Are you turning 64? Happy Birthday!
I hope you get everything you want this year, but NEXT year you are eligible for an even better present: Medicare!You might be wondering if it ever makes sense to discuss this a full year in advance, and I certainly think it does make sense for these three reasons:
1) Medical costs are an important part of your retirement budget. When you or your financial advisor create a retirement budget, you should use YOUR unique expenses based on YOUR health and preferences, not just an average estimate for every retiree.
I can help you be specific.
For example, two different people with the same INCOME but different medications might have a $400/mo difference in costs each month. While two different people with the same MEDICATIONS but different income might also have a $400/mo difference in their costs.
2) Medicare insurance costs are directly tied to YOUR income starting the year you turn 65. Yes, people pay more for the same exact Medicare coverage if they have higher incomes. You might want to make some financial decisions at 64, once you understand the consequences of waiting to age 65.
I can help you understand the costs based on YOUR current and future income.
For example, Someone who waits to take a one time lump sum retirement distribution at age 65, instead of age 64, might see their Medicare premiums increase by thousands of dollars in one year.
3) Medicare out of pocket costs might be much lower than your current plan for certain procedures. If you have a medical need with flexible timing.
I can help you compare the costs and you can decide if it makes sense to get a procedure done when you are covered by Medicare.
For example, a knee surgery at 64 might require a substantial annual deductible on your current medical plan, but that same surgery might have ZERO out of pocket cost at age 65.
1) Medical costs are an important part of your retirement budget. When you or your financial advisor create a retirement budget, you should use YOUR unique expenses based on YOUR health and preferences, not just an average estimate for every retiree.
I can help you be specific.
For example, two different people with the same INCOME but different medications might have a $400/mo difference in costs each month. While two different people with the same MEDICATIONS but different income might also have a $400/mo difference in their costs.
2) Medicare insurance costs are directly tied to YOUR income starting the year you turn 65. Yes, people pay more for the same exact Medicare coverage if they have higher incomes. You might want to make some financial decisions at 64, once you understand the consequences of waiting to age 65.
I can help you understand the costs based on YOUR current and future income.
For example, Someone who waits to take a one time lump sum retirement distribution at age 65, instead of age 64, might see their Medicare premiums increase by thousands of dollars in one year.
3) Medicare out of pocket costs might be much lower than your current plan for certain procedures. If you have a medical need with flexible timing.
I can help you compare the costs and you can decide if it makes sense to get a procedure done when you are covered by Medicare.
For example, a knee surgery at 64 might require a substantial annual deductible on your current medical plan, but that same surgery might have ZERO out of pocket cost at age 65.
