The more you educate yourself on the Medicare program, the more likely you will make wise decisions and avoid some of the common mistakes. It’s advisable to begin this learning process well before your 65th birthday if only to ensure your time investment pays off in the future. Whether it’s for yourself or your spouse, you want to ensure your coverage is sufficient for your healthcare needs. The Medicare program is relatively straightforward. However, many mistakes could result in costly consequences, including: Failure to Adhere to the Initial Enrollment Period Contrary to popular belief, senior citizens are not automatically signed up for Medicare by age 65. You will be automatically enrolled if you are currently receiving Social Security benefits. Everyone’s initial enrollment period differs, beginning ten months before your birth month. You could experience higher Part B premiums by failing to sign up correctly. An Insufficient Medigap Plan It should not come as a surprise to learn that your Medicare plan doesn’t cover all of your healthcare expenses throughout retirement. These uncovered expenses are known as Medigap and typically include coinsurance, copays, deductibles, and more. Inadvertently Raising Your Part B Premiums By failing to adhere to the initial enrollment period, you could suffer higher Part B premiums, as previously mentioned. Additionally, Part B premiums are not the same for every individual. Whether you have already begun collecting Social Security, the premiums could differ significantly.
Contact Information:
Email: [email protected]
Phone: 8139269909
Bio:
For over 30-years Joe Carreno of The Retirement Advantage has been a Federal Employee Retirement System specialist (FERS) as well as a Florida Retirement System specialist (FRS) independent advocate. An affiliate of PSRE (Public Sector Retirement Educators), a Federal Contractor & Registered Vendor to the Federal Government, also an affiliate of TSP Withdrawal Consultants. We will help you understand your FERS & FRS Benefits, TSP & Florida D.R.O.P. withdrawal options in detail while recognizing & maximizing all concurrent alternatives available.Our primary goal is to guide you into retirement with no regrets; safe, predictable, stable, for life. We look forward to visiting with you.
Disclosure:
Not affiliated with the U.S. Federal Government, the State of Florida, or any government agency. The firm is not engaged in the practice of law or accounting. Always consult an attorney or tax professional regarding your specific legal or tax situation. Although we make great efforts to ensure the accuracy of the information contained herein we cannot guarantee all information is correct. Any comments regarding guarantees, safe and secure investments & guaranteed income streams or similar refer only to fixed insurance and annuity products. Fixed insurance and annuity product guarantees are subject to the claimsâ€paying ability of the issuing company. Annuities are long-term products of the insurance industry designed for retirement income. They contain some limitations, including possible withdrawal charges and a market value adjustment that could affect contract values. Annuities are not FDIC insured.
