8 Reasons to DELAY Medicare Past 65 That Will Save You Thousands and Avoid ALL Penalties

Рет қаралды 251,375

Күн бұрын

Do not make the mistake of signing up for Medicare at 65 years old if you don't need to. There are several reasons why you would want to delay Medicare so you can save money, keep your spouse covered, or continue HSA contributions. We go over when you should NOT take Medicare, when you should consider it, and when you should definitely take it.
Video for those with FEHB:
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⏰ TIME CODES ⏰
0:00 Lost in the maze
0:38 2 Ways to Delay
1:41 Careful HR
2:30 Small Company Exception
4:55 Do NOT take Medicare
5:58 Consider Medicare
10:16 When you SHOULD take Medicare
12:10 Part B Penalty
13:21 Part D Penalty
14:21 Secret Message
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#medicare #theretirementnerds #socialsecurity #retirementnerds #finance
Federal Disclaimer:
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all your options.

Пікірлер: 1 300

@ChristopherMarshburn Ай бұрын

Companies don’t try to move older employees off Medicare. They just try to find ways to move older employees out the door.

@LifecoachDanV 23 күн бұрын

lol!

@ABab-jf2jb 10 күн бұрын

Yup, that happened to me....forced retirement. 😢

@clwest3538 10 күн бұрын

Same happened to my dad - at 70 (actually on his birthday!) the company 'eliminated' his position (? a delivery route?) and two months later hired another guy to 'reinstate' the position. Ageism is real.

@j_ben_b 8 күн бұрын

Some truth to this... especially larger, public companies (banks, drug companies). If you're not moving up the chain of command by age 55, then you're moving out of full time employment. Sure, they give you 6 months severance, but that's a drop in the bucket relative to a $250,000 health insurance claim. Smaller, private companies are typically just trying to keep the doors open year after year. Health insurance has become the #2 company expense behind salaries, and given the wrecking ball of government regulations, rising claim costs and a shrinking employee market, it's a wonder how many smaller companies survive.

@firehorsewoman414 3 күн бұрын

@@clwest3538 true, and they waited until he was no longer a protected class. Age discrimination is only valid for 40-70

@alansach8437 Ай бұрын

For a lot of people Medicare at 65 is a blessing. We couldn't wait. My wife had been putting off hip replacement surgery for years due to high deductibles and copays with our employer's plan. On Medicare (and G Supplement) all we paid was the part B deductible of two hundred and some odd dollars! It was life changing for her.

@Theretirementnerds Ай бұрын

Agreed! We tried to show this in the middle section. For many, Medicare is better coverage at a lower cost than what they were experiencing before 65 🙂

@pgpc6448 Ай бұрын

So glad! Your wife deserves it!

@amylee9 Ай бұрын

That’s sad. 😢

@cgilleybsw 4 күн бұрын

Completely agree. Wife's plan is now up to a max of 10k co-pays. Hospitals are completely out of control. Told my Urologist I'm delaying all further procedures until I turn 65. Boy, was he pissed.

@sfstucco 3 күн бұрын

I’m truly sorry to hear about your situation. No one should have to experience these dilemmas & delays. I’m curious - how many, here, in these unfortunate situations vote Red (Republican)? Not to start a fight or pretend to be superior, but I hope people realize that universal coverage/socialized medicine goes a long,long way to relieving these burdens, financially speaking and logistically speaking. It would cut costs SO, so much if we had a Medicare-for-all (i.e., for all who select it) scheme, from birth to death. There are variations that can include some copayments (or not), depending on how it’s structured. But expense , experience, and health outcomes are greatly superior in countries with socialized medicine, in all its forms. Democrats want that.

@korswe Ай бұрын

I'm taking Medicare at 65. Money isn't everything. Health and the piece of mind is everything at this age and beyond.

@rosemarykingpate7832 14 күн бұрын

Agree! Me, too! 😊

@KentonJoseph 10 күн бұрын

ACA is so much better and much cheaper.

@cgilleybsw 4 күн бұрын

@@KentonJoseph You have got to be $hitting me!? I'm looking into this now. And it says I still need to sign up for Medicare at 65...

@Mark723 26 күн бұрын

Green with envy that such a young, intelligent, handsome man understands the intricacies of Medicare. Why did the federal government decide to torture retirees with such a convoluted health care system...? There should be a Medicare Part M for those who suffer from trauma of dealing with this information and decision. Thanks for the information - very helpful to a 64-year/10-month old.

@Theretirementnerds 26 күн бұрын

Thank you so much for watching and your kind words 🟢 We agree... it should be much more simple.

@savannahsmiles1797 18 күн бұрын

anything FORCED on we the people by government is SUBPAR and expensive, and YES, I am a licensed producer who enrolled in medicare and it GOUGES the general public for aging OUT

@sfstucco 3 күн бұрын

Lol, “Medicare Part M”!! So true. Uggh, things are so much easier in most other democracies, ones with some form of socialized healthcare/insurance. If you haven’t lived elsewhere, you’d have no idea how much smoother everything is.

@joanwood9480 Ай бұрын

Guess what? At 65 years old with no insurance and heart disease you best believe I'm getting on medicare. No medication for my heart for 12 Years! Damn right I'm getting medicare

@Theretirementnerds Ай бұрын

Medicare is great for many!

@joanwood9480 Ай бұрын

@@beverly9 not once you turn 65, Aca is not an option

@rheuss1 Ай бұрын

Affordable health care isn’t affordable, nobody will cover you once your 65 if you have pre existing Almost everybody does, Medicare and a supplemental is cheaper than private health insurance.

