lol!

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

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.

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.

@@clwest3538 true, and they waited until he was no longer a protected class. Age discrimination is only valid for 40-70. [EDIT FOR UPDATE: I was incorrect. See this info: “Legislation signed by President Reagan on October 31, 1986, largely eliminates the age 70 cap on the group of workers protected by the Age Discrimination in Employment Act ("ADEA"). As you know, the ADEA previously protected workers between 40 and 70. With this new legislation, effective January 1, 1987, all workers over age 40 are protected by the ADEA.”

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 🙂

So glad! Your wife deserves it!

That’s sad. 😢

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.

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.

Medicare is great for many!

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

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.

@@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.

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

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

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

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.

FDR was attempting to get us universal healthcare - which would have simplified all healthcare for every American. Sadly, he died before he could complete the mission. And, not getting political - it's just the truth: republicans have been fighting to block such efforts ever since. Of course, they would like to kill social security, medicaid, and any/all social welfare programs if they could. Thank God FDR was able to implement what he did when he did.... We would be a third world country had he not.

I plan to live mostly overseas. Can I pay a penalty for options in to Part B later after 65 and then stop paying? Let's say I'm in the US for a short term 2 months visit and get into a serious costly medical situation, can I pay the penalty premium for two months and terminate it after returning overseas?

Great post. Knowing we had SS and Medicare on the horizon allowed us to quit working full time at age 55, sell our house (at a loss), take the wife’s pension early (at a discount), and move onto our gracefully aging 35 ft sailboat with a 5 year plan to see the world. 13 years later we are still in the boat. We supplemented our small income stream along the way by doing all sorts of different jobs which was a fantastic experience. We don’t do that anymore but (until the inflation debacle) we were able to save about 25k per year over those 13 years. It’s been a blast and although we are approaching 70, our goal now is to continue our nomad lifestyle for another decade if we can. I get not taking Medicare if you are still working and have employer coverage. Or if you’re a 1%er. Otherwise it’s a no brainer IMO.

Agree! Me, too! 😊

ACA is so much better and much cheaper.

@@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...

Amen! ❤

Preferably… they would go to jail.

Insurance companies are pulling the strings!

Agree. Get money out of politics. It’s a start to real representation of the people and not servants to health insurance companies.

My guess is because people would game the system. An example would be not signing up until you know you've got a severe medical issue this saving your premiums for years and not paying into thw system

@@goldberrygal4406 I do agree with your guess. However, for a person who doesn’t try to shirk the system I might just simply forget and end up being a day late! Thanks for the heads up!

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

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

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.

@@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.

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

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

So glad it was helpful! Thank you so much for watching! 🔴

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

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!

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 $$$$ ?

@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.

@@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.

Agreed!

In that case... Medicare all the way!

Thank you so much for watching!

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

Forced?

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 😊

Of course! Glad you found us!

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.

@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.

@@Theretirementnerds I thought if you delayed Part A then you had to pay 10% penalty on monthly premium for the number of 12 month periods you could have signed up but didn't. E.g. 14 months late means you have to pay 10% penalty per month for two years.

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

Sounds like a good plan! 🔵

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

@@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!

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

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.

@@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)

So glad it was helpful! 🔵🟡

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.

Medicare can be great!

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

@@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!

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

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

Glad it was helpful 🙂💠

Appreciate you watching and saying this! 🔵

Thank you for tuning in! 🟢

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 ! 🎉

@@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!

Sorry to hear about your husband 😕 hopefully we can continue to put out helpful videos for you!

Thank you for sharing your experience!

Same here ACA premiums 1295 a month for HMO

Thank you for tuning in! 🔵

@@The_Komzik 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.

@@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!

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

@@sfstucco thank you. Didn’t realize I had done that and appreciate the heads up.

Thank you so much for watching!

Thank you so much for watching! 🟢 Happy to help however we can

Happy to! Glad it was helpful!

Thank you for watching! ⚪️

Thank you for watching! 🟢 This could all look much different in 10 years 😬

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

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

How can you afford it?

Thank you so much for watching! 🔵

Thank you foe watching! 🔵

Good luck! 🙂 Thank you so much for watching!

FORTUNATLY

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

You nailed it! You can stay on his plan until he retires and you lose benefits. Make sure his company gives you the letter stating you have a "creditable drug plan." They are required to do this by law for their employees, so they should know what you're talking about.

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

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

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

@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.

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

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

We are working on that video right now 😊

Thank you, Anthony! Love Minnesota 🙂

@@TheretirementnerdsI agree. Most people are surprised at how nice it is (other than in winter!).

Crazy! What if you have a substantial emergency??

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-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!!!!!!

Thank you for watching! 🟣

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

So glad you found us! Thank you for watching! 🟢🙂

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

Thank you so much!!

Appreciate you watching! 🟢

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

Thank you for sharing this experience. We never know what the future holds, so it makes penalty decisions tough. Hope you are still with us above ground for years to come! 🔵

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

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

@@wrecklisseve awesome!

Federal politicians are on Medicare

Thank you so much! 🔵🟣

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

It is complicated because we don't have universal Health Care Universal healthcare in the United States would ensure all citizens access essential services without financial barriers, improving health outcomes through preventive care and reducing costs with pooled resources. It could enhance economic stability by easing financial burdens on families and boosting productivity, fostering social equity. Challenges include funding, system transition, and political complexities, but international examples suggest potential for improved healthcare quality compared to the current fragmented US system.

Thank you so much for sticking to the end :)

@@brianmiller7866 haha! Thank you, Brian! 🔴

Thank you for sharing!

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

Yes, still counts as creditable coverage 🙂

Disagree. In Canada the government is very cheap with healthcare and encourages people to commit suicide of they have long-term illnesses. Google MAID Law in Canada.

Thank you for watching! 🔵 Both programs are super complicated, with a lot of those hidden triggers that push something else into place.

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.

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).

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.

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

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.

@@mstarr67 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?

@@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.

It gets pretty overwhelming

Thank you for watching!

So glad it was helpful in general, but especially if it helps settle spousal disagreements! 🙂

Thank you so much! 🟢

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.

Thank you so much for watching! 🟢

Thank you so much!! 👧🏼

Thank you for tuning in! 🔵

Thank you for spending time with us! 🟡

Thank you! 🔵

So glad you found us too!

It is quite the experience. Appreciate you watching! 🟢

Appreciate you saying this! Thank you for watching!

Thank you so much for sharing. I have 2 relatives reach 65 next year. Should they sign up for all parts?

Advantage plans have part D no 20% payout on A & B

Glad you found us! Thank you for watching! 🔴

Would be honored to help. Send me an email to erik@theretirementnerds.com and I can connect you. Did you see this video? kzfaq.info/get/bejne/fNxpYJmk3Nawpnk.htmlsi=q7_rxxVK9bQt21oD

So glad it was helpful! 🔵

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

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.

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.

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

Thank you so much for watching!! To the end :)

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

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

So glad you found us! 🔵 We have over 200 videos I think... so pace yourself 😁

Thank you for watching! Wish we'd found each other sooner too!🔵

Thank you for watching 🟢 Correct, she won't be penalized by staying on your plan. You turn 55? Or 65?