Don't let retirement mistakes ruin your golden years! Learn about HSA, Medicare, and more to turbocharge your retirement savings and avoid financial pitfalls.
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★☆★ABOUT THIS VIDEO★☆★
0:00 Intro
0:05 HSA
1:26 Marketplace Plans
4:36 Part B
7:27 Part D
14:17 Coverage Types
17:17 Final Thoughts
If you haven’t yet joined Medicare, let’s start by talking about HSAs or Health Savings Accounts. hey are a type of interest bearing account that may be offered as a benefit with your HDHP.
HSAs offer the triple tax advantage. Contributions are pre-tax, lowering your taxable income. Interest accrued is also not taxed. And as long as you withdraw your funds for qualified medical expenses those funds will not be taxed.
Additionally, you can invest a certain portion of your HSA and the earnings will not be taxed. Hold onto this account until retirement. You can use it as a regular retirement account, but funds will be taxed OR you can use it for those medical expenses we’ve talked about with no taxation.
If you are not yet of Medicare age and don’t have insurance through your employer, definitely consider a marketplace plan. For those wishing to retire early, these can be a great way to save money!
Marketplace plans offer premium tax credits to those who are eligible based on their income, specifically their MAGI.
If you retire early and are living off of savings then with your reduced income you would likely be eligible for a rather significant premium tax credit.
Now on the flip side, you may not be retiring early. You may actually be working past the age of 65. If that’s the make sure you go head and defer Medicare Part B. Follow the instructions on the back of the card and send it back. If you keep the card, you keep Part B and you will be charged for it.
If you are working past the age of 65, make sure to contact social security to re enroll so you are not subject to the Part B late enrollment penalty. At that point you will likely want to file IRMAA as well.
There are a few prescription drug options that you should be aware of. Our number one recommendation is to enroll in a Part D plan.
Now, some prescriptions may still be very expensive especially if we are talking about specialty medications or tier 5. Because some of these medications can be so expensive, some people feel like Part D just isn’t worth it. However, there are two additional benefits to enrolling in Part D:
Catastrophic Coverage
Part D Late Enrollment Penalty
Catastrophic Coverage- So if you are someone who has to take some of those more expensive medications, then the catastrophic coverage phase of Part D can help with your medical spending.
Not enrolling in a Part D plan when you are first eligible could make you susceptible to the Part D Late Enrollment Penalty. In all honesty, it’s not a huge penalty (unlike the Part B late enrollment penalty). However, you could certainly avoid it by enrolling one of the less expensive Part D plans.
If you want to put off Part D (or even use in conjunction with Part D) there are pharmaceutical assistance programs and state pharmaceutical assistance programs.
You may notice pharmaceutical assistance programs mentioned at the end of prescription commercials when they say “financial assistance may be available”. Some states also offer state pharmaceutical assistance programs. This is in addition to certain pharmacy coupons as well as things like GoodRX. Compare prices to maximize savings!
Health Insurance in retirement is going to cost you money. There is just no way around it. However, you need to put your money to its best use.
There are three main options for Medicare in retirement:
Original Medicare Alone
Medicare plus Medigap
Medicare Advantage
If you have any further questions, please feel free to contact us here at iHealthBrokers at 888-410-0344 or ihealthbrokers.com/
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