@lusmas99 Ай бұрын

@@Theretirementnerds You mention "no penalties" for not taking Medicare. What about premium adjustments based on a physical health exam? I heard if you don't take Medicare at 65, when you take it later your premiums can be tied to / increased based on health status.

@Theretirementnerds Ай бұрын

@@lusmas99 it's covered in the video around the exceptions to penalties. Specifically if you are covered by a plan through work.

@janishigaki 8 күн бұрын

Blue! I don't think you're long winded. This information is complicated, and I so appreciate your thoroughness!

@Theretirementnerds 8 күн бұрын

Thank you so much! 🔵 So glad to know it's helpful!

@gurujr 19 күн бұрын

Developed a cataract at 62 and I was praying to make it to 65 so my Medicare would kick in. I made it and Medicare saved my sight that's for sure.

@geraldmahoney4856 Ай бұрын

I’m retired military. In order to keep my Tricare insurance, I have to get Medicare at 65.

@Theretirementnerds Ай бұрын

Correct! Don't let anyone talk you into dropping Tricare. It is amazing.

@saraw8503 Ай бұрын

Same. I pay for Medicare, but Tricare for life is free. Hooray!

@clwest3538 10 күн бұрын

Tricare told my dad that as long as he was working and covered by insurance he didn't need to sign up for Medicare at 65 - he worked until 70. Then when he signed up for Medicare, Medicare penalized him for not getting it early - even though he had full company insurance (large company). Left hand doesn't know what the right hand is doing or what is the law/regulations which cause 'normal' people to have to overpay.

@geraldmahoney4856 10 күн бұрын

@@clwest3538 I was forced to stop working at 60 due to a work place accident. When I got off disability I decided to retire from the company. I don’t know what would have happened if I continued to work past 65.

@redhatbear1135 8 күн бұрын

@@clwest3538your company insurance should provide an affidavit that says you were covered - it reduces the penalty.

@StorytellerSueW Ай бұрын

Turquoise!!! Your vids are awesome. I just turned 65; my role as a fed contractor is ending May 31 (role being eliminated). Surprise! I was planning on retiring end of this year, but things happen. So although I went on Part A this March, I just signed up for Part B and an N plan effective June 1. I could NOT have done this confidently without your channel/content. Even if my company offers me a new FT role on a different contract (highly likely), I think I am going to turn them down and see if they have any PT or contract gigs I can do that will keep me below the SS max income levels. I am blessed to have healthy SS income and can live off that and short-term savings for the rest of this year - probably even longer - and not touch a dime of my retirement yet. NO worries - I will like and stay subscribed forever - the algorithm is with you!

@Theretirementnerds Ай бұрын

Appreciate you so much 🙏 So glad to know we have been helpful and thank you for sharing your experience! 💠 - closest to turquoise I could find 😊

@KA-ry6nz Ай бұрын

Nice that your daughter can contribute to your video. My employer bounces between 19 to 21 employees. I took Part A at 65 to avoid the penalty.

@Geronimo2Fly 28 күн бұрын

Blue! THANK YOU for this information! I had always been told that it was mandatory to take Medicare at 65; how nice to find out I can delay that and continue contributing to my HSA for additional years. New subscriber!

@Theretirementnerds 28 күн бұрын

So glad it was helpful! 🔵 Thank you for subscribing!

@jsverner Ай бұрын

All of these details make my face turn GREEN. Thanks for the help and information!

@Theretirementnerds Ай бұрын

Thank you for tuning in! 🟢 Wish it wasn't so complicated!

@geern2000 Ай бұрын

blue you do great work, and NO, you are not long winded especially discussing such a convoluted topic as Medicare. thank you for your time and interest on discussing Medicare

@Theretirementnerds Ай бұрын

Appreciate you watching and saying this! 🔵

@MHCQ3 22 күн бұрын

It’s saved me tons of money, was on a work plan provided by my large international corporate employer, and when I stopped working it was simple to choose gap ins and drug plan. My insurance costs dramatically dropped once I was on Medicare.

@fumblerooskie Ай бұрын

Chartreuse. 67 and looking to retire that end of next year if they don't put me out to pasture before then. Been on part A since 65, with company health plans that change every year. The agent at my local SS office went above and beyond to explain everything to me when I signed up. He was extremely helpful.

@Theretirementnerds Ай бұрын

This is great! Glad they were helpful! 🟢🟡 Combine those two colors for yours 🙂

@texaszag8748 Ай бұрын

I’m glad to hear that you had a positive experience with the people at SSA. I was also fortunate in that I had an agent who was as helpful as I could have hoped for. Government agencies get a bad rap and all too often it is people parroting the same refrains from the Reagan era (i.e., “…government IS the problem”). I have an older brother who has been on Social Security disability since the 1980’s. They’ve NEVER failed him. He’s not paid a dime for rent or health care since becoming disabled, yet he insists that the government can do NOTHING right! Amazing!

@poolbump1234 26 күн бұрын

i will retire at 66 10 months and have insurance until i retire, does that mean i should get medicare part a at 65 because it is free and part a will help with my %20 out of pocket $$$$ ?

@Theretirementnerds 26 күн бұрын

@poolbump1234 do you have an HSA with your company plan? Part A doesn't cover the 20%. Part A is hospital coverage, has a deductible and daily copays for certain hospital and facility stays. Part B is the 80% coverage.

