Turning 65? You need Medicare here’s what you need to know. 

[ChrystalClear]

Hi Tim, I just stumbled upon your channel tonight, and I am turning 65 in November. I’m also being inundated with calls and mail, so I enjoy your video, but also everyone’s comments. I’ve learned so much. Thanks everyone.

[blueskies]

I applaud your intelligence, knowledge, and orator skills. I'm just baffled when you said that you have to work to make ends meet. I would have never guessed. Myself on the other hand, am very grateful I don't have to work and have ample money through Real Estate and Stock Investments which I did on my own. I've never been married. If one met me they would never guess as Im lacking in so many areas. Im not intellegent. never did well in school., very friendly but not a partier. Thank you for the great videos. Hoping you and your fellow listeners are happy and financially stable.

[rdmineer]

You're not just some wealthy accountant calculating the pros and cons of filing for SS at 62 vs 66-10. You are living it.

[jayafow]

Once you get Medicare you can also get a supplement to cover the 20% Medicare doesn't cover which is what we did. Would never ever get an Advantage plan!

[Karlthegrubber]

Wow. Healthcare is practically free in Europe. You pay social insurance through your tax but this is very very little. The stress of living in states would be too much for most Europeans. Now I’m saying that. With free healthcare comes long waiting lists. So that’s the trade off. In some EU countries it’s quicker than another. So I also have full private insurance. It’s €30 a week for full cover. Full private hospital. Zero waiting list. It’s phenomenal. Love your videos

[Mrpegs]

Tim your subscribers are growing daily with your new found niche well done, very eclectic topics....

[joycej]

You should take the Part D (drug plan) even if you're not on any prescriptions now. If you got cancer you wouldn't believe what cancer treatment drugs would cost you.

[cag]

Part A is hospital, part b is for doctors. Part b is what you're paying the premium for. Then you have part D which is for drugs.

Advantage plans aren't all the same. It depends on the plan. Its like the ppo you had when you were working. Those 0 premium plans are 0 because they hardly cover anything and their networks are very narrow. There are tons of advantage plans out there which will give you the coverage you need at varying rates. My advantage plan has a network that includes the entire US. You have 2 cards, your Medicare card and the advantage plan card. You only use the advantage plan card since the advantage plan has taken over what medicare would do.

The other option that I think you were referring to is what's called medigap. You use medicare for part a and b, prescriptions part d and the medigap plan fills in the holes that original medicare does cover. Again there are different rates depending on how much coverage you opt for. Medigap plans are more expensive than advantage plans generally.

[Kimberly-yxgn]

Hi Tim. I'm in the same boat. Next month I go into the social security office to sign up for Medicare. I currently have Tricare through my husband's military retirement, so that will become my supplement instead of my primary as it is now. It's really a crazy road to navigate. Thank you for your videos.

[todddunn]

The Medicare Part B premium is $164.90 in 2023. A couple of things about Medicare Advantage (MA) plans. First, they are not all zero premium. There are two basic types of MA plans - HMO plans and PPO plans. Both PPO plans have copays and what are called out of pocket maximums (a limit on total out of pocket expenses each year). The out of pocket maximum for an HMO plan can be up to $8, 300 in 2023. PPO plans have the same out of pocket maximum for in network costs but can be higher for out of network costs. Note that plans can have lower out of pocket maximums. Also be aware that the out of pocket maximum for a plan does NOT include copays for drugs from the included Part D drug plan. I would recommend that you have at least one or preferably two years of your plan's out of pocket maximum in savings just in case. Both have networks, but HMO plans give you ZERO coverage outside your network with the exception of emergency treatment. PPO plans allow you to go outside your network, but the costs to you are higher both in copays and out of pocket maximums. In addition to having networks, MA plans ALWAYS require plan approval before you get expensive services or procedures. In summary, if you are healthy and don't go to doctors much or at all a Medicare Advantage HMO plan will only cost you the Medicare Part B premium, but if your health deteriorates you can end up with thousands of dollars in copays every year. Before you commit to an MA plan be sure to check out what the copays are for various services.

Supplemental plans do NOT include eye exams for glasses or any dental or hearing coverage other than what is medically necessary. There are about 9-10 different supplement plans that provide different coverage. $200 is going to be near the top of what you will pay for a supplement.

If you go the Medicare Advantage route in most cases if you decide to go back to original Medicare you can not get a supplement plan without going through health underwriting and potentially paying much higher premiums. If you have any health problems you will likely not be able to get a supplement plan at all.

Finally, if you go with original Medicare only (no supplement plan) you are responsible for paying the 20% that Medicare doesn't pay. However, you are responsible for 20% of the Medicare approved charge not what the doctor/hospital charges. For example, I just had a prostate biopsy. It was billed at $7, 900, but because the Medicare approved amount was much less than that my total responsibility was $475, not 20% of $7, 900).

Before I went on medicare my lifetime medical bills were about $300. Since going on Medicare my health has deteriorated and I have had more than half a million in medical bills. I am very glad I have an F supplement (not available to you young guys) that covers 100% of what Medicare doesn't pay. No copays, no deductible, nothing.

[Floridabruce]

Great channel. Just found it yesterday and have watched several videos. I retired at 62 with basically no money in savings. On the upside, right now, I still have 3 minor children and a wife who cares for them in our home. My wife and 3 daughters also get monthly money from Social Security. We receive just over $3, 100 monthly and we have a bit of a side hustle but are careful to stay under the annual limit of income. Our family is currently enrolled in the affordable care act and pay no monthly premium here in Florida. Doc visits and prescriptions are nominal. I dread decisions about healthcare at 65. Maybe the Lord will return before that! 😊

[junglelee]

Thank you for showing us sceneries from Florida paradise.

[virginiahilman]

I read an article about aging in other countries where people live to over one hundred. the one thing they all have in common is they don’t go doctors . I am a nurse in long term care and the amount of medication we give these poor trusting souls is a disgrace.

[tkwheeler]

Thank goodness for our Medicare and supplement plans. My husband was 69 and healthy, suddenly fell ill and had to have emergency surgery for a ruptured colon, 4 days in icu and a colostomy bag. He has had 2 more surgeries. We would be bankrupt if we had to pay those bills. Our Medicare and supplement paid for everything.

[tubevision]

Just found you really like the talks, thanks for the info.

[lancephinney]

Advantage plans are great as long as your healthy, it's pay as you go and if you get sick just try to switch back to a G or N plan because your paying 7500 to 10 grand a year out of pocket on an advantage plan.

[mgallegos]

I am an insurance agent and you explained Medicare options beautifully and succinctly that anyone can understand. My wife turned 65 this year, we went with an Advantage Plan that has saved us a ton of money! ❤

[kimberly-ekii]

Good morning from az I just found your channel and love to listen to you and watch, yes it’s very hard to live on ss , I love and miss the ocean so beautiful I am from Oregon got to go to beach every weekend anyway god bless you Tim keep up good work

[marclevant]

Once you opt out of the original plan and go with an advantage plan, you can never go back.

[shannonrunyon]

That’s my birthday too! Not 65 though. I subscribed because you’re a realist and tell it like it is and I find that refreshing these days and a comfort to know I’m not alone in my thinking.