Planning Your Retirement – Five Facts Everybody Should Know About Medicare, by Aaron Steele

Since the introduction of Medicare, millions of elderly Americans have come to rely on the health coverage program. However, there still seem to be some common misconceptions about how it works. Therefore, we’ve listed five facts that everybody should know before it’s too late!  

Fees are bigger for higher earners. 

Firstly, you may have seen the premiums for Medicare Part B: 

•   2020 – $144.60 per month 

•   2021 – $148.50 per month 

 

However, few people realize that the premiums are dependent on income. In fact, they’re dependent on something called IRMAA (income-related monthly adjustment amounts). Those who earn over $176,000 as a couple or $88,000 as an individual pay higher fees. The highest Medicare fees come with high retirement income from retirement plan withdrawals, Social Security, and other income sources. 

Nobody gets everything for free. 

In our experience, one of the biggest misconceptions is that Medicare is always free. For all enrollees, there’s no charge for hospital visits and other services in Part A. There are monthly benefits with outpatient care and other services covered in Part B as we’ve just seen. Depending on your health, many people also need supplemental insurance such as Medigap and drug plans, which are covered in Part D (another cost). Alternatively, Medicare Advantage is another option. No matter what route you choose, you won’t get everything for free. 

Some services don’t get coverage. 

When it comes to original Medicare, not everything is covered. For example, this includes hearing screenings, dental care, and vision exams. If you want these services, you have two options: 

• A Medicare Advantage plan—make sure you choose one that covers these services.

• Cover the cost yourself.

Many Advantage plans are restricted. 

We’ve seen it before—people invest in a Medicare Advantage plan thinking that, alongside original Medicare, they now have everything covered. Unfortunately, a new problem arises: they’re limited to specific providers. Those who split time between states or visit family in other locations might not be able to receive medical care when they need it. Instead, they will need to wait until they are home. If they’re away from home and suddenly need medical care, they could end up paying for out-of-network care. To prevent this, choose your health coverage carefully.  

Part D plans aren’t consistent from year to year. 

Every year, you have a chance to review your health coverage and potentially make changes. Sadly, many seniors just renew their Part D plan without assessing coverage. In case you didn’t know, formularies decide which medications sit in each tier, and they adjust it every single year. While you might get access to medication one year, it could disappear from the list the next. If you want to stick with the same plan, at least check that everything you need is still covered. 

Now you’re aware of the five things that everybody should know about Medicare. Research is your friend when it comes to Medicare. The more you know, the easier it is to make good decisions and prevent damaging mistakes! 

Contact Information:
Email: [email protected]
Phone: 3604642979

Bio:
After entering the financial services industry in 1994, it was a desire to guide people towards their financial independence that drove Aaron to start Steele Capital Management in 2013. Armed with an extensive background in financial planning and commercial banking coupled with a sincere passion for helping people, Aaron has the expertise and affinity for serving the unique needs of those in transition. Clients benefit from his objective financial solutions and education aligned solely with
helping them pursue the most comfortable financial life possible.

Born in Olympia, Washington, Aaron spent much of his childhood in Denver, Colorado. An area outside of Phoenix, Arizona, known as the East Valley, occupies a special place in Aaron’s heart. It is where he graduated from Arizona State University with a Bachelor of Science degree in Business Administration, started a family, and advanced his professional career.

Having now returned to his hometown of Olympia, and with the days of coaching his sons football and baseball teams behind him, he now has time to pursue his civic passions. Aaron is proud to serve on the Board of Regents Leadership for Thurston County as the Secretary and Treasurer for the Morningside area. His past affiliations include the West Olympia Rotary and has served on various committees for organizations throughout his community.

Aaron and his beautiful wife, Holly, a Registered Nurse, consider their greatest accomplishment having raised Thomas and Tate, their two intelligent and motivated sons. Their oldest son Tate is following in his father’s entrepreneurial footsteps and currently attends the Carson College of Business at Washington State University. Their beloved youngest son, Thomas, is a student at Olympia High School.

Focused on helping veterans and their families navigate the maze of long-term care solutions, Aaron specializes in customized strategies to avoid the financial crisis that care related expenses can create. Experience has shown him that many seniors are not prepared for the economic transition that takes place as they reach an advanced age.

With support from the American Academy of Benefit Planners – an organization with expertise and resources on the intricacies of government benefits – he helps clients close the gap between the cost of care and their income while protecting their assets from depletion.

Aaron can help you and your family to create, preserve and protect your legacy.

That’s making a difference.

Disclosure:
Disclosure:
Investment advisory services are offered through BWM Advisory, LLC (BWM). BWM is registered as an Investment Advisor located in Scottsdale, Arizona, and only conducts business in states where it is properly licensed, notice filed, or is excluded from notice filing requirements. BWM does not accept or take responsibility for acting on time-sensitive instructions sent by email or other electronic means. Content shared or published through this medium is only intended for an audience in the States the Advisor is licensed in. If you are not the intended recipient, you are hereby notified that any dissemination, distribution, or copy of this transmission is strictly prohibited. If you receive this communication in error, please immediately notify the sender. The information included should not be considered investment advice. There are risks involved with investing which may include market fluctuation and possible loss of principal value. Carefully consider the risks and possible consequences involved prior to making an investment decision.

Confidential Notice and Disclosure: Electronic mail sent over the internet is not secure and could be intercepted by a third party. For your protection, avoid sending confidential identifying information, such as account and social security numbers. Further, do not send time-sensitive, action-oriented messages, such as transaction orders, fund transfer instructions, or check stop payments, as it is our policy not to accept such items electronically. All e-mail sent to or from this address will be received or otherwise recorded by the sender’s corporate e-mail system and is subject to archival, monitoring or review by, and/or disclosure to, someone other than the recipient as permitted and required by the Securities and Exchange Commission. Please contact your advisor if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services. Additionally, if you change your address or fail to receive account statements from your account custodian, please contact our office at [email protected] or 800-779-4183.