@texaszag8748 26 күн бұрын

@@poolbump1234 If your employer plan meets the requirements for a qualified plan (i.e., more than 20 employees), then I believe Part A will be the second payer. The SSA told me when I was in a similar predicament that Medicare would not pay until the deductible was satisfied for my primary (employer’s) plan; which, didn’t set well with me because my employer’s plan was a high deductible plan and A) you cannot contribute to an HSA when enrolled in Medicare (because Medicare is not a high deductible health care plan), and B) my Medicare plan became in effect, a high deductible plan, since I had to pay my primary plan’s deductible before medicare would pay. It makes NO SENSE!!! But just as importantly, you are well north of 65, so you should enroll in Part A at least 6 months before you plan to enroll in Part B, because they will make your Part A effective 6 months prior, anyway. And to that end, once your Part A becomes effective you will no longer be able to contribute to an HSA with pre-tax contributions. If you do, then you will have the burden of taking those funds out of the HSA within a stipulated period of time, of face tax consequences.

@kathymarie1962 Ай бұрын

Green! I am 61 and appreciate all of your videos as I'm trying to decide when to retire.

@Theretirementnerds Ай бұрын

Thank you for tuning in! 🟢

@mrastroboy33 24 күн бұрын

I just find your channel ! New Subscriber ! I am 62 years younger , and planing early retirement at 631/2 for health reasons I work for 40 plus years , what are the penalties for for early retirement Thank you so much for All you help ! Keep the Great Job ! 🎉

@Theretirementnerds 24 күн бұрын

@@mrastroboy33 no penalties from a Medicare perspective for early retirement. Social Security benefits are different and are more based on when you start taking Social Security. Thank you for tuning in and subscribing!

@markaustin5269 Ай бұрын

Best video I have seen redarding when to start Medicare. I plan on possibly working til age 67 and still being covered by employer insurance. I didn't know I could delay both A and B. I thought I was going to have to stop contributing to my HSA 6 months prior to turning 65. Good to know I'll have a couple more years to fund my HSA than I previously thought. Thanks for doing this video.

@Theretirementnerds Ай бұрын

Of course! Glad you found us!

@tomcoleman4207 23 күн бұрын

I thought you have to get Medicare part A at 65 even if you don’t need it to avoid any penalty going forward. Just to be in the system there is no monthly cost for part A.

@Theretirementnerds 23 күн бұрын

@tomcoleman4207 this video is all about that. There is no Part A penalty, so getting Part A does nothing from a penalty perspective. If someone has an HSA and will keep working, getting Part A is a mistake.

@alanwilson5965 Ай бұрын

Sky blue. Thank you very much. I thought I had to take Medicare at 65. I am in Healthcare and did not know that. Awesome info!

@Theretirementnerds Ай бұрын

Glad it was helpful 🙂💠

@arby007 Ай бұрын

Dark Blue- Great info for someone who is turning 64 in a couple weeks and on an ACA Policy. I will be definitely signing up for medicare at 65 and keep my younger non-working wife on the ACA Policy for a couple more years.

@Theretirementnerds Ай бұрын

Sounds like a good plan! 🔵

@angeladelancy7802 Ай бұрын

fuschia is my color and as an agent still gaining my book of business, I learn so much from listening to you and your company. Thanks

@Theretirementnerds Ай бұрын

So glad it is helpful! Thank you for tuning in! 👝 closest emoji to fuschia I could find 🙂

@SomebodySaid... Ай бұрын

Blue. Thank you for the diversity of scenarios you discussed. You answered several questions I wanted answers to, thank you!!

@Theretirementnerds Ай бұрын

So glad it was helpful! Thank you for watching! 🔵

@kallasusort2986 11 күн бұрын

We seniors have EARNED our Social Security and Medicare. Take both of them as soon as you can. Our politicians have the BEST Medical Plan - we all deserve that too,

@SandfordSmythe 2 күн бұрын

Federal politicians are on Medicare

@martinextejt3453 29 күн бұрын

First time, including the Medicare Website, that taking or not taking Medicare at 65 is clearly explained. Thank you!

@Theretirementnerds 29 күн бұрын

Thank you for watching!

@wendysherbert3257 7 күн бұрын

Purple! I am 57 now and just was forced into retirement after 20 years. Soooo…..this was extremely helpful! Thank you!

@Theretirementnerds 7 күн бұрын

So glad it was helpful! Thank you for watching! 🟣

@BillGreenAZ Ай бұрын

My favorite color is teal. Thanks for helping to clear up this topic.

@Theretirementnerds Ай бұрын

Happy to! Glad it was helpful!

@JustMe-qq3rc Ай бұрын

Purple is my favorite color. Thank you for your explanation on Medicare.

@Theretirementnerds Ай бұрын

Thank you for watching! 🟣

@krane15 Ай бұрын

I like the deep rich purple. But I"m partial to the saturated reds too.

@victorfields4683 Ай бұрын

Blue background and your impressive knowledge of Medicare is most appreciated!

@Theretirementnerds Ай бұрын

Thank you so much for watching! 🔵

@cdstoc Ай бұрын

Blue! I like the long-windedness, there are several points I heard for the first time in this video. Luckily, I still made the right decision for myself for now, but I'll continue watching.

@Theretirementnerds Ай бұрын

So glad it was helpful! Thank you for watching! 🔵

@pgpc6448 Ай бұрын

I took Medicare at 65, continued a full time job. I received many many benefits from Medicare, I spent less on medical care on Medicare as well.

@alansach8437 Ай бұрын

Ditto! Many, if not most, employer's plans nowadays are bare minimum plans with huge deductibles! Medicare was so much better! Medicare (with Supplement) is the best health insurance we have had in twenty years, despite full time employment and employer's coverage during that time. Other coworkers who have turned 65 have done the same! Putting off Medicare may have been good advice years ago when employer plans were worth a damn, but not anymore.

