Turning 65 Soon? Medicare Retirement Financial Planning  in Norfolk, VA

Last month, we addressed a question about the best Medicare Insurance options. We discussed what options folks who are employed by the military, state and local government, or private employers, should explore and plan for.

We will now tackle the options available to the majority of us who retire and go on Medicare. Unlike the folks we discussed last month, when you retire and no longer have commercial health insurance options, it is highly recommended that you get both Part A and Part B of Medicare. Part A has no continuing cost associated with it as it is paid for over the course of our entire working career through payroll deductions. Part B currently costs approximately $105 and is deducted from your Social Security or disability benefits every month.

Medicare was never designed to pay all of your medical expenses. Although what Medicare pays can vary somewhat, in general, it's understood that Medicare will pay an average of 80% of the cost of medical bills, leaving us responsible for the remaining 20%. Most seniors out there do not want the risk of being responsible for 20% of a medical bill, as that could amount to a lot of money.

To avoid this, seniors can turn to insurance companies that have government approved plans designed to help them pay all or part of the 20%. This next point is very important. To be eligible for any insurance plan that pays Medicare eligible medical expenses, you must be enrolled in both Parts A and B.

There are basically two approved insurance programs available. The first is "Traditional Medicare Supplement" and the other is "Medicare Advantage." Over the next few months, we will fully review and explain how each of these plans work.

As a reminder, S2S Silver Services offers individual financial counseling at no cost or obligation. If you are within 90 days of starting Medicare, you owe it to yourself to take advantage of this service and make a well informed insurance decision.


Next Month: Traditional Medicare Supplements 



"Working with J. Elvin Dashiell has greatly simplified our lives. He has helped us navigate the complex and often confusing labyrinth of Medicare supplements. He has been proactive in advising us of pending changes, which could affect our plans. Simply put, he has put our minds at rest with the knowledge that we are taking advantage of the best healthcare, annuity, and investment opportunities available for our particular situation. We highly recommend J. Elvin and his company to seniors looking to make sound financial decisions."  
--Gerry and Mary Angermann, Virginia Beach