In this episode of Retirement Readiness, Tim Regan and Katie Umland explore how Medicare factors into retirement planning. Hit “Play” to learn what Medicare does (and doesn’t) cover, what Medicare might cost for you and key considerations to know before signing up for a plan.
Prior to retiring, most people are provided health insurance through their employer. But what happens when you leave the workforce?
Introducing: Medicare.
Medicare is a health insurance program intended for those 65 years and older (whether you’ve hung up your working hat or not). But rather than being a single program, Medicare is split into four parts: Parts A, B, C and D – each of which covers different health needs and has varying out-of-pocket costs.
Today, Tim and Katie are exploring what each of these parts could provide for you, as well what factors you should consider before signing up for a plan.
For example, Medicare Part A covers hospitalization needs and is paid into throughout your working years – you may even see a Medicare expense taken from your pay stub each month. Because of those payments, most people are automatically enrolled in Medicare Part A when they turn 65, and will see low to zero-cost premiums.
On the other hand, Medicare Part D covers the costs of prescription medications, and is offered by private insurance companies that are approved by Medicare.
You’ll also enjoy hearing life updates from our hosts, a quick question and answer session inspired by a listener like you and a new “Learned From the Table” segment.
From finding care in your network to handling non-covered health care needs like dental and vision, this episode covers it all. Hit “Play” to get started, or click here to check out our other Retirement Readiness episodes.
Key Timestamps and Topics
- 00:02:45 – Tim and Katie share important life updates, including the sale of a lakehouse. They reflect on their decision-making processes and the impacts of these decisions on their families.
- 00:04:06 – Tim and Katie answer a listener’s question about investments in the face of rising interest rates. They advise becoming a net saver instead of a borrower and exploring higher-yield cash management options.
- 00:07:40 – Tim explains the complexities of Medicare, including the various parts and the transition from employer insurance to Medicare coverage.
- 00:13:32 – When choosing a Medicare supplement plan, cost is an important factor. However, it’s also crucial to consider the reputation of the insurance carrier and their claims payment process.
- 00:14:40 – In most cases, doctors will accept Medicare regardless of the carrier. The important thing is to ensure that the doctor accepts Medicare itself, rather than being restricted to a specific carrier’s network. Medicare Advantage plans, however, may have more limitations on network coverage.
- 00:16:18 – Medicare Advantage plans require members to use doctors within their network. While there are some benefits, there are also risks, such as limited network options and potential difficulties when relocating.
- 00:19:40 – While Medicare generally provides coverage for medical procedures, it doesn’t always include dental or vision coverage.
- 00:27:34 – The hosts emphasize the importance of learning from grandparents, parents and clients, and how these lessons can shape one’s perspective in life and business.
- 00:29:03 – Tim and Katie emphasize the importance of intentionally creating the life one desires and highlight that the happiest and most successful clients are those who actively seek out new experiences and adventures.
- 00:29:45 – The hosts share examples of clients who have achieved unexpected dreams and goals by taking the time to pause and reflect on what boats they want to sail.
3 Key Takeaways
- Discover the key factors to consider when selecting a Medicare insurance plan that fits your unique retirement needs.
- Learn how to ensure your preferred doctors accept Medicare, providing you with uninterrupted healthcare access in retirement.
- Find out which expenses are not typically covered by Medicare and explore strategies to effectively manage them in your retirement budget.
Links
Learn More About Medicare with PrairieView
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