@Theretirementnerds Ай бұрын

Medicare can be great!

@davidcarp5935 Ай бұрын

I thought medicare basically sucked cause it only paid 80% of whatever.... then u pay for some part ###??? or supplemental such and such to cover the rest? but does it cover...anyhow, new to all this, just trying to get the couple sentence basics down, whatever that may be

@pgpc6448 Ай бұрын

@@davidcarp5935 I’m healthy. I do I take 2 meds regularly, had a Ct scan, cot Az one shot, knee physical therapy and never pay a cent. My dental, vision, check ups free. If I want glasses or contact I pay. Medicare allows me 4 free classes in any workout center nearby!

@robinlooney5440 Ай бұрын

@@alansach8437 My insurance through my employer is a seventeen hundred dollars deductible. It's so expensive I'm not using it.

@blujeans9462 Ай бұрын

As I neared that magic 65 number (working full time) I thought long and hard. I put in my resignation for a month after my 65th birthday - helped them find and train my replacement and said 'bye-bye'!! THE best decision I ever made. Zero regrets. One reason (not the primary reason) was my agent explained that if you do not take it at 65 there are penalty-dates (as mentioned in the video) - so many that I didn't want to get caught forgetting something and have that effect me 'for life'. Way too many 'gotchas' to have to worry about. Taking it when I'm supposed to was ez-pz. :-)

@gracekarina7186 Ай бұрын

I’m happy for you. When you say agent, who exactly do you mean? Thank you.

@blujeans9462 Ай бұрын

@@gracekarina7186 Although prior to my 65th birthday I had set up an account and applied for my social security benefits to kick in about a month after I retired (yes, I took a 5% reduction - which came out to be about $100 less per month) - along with the Medicare benefits to kick in at 65 - but I wasn't sure about supplemental insurance plans or prescription drug plans. So, I called up an online company that dealt with such things - after being bamboozled with a local agency. :-) I spent 'hours' with the agent going over, in detail, everything that was available, costs, etc. - including the ramifications if I opted out. After I felt super comfortable with all the options, I selected my supplemental Plan G and my prescription plan D. Again, after he told me all the things I would need to do if I decided to delay receiving these coverages, I knew it was never going to be any easier than right that moment, so he got all my coverage set up and I was good to go. Although I review my options every few years, I have opted to keep the coverage that I selected back then - going on 6 years now. No regrets!

@snave59 Ай бұрын

There is no penalties if you keep working past 65,with insurance.

@gurujr 19 күн бұрын

Your penalty free window is six months. Three months before and three months after you sixty fifth birthday to apply for Medicare. Even I couldn't screw that up.

@clwest3538 10 күн бұрын

@@snave59 yes, yes there are ... my dad worked to 70, full coverage from work. Signed up at 70 and was penalized (he also had Tricare)

@kimbernard9250 Ай бұрын

I'm a MMAP/SHIP counselor and your advice was spot on. Great job! Your daughter is adorable :)

@Theretirementnerds Ай бұрын

Thank you so much!! 👧🏼

@eduardooramaeddie4006 Ай бұрын

I did call social security to verify my age at 66 and 4 months ,when I reached that age ,they did send me a letter to confirm that I had reached the retired age

@blujeans9462 Ай бұрын

Retirement age (full social security benefits) vs. Medicare eligibility are different.

@eduardooramaeddie4006 Ай бұрын

Thank you for this important information 🙏🏻 Eddie 🇵🇷🇺🇸

@antoniorengifo1447 Ай бұрын

Excellent detail information please keep up the good job, the sky is Blue ☀️👊

@Theretirementnerds Ай бұрын

Thank you so much!! 🔵

@misslu1212 Ай бұрын

Yellow ❤ your little girl is lovely. Approaching 65in December and still working. Scary times… so much information. Thank you for answering some of my concerns.

@Theretirementnerds Ай бұрын

Thank you for spending time with us! 🟡

@sebbonxxsebbon6824 Ай бұрын

Still working, no health problems, can keep my insurance when I retire as long as I keep insurance. I am NOT taking Medicare until I retire!

@joavech6266 Ай бұрын

Slate blue :), I am 43, emigrated to the US from France 7 years ago. So all this is new to me and it feels like 20 years is what this will take for the information to sink in, even if all that will most likely change. Still very eye opening, thank you so much for all those details, channels like yours is why I love KZfaq.

@Theretirementnerds Ай бұрын

Thank you for tuning in! 🔵

@thekomzik8003 Ай бұрын

My question is why would you leave France to come to the US? I lived in Paris for two years and never wanted to come back. I wish I could have traded places with! Good luck to you!

@SmallSpoonBrigade Ай бұрын

@@thekomzik8003 I'm not sure, but France has a lot of issues right now. It's hardly just the nicer parts of France, there are horrible parts as well not to mention that some people don't fit in or have other reasons to move.

@sfstucco 3 күн бұрын

@@firehorsewoman414- hi. You placed your question as a response to another viewer’s reply. I suggest re-submitting your question/topic request as an independent post… click the back button (up near “Replies”), then post. Good luck - I hope he sees your request!

@sfstucco 3 күн бұрын

Oh, my my! What a huge hassle! You’ve come to the worst country for dealing with healthcare insurance. You have my deepest sympathies!

@tinalippincott9823 Ай бұрын

Blue. Excellent presentation of critical information. Well done!

