We had a webinar on Thursday, March 21, to teach our clients about Medicare. We were delighted to have Jennifer Taboada, a Senior Financial Wellness Consultant and one of their experts in Medicare from BlackRock. For our blog this month, we will share a video of her presentation (recorded at an earlier date), her slides from the presentation, plus "Medicare for retirees," a two-page quick reference guide for 2024.
The presentation covered the following topics:
- What is Medicare?
- Choosing a Medicare Plan
- Enrolling in Parts A, B & D
- What happens if you are still working at age 65?
- Do you need a Medigap policy?
This month's blog provides a webinar recap that includes Medicare basics and valuable resources.
Sign up for our email newsletter for views of the economy, stock market, and top news stories from our Wealth Managers at Financial Journey Partners.
Medicare Basics
Medicare is the federal health insurance program for people in the United States who are 65 and older. It is also available to disabled people under the age of 65. The most common parts of Medicare are:
- Part A – Hospital Insurance
- Part B – Medical Insurance
- Part D – Prescription drug coverage
To complement the Medicare coverage, there are Medigap policies and Medicare Advantage policies. We encourage you to watch the video of Jennifer Taboada’s presentation.
In the presentation, learn more about choosing a Medicare plan and enrolling in Parts A, B & D. In addition to this Medicare coverage, you may consider a Medigap or a Medicare Advantage policy to cover costs not paid by Medicare. This can get complicated very quickly.
You can enroll in Medicare starting 3 months before your 65th birthday and up to 3 months after your 65th birthday. If you are still working at age 65, you may choose to continue your company health plan. There are many things to consider and decisions to make when you turn 65 and enroll in Medicare.
Additional Medicare resources available for you to download include:
- Get the slides from the Making Medicare Work for You presentation
- Get a two-page Medicare for retirees 2024 quick reference
We encourage you to talk with a Medicare Specialist to help you make these decisions. Talk with your Wealth Manager at Financial Journey Partners, and we can recommend several Medicare Specialists in California as well as some national resources that can help you through these important decisions and with enrollment in a health insurance plan that will work well for you.
Medicare May Reduce Your Medical Insurance Costs
Purchasing medical insurance on your own before age 65 can be VERY expensive. Many people find that their medical costs go down, sometimes significantly, when they go on Medicare. Some of our clients have chosen to continue working until age 65 to continue their company medical plan until age 65, then transition to Medicare. Getting health insurance through an employer is a big benefit and cost savings that comes from working until age 65.
Medicare is an important element of your retirement strategy. Visit our FJP Medicare Planning page to get connected with more Medicare resources. If you have questions about Medicare and how medical insurance fits into your financial plan, we are happy to discuss it with you as your Wealth Manager.
Financial Journey Partners - Partners in Your Financial Journey®
Our Financial Journey Partners office is based in San Jose, California. We have clients that live in many states across the country. If you have questions about your investments or financial situation, call us to schedule time to talk about your specific situation.
Sign up for our email newsletter to stay up to date on our views of the economy, stock market, and top news stories.
The reviews expressed are regarding the book "Enjoy the Journey: Successful Retirement Strategies and Stories" and are not regarding investment advice or services received from Mutual Advisors, LLC DBA Financial Journey Partners. The reviews are not from clients of Financial Journey Partners and there was no compensation provided for such reviews.
This book is for educational purposes only. It does not make specific recommendations to buy or sell any securities or give specific investment advice. Views expressed are those of the authors and do not reflect the views of Mutual Advisors, LLC, Mutual Securities, Inc. or any of its affiliates (collectively "Mutual Group"). Clients and prospects are under no obligation to purchase the book.
Revenue generated from the publishing or selling of the book are paid directly to the authors as outside business activity and are not considered part of the investment services offered through Mutual Group. Mutual Group receives no portion of the revenue generated by the publishing or sale of the book.