Transcript:
This is money talks with Chad Olivier, sponsored by Olivier Group.
Hi. I’m Chad Olivier, certified financial planner and CEO of Olivier Group. Today, I’m going to talk about what you need to know as you start Medicare.
If you’re turning sixty five, Medicare is likely on your mind. Medicare is run by the Social Security Administration and can be a bit complicated. Here are some basics.
You are eligible for Medicare starting at sixty five, and your enrollment window lasts seven months, three months before and three months after your birth month. If you are still working and have employer or individual health coverage, you might qualify for Plan B and d exceptions avoiding penalties. Credible coverage means your current plan meets certain SSA standards. Keep in mind, you have two months to enroll in a Medicare plan after your job based insurance ends, and there are penalties if you miss certain deadlines.
Your Medicare Plan B premiums depend on your income from two years prior, and don’t forget about IRMAA, the surcharge for high earnings.
Also consider Medicare Supplement Plans to cover costs not included in Plan a or b, and think about adding a Part d prescription drug plan. Visit Medicare dot gov for helpful tools, and check out our blog, Medicare Time, Now What? At Olivier Group dot com. And that’s why money talks, the planning pays.
This has been Money Talks with Chad Olivier.
