#20 Unwrapping Medicare: The Basics [Podcast]

“How do I understand Social Security and Medicare?” This is a question I hear most often from people planning for retirement. Social Security and Medicare benefits will play a big part in your retirement.

In this episode we begin to unwrap both and start to build a framework for you to make decisions about your Social Security and Medicare benefits. I say we “begin” intentionally. In future episodes, we’ll continue to improve your understanding of your Social Security and Medicare.

Announcements

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Last week I announced my Retirement 2.0 project. This is my initiative to redesign the retirement planning process to serve you better. To help, go here and share your thoughts on retirement.

Retirement Tip of the Week

I suggest you visit and explore our government's Social Security website. It is an easy to navigate useful resource to help you manage your Social Security benefits. YES, I just said “useful” and “government” in the same sentence. They did a great job designing the site.

You can easily:

Apply for benefits
Check the status of an application
Set up direct deposit
Estimate your Social Security
Estimate your spouse’s benefit
Sign up for your Social Security benefit
Set up direct deposit
Access their Retirement Toolkit (a great PDF document that outlines key dates for Social Security and Medicare)

Unwrapping Medicare: The Basics

This week I talk with Misty Kimbrough, a local insurance expert about the basics of Medicare. She outlines the basic parts of Medicare and the 3 most common missteps people make when planning medicare benefits for retirement.

Part A “major medical” coverage covering health care costs at hospitals

Part B Covers the costs of health care outside of a hospital. Doctor visits, outpatient procedures, x-lab test and related services

Medicare Supplements (Medigap)

Part C Medicare Advantage Plan

Part D Prescription Drug Plan

3 Common Medicare Missteps