9 years, several procedures by specialists. Best insurance I have ever had, much better than Tricare!
Most anything is better than TriCare.
I'll be staying with my advantage plan so that I know what I'll be paying. Medicare is 20%. Of what. I'll stick with copays
No, you have it backwards. If you stay on Advantage and you get really sick or injured, you will find out that your costs will be much higher than if you had traditional Medicare and a Supplement. Added to that, your Advantage plan will dictate what care they will allow you to have and where you will have to go in order to receive it. But, it is your decision to make which way you want to go.