@Theretirementnerds Ай бұрын

Thank you, Tina!

@walkerplaza2547 Ай бұрын

Red. I just discovered your channel and subscribed. Thanks for sharing this information with us.

@Theretirementnerds Ай бұрын

So glad you found us! Thank you for tuning in! 🔴

@DavidBrown-fs7ml Ай бұрын

I love all colours. But I'm partial to green. Thanks for the information

@Theretirementnerds Ай бұрын

Appreciate you watching! 🟢

@jdtravels5140 Ай бұрын

Unfortunately, if you are a retired military veteran you have no choice. Tricare mandates military retirees start Medicare at 65.

@user-mp1os8eq3e 25 күн бұрын

Blue. I have watched a few of your videos and so appreciate the valuable information. Thank you

@Theretirementnerds 25 күн бұрын

Thank you so much for watching! 🔵

@williamjones2446 19 күн бұрын

Red, Thank you. Very informative. Your comments agree with what my employer told us during a medicare webinar. Unfortunately all of my co-workers did NOT get message and now have an issue with their HSA . Our employer told us the HSA automatically turns into an HRA account which means they can still access the funds but can no longer make any contributions.

@Theretirementnerds 19 күн бұрын

Thank you for watching! The HSA is one of the most common misunderstandings we see 😕🔴

@SilkeLike Ай бұрын

Discovering that if I retire abroad for a decade and secure individual health coverage where I would be living, I would still be obligated to pay the Medicare penalty upon returning to the US left me feeling immensely frustrated. It's as if a fuchsia haze of exasperation has tainted the vibrant magenta dreams of a seamless transition back home, reminding me of the lingering consequences of my decision. While I understand the economics of the penalty, it still makes me feel indigo.

@Theretirementnerds Ай бұрын

Well done on the colors 👏 It is frustrating, isn't it?

@HappyOne3 Ай бұрын

You are not long winded. She is beautiful. Favorite color for me is the darker of all colors. Midnight blue, burgundy red, yellow-gold, forest green, and so on. However, am partial to periwinkle and teal blue

@Theretirementnerds Ай бұрын

Thank you so much!!

@grogan6459 Ай бұрын

Blue, Thanks for the video. This information really does help!

@Theretirementnerds Ай бұрын

Thank you so much for watching! 🔵

@RSH0880 Ай бұрын

Green. This is the first of your videos I've seen. Become medicare eligible in a couple years, and will sign up then since I will lose my retiree healthcare once I am medicare eligible. Just subscribed.

@Theretirementnerds Ай бұрын

Thank you so much for watching (to the end) and subscribing! Appreciate you!

@garymyers7506 Ай бұрын

I retired at 65 and don't regret it one bit. That was in 2018.

@krane15 Ай бұрын

No reason you should. What good is more money if you're too old and feeble to enjoy it?

@JohnsJohnson-ns5xm Ай бұрын

61 and feel the same way. Loving life my way.

@donnazukadley7300 Ай бұрын

How can you afford it?

@newengland8126 Ай бұрын

I am about to take one of the $.50/month drug plans because I don't take any medications. Even thought it's so much less than the $34 Base Plan, does it still count?

@Theretirementnerds Ай бұрын

Yes, still counts as creditable coverage 🙂

@eden3094 Ай бұрын

Pink is my favorite color. First time listening to you. You were not too long-winded. You really helped me. Great video..Thanks.

@Theretirementnerds Ай бұрын

Thank you so much for watching! So glad you found us! 🩷

@patriciariddle2997 Ай бұрын

What a cutie! Teal for sure. This was a great explanation on the penalties. When I turned 65 people kept telling me I had to take Medicare or I would get penalties. I had previously looked it up and was sure I didn't need to as I have a company plan as long as I keep working. I might have even asked you on a past video.

@Theretirementnerds Ай бұрын

Thank you 😊👧🏼 Ya, lots of scary warnings out there...

@mrodtoo Ай бұрын

@@Theretirementnerds Dark Green . 🦉 I thought you need to sign up at 65 years old for medicare as oppose to taking it even if you are working and are covered for health, dental, and Rx to avoid penalties.🐊

@Theretirementnerds Ай бұрын

@@mrodtoo no, you do not need to with work plans. This video covers situations when you do and do not

@jag5798 Ай бұрын

I am not getting any medical insurance, especially Medicare. I have not paid for medical insurance since 2006. I have put all that money into an account and I negotiate my medical/dental anytime I need it with cash. Way cheaper.

@Person-mh6xq 26 күн бұрын

Crazy! What if you have a substantial emergency??

@user-up6qp9fv9w 6 күн бұрын

That is crazy one week in hospital after some kind of medical emergency could cost close to 100.000 dollars. Especially once you get old enough for medicare. It is pretty hard to negotiate when their putting you in a ambulance after having a stroke or heart attack. This person needs to use some common sense and logic.

@user-ws1qf7ol4k 3 күн бұрын

@@user-up6qp9fv9w it's quite possible he has that 100 grand in the Bank!!!! I don't participate in part b at all. I have never had life insurance in my entire life. I saved that money and have more than 100,000!!!!! 73...I have spent far more money on dental care. You shouldn't call someone crazy!!!!!!

@lordperilous Ай бұрын

Great information! I'm 4 years from early retirement, and this is a topic I haven't spent enough time to understand. I'm a federal employee, which sometimes makes things more complicated. Here's to BLUE waves and smooth sailing ahead...

