If you are recently retired, it is likely that you are now considering a move from your private workplace health insurance to the federally subsidized Medicare health plan. The annual election period of October 15th to December 7th is the time when you will want to make your elections for the version of Medicare that you prefer.
Traditional Medicare consists of two parts – Part A and Part B. You may (or may not) be aware that you have been paying into Medicare your entire working career through a 1.45% payroll tax. This payroll tax means that you will not pay for Part A in retirement. Part B will have a monthly premium based on your income. In addition to these basic components, you will need to evaluate additional supplements or Medicare Advantage plans based on your specific healthcare needs.
For a lot of people, these decisions can have a significant impact on retirement budgeting. For those who are not educated on the options, it can be a place where retirees go wrong in their retirement planning.
At Global View, we want to get ahead of the problem. Don’t be pressured into making rushed and uneducated decisions. Watch our interview below to learn more about the choices involved with evaluating Traditional Medicare vs. Medicare Advantage plans. If you have a question that is not addressed here, contact us! A quick conversation can go a long way.
