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Retirement Starts Today

Do you want to spend more money in retirement, while paying less taxes? Great news, you're in the right place! I'll also teach you the benefits of retiring TO something, while most retirees only solve half the equation by retiring FROM something. Tune in every Monday morning - hosted by Benjamin Brandt CFP, RICP. Join my "Every Day is Saturday" weekly newsletter for show notes, free book giveaways and other great retirement content: www.retirementstartstodayradio.com/newsletter
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Now displaying: Page 1
Nov 9, 2020

Do you know the difference between a Medicare supplement and a Medicare advantage plan? You’ll need to understand their differences to make an educated decision about which to choose when it is time to sign up for Medicare. Danielle Roberts from Boomer Benefits joins me again to help us wade through the various Medicare supplement choices. Learn how best to fill the gaps that Medicare leaves by listening to this episode of Retirement Starts Today. 

Outline of This Episode

  • [2:12] What is covered by Medicare supplement plans?
  • [8:00] Medicare advantage plans operate through a network of providers
  • [15:02] Switching between plans may not be as easy as you think
  • [20:24] Dental and vision insurance

What is a Medicare supplement or Medigap plan?

One benefit of choosing the original Medicare route is that the federal government will be processing your claims. While this is a positive aspect of choosing traditional Medicare, it also means that there will be deductibles and a 20% out of pocket cost on your claims. For this reason, it is important to consider purchasing a Medicare supplement plan. There are 10 different standardized plans to choose from, although most people choose one of 3 plans. 

  • Plan F is the Cadillac of plans, it was so popular and easy to use that it is actually being discontinued.
  • Plan G is the next most popular plan. However, it doesn’t cover the $198 outpatient deductible.
  • Plan N is a consumer-driven plan. It has a lower premium, but you pay a deductible and some copays for doctors and ER visits.

Find out why Medicare supplements are ideal for customers with some discretionary spending and frequent medical spending. 

Medicare Advantage plans are becoming popular

Medicare Advantage plans are gaining in popularity. The premiums are lower, but there is less choice for the consumer. You must use only the plan’s network of providers and their approved medications. There will also be extra spending on your part in the years that you have more medical spending. 

If you want to switch from a Medigap to an Advantage plan there is no required medical questionnaire to fill out. However, if you would like to switch from an Advantage plan to a Medigap plan there is a possibility that you could be denied based on your health. 

Listen in to hear what questions you need to ask before you sign up for a Medicare Advantage plan. 

What about dental and vision insurance?

Many people are surprised to discover that dental, vision, and hearing are not covered by Medicare. This is because in the 60s when Medicare was created, it wasn’t typical for insurance companies to cover these ancillary medical concerns.

There are a couple of options that seniors have when it comes to dental, vision, and hearing. You could purchase a standalone plan which covers these areas. Or you could choose a Medicare Advantage plan that also covers dental, vision, and hearing. 

There is an important consideration you need to be aware of if choosing the Medicare Advantage route. Find out what it is by listening to this episode of Retirement Starts Today. 

Do you have a rainy day fund?

One last consideration that you need to think of is having a rainy day fund for out of pocket medical costs. If you choose a high deductible plan and then you end up needing cancer treatment that year, you could be hit with a $6500 bill. An HSA is a great way to cover this cost. 

Have you listened to all of Danielle’s episodes? If not, head over to episode 163 to get started from the beginning!

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