@Theretirementnerds Ай бұрын

Thank you for watching! 🌊⛵️ Here's a video on FEHB and Medicare for you: kzfaq.info/get/bejne/o7FpfM5ntpiaaXk.html

@amirsafayan Ай бұрын

Ha! Yellow. Thanks for the detailed and understandable explanation Eric! Just subscribed. Will be sharing with friends and family who are bearing down on retirement. Adorable daughter!

@Theretirementnerds Ай бұрын

Thank you so much! 🟡

@lastboyscout1065 Ай бұрын

I’m still working for a large employer (incl HSA) with younger wife and family but your video put a spotlight on the need to check my prescription coverage. Although my HR dept told me I had nothing to worry about, I will be red hot mad if my Employer insurance plan is not Medicare creditable.. thanks !!

@Theretirementnerds Ай бұрын

Thank you for watching! HR is probably right. Most employer drug plans are creditable, but we know of several large companies that don't have creditable plans, so always best to make sure.

@texaszag8748 26 күн бұрын

Maybe get that in writing from HR. I doubt it’ll save you in the end, but SSA may treat you a little better if they “believe” you did your homework and sincerely believe what you are telling them (in the event you have a problem).

@RetrieverTrainingAlone 29 күн бұрын

I took Medcare at 65 and saved over $25,000 in health insurance premiums. It was an easy decision and one I have not regreted.

@Theretirementnerds 29 күн бұрын

That's great! Sounds like you fall into the scenarios at the end of the video 🙂

@nickwelch8057 29 күн бұрын

In what way did it save you the 25k? I’m getting read to file soon!

@Theretirementnerds 29 күн бұрын

@nickwelch8057 here is a general idea of costs on Medicare (varies based on where you live) kzfaq.info/get/bejne/irBzeJehsNWvppc.html To save $25,000 has to be over several years with an employer plan that has premiums much higher than Medicare premiums in that video.

@RetrieverTrainingAlone 28 күн бұрын

@@Theretirementnerds I saved over $25,000 in annual health insurance premiums by enrolling in Medicar. Such an easy decision!

@RetrieverTrainingAlone 28 күн бұрын

@@nickwelch8057 The open market premium with Premera (AK & WA blue cross) was over $25,000.

@wrecklisseve Ай бұрын

Favorite color: Blue. I'm 60 and in an HD plan and HSA at work (20+ employees). Not worried about covering my spouse. But I am worried about not taking Medicare A, B, and D at 65 as I heard you need to stop contributions to an HSA 6 months before you go on Medicare or = penalty . My company's open season is in the summer and my birthday is in winter. I don't know if my company will allow me to make changes outside of open season. So right now, I plan to move to the work non-HSA option in the summer open season when I'm 64 and then move onto Medicare when I'm 65 regardless of whether I continue to work. Given how capricious companies can be about "permanent" jobs, I'd rather be on Medicare at 65 and not have to worry about having to scramble to get on Medicare if I lose my job.

@Theretirementnerds Ай бұрын

A few things: 1. 🔵🙂 2. You do not need to stop HSA contributions 6 months before 65. Watch this video, it'll help a lot: kzfaq.info/get/bejne/rrGli6igz9zInXU.html 3. Don't worry about scrambling for Medicare if you were to lose your job. You have 63 days (2 months) from when you lose company benefits - not your job - to get Medicare with no penalty. If you lost your job April 15th as an example, your company benefits likely cover you until April 30th or even May 31st. Whichever is your last day of benefits... you have 63 days from then to get Medicare. If you were working with us or any other agent, this would be super easy and no stress

@wrecklisseve Ай бұрын

@@Theretirementnerds Thank you for your response! Yes, the video you linked to was great!

@Theretirementnerds Ай бұрын

@@wrecklisseve awesome!

@joytancey3428 21 күн бұрын

Very glad to find you, new subscriber! Looking forward to watching all your videos and learning so much more! From the bright blue skies of southwest Florida, have a great day!!!

@Theretirementnerds 21 күн бұрын

So glad you found us too!

@acrocha1222 Ай бұрын

Purple. I like your long winded way of explaining things. Ty. Subscribed

@Theretirementnerds Ай бұрын

Thank you so much! 🟣

@SewingBoxDesigns Ай бұрын

Not actively working, retired early to care for handicapped husband. At 3 months to 65, was bombarded, literally coerced and railroaded into Medicare, threatened with extra fees, extra co pays, you name it. This year it's hubby's turn. Thank goodness we have a good insurance plan that covers the BS of Medicare. They always say "thank you for choosing Medicare" so I ask what choice, there was no choice, at least not in California.

@Theretirementnerds Ай бұрын

Thank you for sharing!

@CJ-Photo Ай бұрын

It's terrible to have to pay for Medicare when you aren't a resident of the US and can't use it. Time to change that.

@SergLapin Ай бұрын

Well, you took a job from an American citizen, so you still have to contribute back to the shared pot filled by all working people.

@mistylarosa9821 Ай бұрын

Why are you here if you are not a resident? You want it both ways.

@PortlandRose Ай бұрын

I am an American citizen, but I do not reside in the US. If I ever move back I will pay a huge penalty for Medicare, even tho I have not had access to it for 10 years. And for other 2 replies above~ non resident doesn’t mean non-citizen.

@CJ-Photo Ай бұрын

@@mistylarosa9821 I still live in the US but I'm retiring outside of the country and will be paying for healthcare in another country. I don't want to pay for healthcare in two countries. Is that wrong?

