Would you like to keep your retirement health insurance costs as low as possible? Make sure you understand Medicare part B and pay attention to two key details as you plan your retirement income.
What is Medicare part B? When you retire, you will generally use part B when you go to the doctor, receive outpatient care, or pay for preventative services. Most retired people will use part B far more regularly than part A, which covers hospital visits and inpatient care. Unlike part A, which is free, you pay a premium for part B. The standard premium in 2021 is $148.50 monthly. The premium is higher if you miss deadlines or if your retirement income exceeds certain thresholds.
How should you plan ahead? It is a good idea to start planning your healthcare coverage at least a year before you turn 65, regardless of when you plan to retire. Medicare insurers will shower you with marketing mail and advertising at this time, and the noise can be overwhelming. Talk to a financial advisor who has your back to make sure you have a clear view of your financial big picture as you make a plan.
You can learn more details about part B costs here: https://www.medicare.gov/your-medicare-costs/part-b-costs
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