I certainly plan to use a Medicare broker when I approach age 65. My husband did that (along with some of his own research), and it worked out very well.
Part of the process for him was to provide a current meds list (later Plan D can be updated annually as needs change). For his situation, we never considered Medicare Advantage. That’s a lifetime decision (after 1 year trial), unless you live in NY or one other 3 states that allows switches later on. MA costs less though, so it looks quite appealing. Retirees should do a lot of research and/or Medicare broker consultation before picking MA.
As Mabelsmom said - brokers don’t necessarily offer all available plans, presumably they choose which ones to work with for their own reasons which may or may not be in your best interest.
I think because I work for the state (but will not be fully vested at retirement) they provide people (brokers) who help you decide your options for the different plans/costs. H already went through the process a few years ago so I’m sort of banking on his knowledge and experience!
I just got off a call with a social security presentation for state workers. Mind is still boggled a bit. I believe I will have a modified WEP when I decide to take SS. Current plan is to retire later in 2024 at age 65 (and when I can have Medicare) but continue to work part time if possible until age 67 - or 66 and 10 months in my case before taking SS.
I will meet soon though with our pension people AND SS to see if it really benefits me to do that part time work for 2 years or if I should just take SS and then work part time not exceeding my earning limit.
DH is still freelance consulting and earns well over the SS “limit.” It simply means some amount of SS is clawed back until he stops earning at which time he’ll again receive the original amount. There are some tax implications, too, that he needs to account for, but his work earnings are enough to justify the “penalties.”
After reading this current Medicare topic, I am extremely grateful my employer offered to anyone 60 years and older, and every year there after, a free Medicare and Social Security seminar at work. Not an insurance company or broker nor did they refer anyone to any companies or brokers but CLEARLY went over the options and identified the good and the not so good of what is available at what stage and at what age. I also contacted another company who did the same thing. My in-laws on the other hand get their health recommendations from the other octogenarians in their Sunday School class and appears they did not understand how Medicare worked when they constantly complain about things not being covered, needing a referral they can’t get, and not being able to go to another doctor they want to see. Medicare is really not very intuitive and informed guidance (maybe not from a friend or relative or a TV advertisement) is a good idea. I am confident I made the right choice for my scenario going into year 3, but I definitely understand the confusion as I see a lot of people with partial understanding.
You can get Social Security retirement or survivors benefits and work at the same time. But, if you’re younger than full retirement age, and earn more than certain amounts, your benefits will be reduced. The amount that your benefits are reduced, however, isn’t lost. Your benefit will increase at your full retirement age to account for benefits withheld due to earlier earnings.
So….once you reach full retirement age, IIRC you can earn any amount of money and there is no SS clawback.
I swear on the presentation this morning the person said if you weren’t FRA (full retirement age) and exceeded the maximum earning limit (she mentioned $22,300ish) any income overage you would lose $1 for every $2 you make??? So if I took SS before 67, and my income was $23,000, I would lose $350 of SS for that year?
Because your post above mine seemed to be about that topic - reduced benefits if you have too much income beyond the maximum earning limit. If I misunderstood your post, apologies!
So, I know Part B is subject to IRMAA. If I want Part G or Part D, does an additional IRMAA charge apply?
Federal retirees, does keeping your fed medical plan cover just Part B or does it include Part D and supplemental coverage as well? (If anyone is on GEHA, would REALLY love to hear from you.)
@lvvcsf What company did you visit to get such clear info?
IRMAA applies to your RX coverage as well as your Medicare Part B…I had that when my husband was earning a lot while still working, and I was on Medicare.
It is my understanding that the federal insurance covers the exact same thing it did when you were employed. The only difference is it becomes secondary and any Medicare coverage would be primary.
Yes the SS earnings if not FRA - careful on that. And definition of FRA on SS has gone up on different years of birth - DH and I born in 1956 had full SS retirement age as 66 and 4 months.
We have a friend who is above FRA. He does some contract work and no SS clawback.
Also, before going on a specific cost-effective Medicare Advantage Plan, make sure with your local medical provider insurance offices how well that plan would work for your specific needs. The insurance processors with various medical offices will know what plans to avoid and which have good coverage.
I think some people don’t realize all the ‘pieces’ on Medicare coverage when one goes with a very full coverage kind of choices, Medicare A and B, Supplement, Medicare D.
For folks that are concerned about lack of offerings from a Medicare brokers, you could do your own research and cross-compare. For the plans they offer, prices should be same.
I knew a few people who used different methods (including a broker) and all arrived upon a decision to do Plan G, AARP - UHC. It’s at the more expensive end and won’t be the right answer for everybody. But it seems like it should be on the comparison list.
We never did any cost comparison on Medicare Supplement. AL has very strong Blue Cross Blue Shield and very good Medicare Supplement plans, the best being the one we chose (G plan). The card has G Plan on it, but that is the only place we see it identified as such.
I did a ton of research when H was turning 65. He hates that kind of stuff , so he had me do the legwork. We then talked with a broker recommended by our FA - but he only sold a couple companies’ plans. We talked to a national broker that a lot of people use, but I wasn’t pleased with the way he responded to my questions. I ended up stumbling onto some videos on YouTube from a broker in my general area (although they sell in a lot of states). I really liked them, and the broker did a Zoom presentation for us that was great. We felt very comfortable using her. She even recommended a Part D for H that she didn’t sell because she doesn’t sell that company’s plans. This year, we went with a Part D she sells because it was least expensive (for this year …). The company made a huge mistake, and our broker took care of fixing it.
Because we live in a state where it’s important to choose wisely from the start (because it’s not a given that you can switch supplements down the road without underwriting), we wanted to have a sense of how stable rates might be over time. What all brokers will tell you is that there are no guarantees. It’s a best guess situation. Brokers can help you get a decent sense of what might work for you.
And Part D … I don’t know how old people deal with annual Part D changes. It’s ridiculous!
The broker we used was a Medicare agent who did not sell products or represent insurance companies. I would be leery of anyone paid or commissioned by the insurance industry. It was simply information, clarification, and advice we were after.