@CJ-Photo Ай бұрын

@@PortlandRose yes, it's an issue. When I leave, I'm not planning to come back, but you can never say never, right? I think they should allow us to prove coverage in another country and not be penalized for not having enough money to pay for healthcare in two countries at the same time - the benefits of one that you can't even use. And I am a citizen - born and raised here - and have paid Into the system my entire life so I feel like I've earned the right not to be penalized. I'll still be paying taxes on my retirement income to the US and I'm not planning to give up my citizenship - I'm just not going to be a resident anymore.

@suburbanpioneer5629 28 күн бұрын

Blue - this was very helpful. Not fun news, but helpful. My husband has a fantastic family plan fully paid by employer, but . . . small company. I and our children will continue to need coverage (me another 2 years, 2 kids-24 & 18 when he turns 65-as long as possible). This is a huge concern for me, and straight forward information is so hard to find. Thank you for laying things out so clearly. We'll need to do something, just trying to figure out what now.

@Theretirementnerds 28 күн бұрын

Thank you for tuning in! 🔵

@michelec678 20 күн бұрын

Informative video, thank you.

@gmart8015 Ай бұрын

Blue, very informative vid, didnt know about those penalties, ty.

@Theretirementnerds Ай бұрын

Thank you for tuning in! 🔵

@timcox9650 Ай бұрын

Great information as usual. Thanks for helping us manage our Green.

@Theretirementnerds Ай бұрын

Thank you! 🟢

@napoleonmdusa8877 Ай бұрын

Blue is my favorite color. This was a very good video and quite complete--you covered everything I could think of, so thanks.

@Theretirementnerds Ай бұрын

So glad it was helpful! Thank you for watching 🔵

@kellflowers Ай бұрын

Blue! Thanks for trying to help me understand this confusion of red tape.

@Theretirementnerds Ай бұрын

Thank you so much for watching! 🔵

@theresanielson7453 Ай бұрын

Yellow! Very helpful! I'm staying tuned!

@Theretirementnerds Ай бұрын

Thank you so much! 🟡

@opt4living Ай бұрын

Not exactly green about this, but you spoke to my wife and my situation. Thanks!

@Theretirementnerds Ай бұрын

Thank you for watching! 🟢

@Kritiker313 10 күн бұрын

Wow, that's a lot of information to take in but very well presented. Thanks for clarifying!

@Theretirementnerds 10 күн бұрын

Thank you so much!

@elizabethle3871 Ай бұрын

My favorite color is gray . Your explanation of whether to take Medicare or not is very helpful.

@Theretirementnerds Ай бұрын

Thank you so much! ⚪️

@luizdeassis1047 Ай бұрын

Still a few years to go before Medicare, but great information! Thank you!

@Theretirementnerds Ай бұрын

Thank you!

@NoMoreTears64 Ай бұрын

BLUE! Thank you for a great breakdown. I was not planning on getting a Part D because I just cannot afford yet ANOTHER premium AND I don't take meds/prescriptions. Now I know about the penalty which I did not know before.

@Theretirementnerds Ай бұрын

So glad it was helpful! 🔵

@AG-iu9lv Ай бұрын

Maybe you don't take anything now, but this is the states, it only takes one prescription to bankrupt people here.

@ga6589 Ай бұрын

There are some very inexpensive Part D plans to be had. My husband and I have Wellcare plans for only a few dollars per month.

@deeford8318 Ай бұрын

GREEN- Please look into Part D options, though I hear you on having to pay another premium. My dad never signed up for the same reason when he became eligible at 64. He was relatively healthy and was able to find affordable option for the few meds he took. Now, as an insulin-dependent diabetic with a host of other health problems, he is losing out on some better treatments, like being able to afford Pradaxa so he could get off Coumadin and the biweekly blood draws and the multiple med changes that result from his current INR. Many other things he would qualify for if he had it. I tried to get him to sign up 8 years ago when I learned of it.Recently calculated his penalty and I believe it was in the $70+/ mo range. Total insanity and of course he still won’t consider signing up now.

@icusawme2 Ай бұрын

Red, I’m not 65 yet but I am looking for information about this topic. Thanks for the informative video.

@Theretirementnerds Ай бұрын

Glad you found us! Thank you for watching! 🔴

@direwolf6234 Ай бұрын

blue .. we love blue ... very well organized and presented .. ps you saved me some bucks on taxes this year by your tax on social security calculation video .. only paid on 57% ...

@Theretirementnerds Ай бұрын

Thank you! 🔵 And that's great! Love hearing that someone saved money on taxes 🙂

@thomasmohr245 Ай бұрын

Green. Thanks for the detailed explanation.

@Theretirementnerds Ай бұрын

Thank you for watching! 🟢

@hap1666 Ай бұрын

Blue-green, which is also s sort of family favorite color. Thank you for this informative and well presented video.

@Theretirementnerds Ай бұрын

Thank you so much for watching! 🔵🟢

@pmn2821 Ай бұрын

Blue, thank you for clarification on this. I'm 70, still working in a company of 200 with a good Cigna plan however, thinking of retirement in about 18 months.

@Theretirementnerds Ай бұрын

🔵 with Social Security likely a part of your life, remember that you'll need to have Part A at least to get SS benefits. So if you have an HSA, starting SS will kick in Part A, meaning stopping HSA contributions.

@Cassandra-..- Ай бұрын

@@TheretirementnerdsYes, don’t you have to stop HSA contributions a few months before starting Medicare? Something like 6 months? Three months? Sounds tricky.

