Season 1 Recap: Everything You Need to Know About Medicare

Some of the highlights of the show include:

• A brief rundown of Medicare Part A, who is covered under the plan, and where their coverage might run out
• The differences between Medicare Part A and Medicare Part B, and which one has a premium
• IRMAA and how it can allow people to pay less or more for their premium depending on their income
• How Medicare Part B costs break down
• Which part of Medicare pays for the shingles shot
• What Nick and Zach think listeners should know about the Medicare Part D’s “doughnut hole”
• How Medicare Advantage plans can help fill Medicare gaps
• Why you can’t really have a Medicare Advantage plan and a supplement plan
• Why it’s never too early to start saving for retirement
• And more!

Quotes

“Part A is paid in typically via payroll contributions, 10 years or 40 quarters, and there is no premium. With Part B there is a standard premium and in the year 2021, that premium is $148.50 per month.” — Nick

“Part B is elective. So, whereas Part A is automatic, there are plenty of individuals that are still working when they turn 65. They may have insurance through their retirement, through their union; that's considered credible coverage, so it's certainly elective.” — Nick

“The important thing to remember folks is prescription drug plans all have to meet a minimum benefit that Medicare determines, okay? And what that means is they have to cover at least two drugs in every therapeutic class. However, some drug plans may cover different drugs in those therapeutic classes. So it's important that you reach out to a professional.” — Nick

“A lot of times with an Advantage Plan, you're looking at paying less than the front end where you might possibly with copays and deductibles on the back end see a bill.” — Zach

“I recently turned 60. So, a lot of what I'll talk to you about is really based on my own experiences. I'm going through this in real-time.” — Ty Wooldridge

“My background was in actuarial science, and I can tell you that the time value of money is an important ally when you're retiring. If you just took $50 a week, and you invest in that, even at a really low rate, like 4% which, as an average rate for 40 years, which is fairly low, you have a quarter-million dollars by the time you're 40 years out.” — Ty Wooldridge

Transcript

Announcer: Welcome to our fireside chat with Seniors Living Healthy, the podcast that helps prepare and educate you as you enter and live out your golden years. With over 10 years of experience, Nick and Zach are experts in the senior market and are here to help you live a healthy, full life. And now fireside with your hosts, Nick Keene, and Zach Haire.

Zach: Hello, and welcome back to episode six of season one of Seniors Living Healthy. I'm joined here as always with Nick.

Nick: Hello, folks.

Zach: So, this episode, we're going to wrap up what we've covered the first five episodes this season, touch base over what we have talked about, do a little refresher, review course. And then we're going to look into what next season is going to bring, and that's where our guest, Ty Wooldridge, President of Aetna Senior Supplements, will come in. We interview him, kind of looking forward to financial security once you do retire. So, as we just jump in here, we're going to talk about the parts of Medicare and the different things out there that can fill in those gaps in Medicare. Nick's going to run through those for us.

I'll ask him some questions, he'll just review them real quick to make sure everybody's up to speed if you're just now joining us, you’ll know we've touched on the last five episodes. So, Nick, as you know, we've been discussing the parts of Medicare this past season.

Nick: Sure.

Zach: So, real quick, let's start out with Part A of Medicare, give the listeners a run-through on that.

Nick: Yeah, so I want to start out real quick with the Part A and Part B, Zach, about who qualifies, when they qualify, and when they get it. So, individuals that have worked 40 quarters or 10 years and paid into Medicare, [unintelligible 00:01:45] payroll taxes mainly, qualify for Medicare, including any dependents and or spouses of those individuals. And other individuals, whether it be through disability, in limited circumstances regardless of age, or end-stage renal disease, or ALS can qualify as well, Zach. So, back to Part A, your question. Part A is hospitalization.

Anytime an individual is admitted to the hospital, they are covered under Part A and a couple things to remember under Part A is there is a period of care: that is 60 days, and that is covered with a $14058 deductible in the year 2021. So, beyond that, there are additional day costs, day 61 through 90 in the period of care $371, and then 91 through 150, they'...