@Theretirementnerds Ай бұрын

@@Cassandra-..- it is tricky... this video makes that all easy: kzfaq.info/get/bejne/rrGli6igz9zInXU.html

@billshooltz5824 Ай бұрын

My favorite color changes with the seasons. Very informative video, just what I'm looking for. Thank you. Your daughter is about the same age as my granddaughter, very cute 😊

@Theretirementnerds Ай бұрын

Thank you so much for watching 🙂

@catherinechevalier4039 Ай бұрын

Thank you. Great info. My favorite color is white, navy blue too.

@Theretirementnerds Ай бұрын

Thank you so much! ⚪️🔵

@youdan5940 Ай бұрын

Thank you for all the great content you provide. SilverBlue

@Theretirementnerds Ай бұрын

Thank you so much for watching! ⚪️🔵

@sandramartin9784 Ай бұрын

My husband works full time for a large company, Scott's Fertilizer. He just turned 65. We presume his current medical insurance is Medicare approved, so he doesn't need to sign up for Medicare until he separates from Scott's. He has reached out to Scott's benefits coordinators and HR to confirm this but no one from Scott's has given him an answer, "Uh, we'll have to get back to you on that." He started asking for this information 6 months ago. It was escalated to someone else in HR but still no answer. Not sure how to proceed on this. Your content is really helpful. Thank you!

@Theretirementnerds Ай бұрын

Yeah, the medical plan should be fine for him to delay Medicare Part A and B. It's the drug coverage you'll want to ensure is creditable. Asking the HR benefits manager if the drug coverage is creditable is what you'll want to do. If HR doesn't know the answer to the creditable drug plan, the next step is to reach out to the insurance company that is the medical insurance and ask them if the drug coverage is creditable. Finally, it is likely that Scott's has what's called an Employee Benefit Broker. If you can track down this person, he or she should know as well. It can be complicated! But finding that answer is important.

@shawnakettell6564 Ай бұрын

Great info, thanks. Blue

@Theretirementnerds Ай бұрын

Appreciate you! 🔵

@user-hc6so5ul6o Ай бұрын

Green all the way! Thankful for the information and passing it on to a couple of friends.

@Theretirementnerds Ай бұрын

Thank you so much!! 🟢

@joannerickard5023 Ай бұрын

Red! So happy I found you!

@Theretirementnerds Ай бұрын

So happy you found us, too!! 🔴

@terrysmoak3691 Ай бұрын

Blue. Thx for insightful, concise information.

@Theretirementnerds Ай бұрын

Thank you!! 🔵

@flamingocentral Ай бұрын

Your daughter is adorable! Another great video, thank you Erik!

@Theretirementnerds Ай бұрын

Thank you so much 🙂 I agree!

@carolelandrau-penna3166 Ай бұрын

Green is my favorite color. Thank you for the information!

@Theretirementnerds Ай бұрын

Thank you so much for watching! 🟢

@keekeemyfirstcat8410 Күн бұрын

Contract worker and never offered health insurance. As soon as I was 65, I signed up. Had all the surgeries and labs that I wanted. Always athletic and in good health, so it has worked out. I worked until the new legal age for retirement which was an additional 1.5 years, then applied for social security. As soon as I was at retirement age, my health premiums went WAY down. My health insurance was $23/month, but had to upgrade to $83/month plan as no medical group would take the lower premium insurance. Either way, insurance is very low. But my insurance doesn't pay for nursing care at a Nursing Home and when you are really sick and need long term care, that is where the cheaper policies fail.

@marjorieondine9322 Ай бұрын

THANK YOU.

@kristiG5259 Ай бұрын

Rainbow! 😊 Another great video. I'm sure you covered it before but I didn't realize ALL the parts (except A) carry late sign-up penalties :-(

@Theretirementnerds Ай бұрын

Glad it was helpful! 🙂🌈

@orobmusic9624 Ай бұрын

Purple, and thank you very much for the video.

@Theretirementnerds Ай бұрын

Thank you so much for watching! 🟣

@markboler8411 8 күн бұрын

Purple - this is a very informative video. Thank you.

@Theretirementnerds 8 күн бұрын

Thank you so much for watching! 🟣

@amberperli856 Ай бұрын

Mesmerizing colors of AUTUMN are my favorite ! Thank you so much ! Good to know information greatly appreciated 👍

@Theretirementnerds Ай бұрын

Beautiful image! Thank you so much!

@terihandrick2333 Ай бұрын

Green: thank you for the information I did not realize one could be penalized for not taking Medicare or the drug plan. I will be 65 next year and currently I am still employed but want to make sure I make informed decisions when I do become eligible.

@Theretirementnerds Ай бұрын

Thank you for tuning in! 🟢 Here to help as you get closer if you need it.

@melaniemonson916 Ай бұрын

blue is my favorite color. Thanks for all the great information

@Theretirementnerds Ай бұрын

Thank you so much for watching! 🔵

@alicebolo8093 Ай бұрын

Color Brown. Thank you for your video! Very informative

@Theretirementnerds Ай бұрын

Thank you for taking the time to watch! 🟤

@ryanizard5286 18 күн бұрын

Color me appreciative. First time seeing this channel, greatly informative.

@Theretirementnerds 18 күн бұрын

So glad you found us!

@GiddingsMcCann Ай бұрын

Thanks for this, first time I saw your videos. I will be 64 this summer and starting to really look at the Medicare question. I am still working and would like to retire at 67, I have full medical /prescription with work and an HSA. AND I still have a 21 year old who is on my plan and has chronic health conditions that require coverage. Does not look like taking Medicare at 65 is my best choice until I fully retire. Tickled Pink.

@Theretirementnerds Ай бұрын

So glad you found us! Thank you for making it to the end :) Sounds like you have the right idea on your upcoming decision.