Make Sure You Don't Fall For 9 Biggest Medicare Mistakes

[@travel201]

Thanks for this great, GREAT Medicare info channel. It helped me more than anything to navigate Medicare. I emailed Erik through the Retirement Nerds and he couldn't have been more responsive or given me better info. No sales pitch. Just information on how to make the best decision for me. Honest, unbiased advice. No one should enroll in Medicare or any supplement program without checking with Erik and his team before going forward. I felt that he had my best interests in mind, not the plan that could make him the most commission. I wound up selecting a company that paid him no commission but it was the best company for me.

[@Theretirementnerds]

Wow! Thank you for saying this, Ed! Appreciate you taking the time to write this and always here to help however we can :)

[@judieloux3610]

Wow, thanks! I had to go on disability, and couldn't understand why I had to wait 2 yrs for Medicare. Not one person explained why. Now I know it is because they look at your wages from 2 yrs prior. Thanks.

[@betsydoc3628]

I love your passion for helping seniors!!! Thank you

[@Theretirementnerds]

Thank you so much!

[@anthonygardner400]

What an information-packed video, Erik (as always). Thank you. You’re the absolute best in this space. Appreciate you!

[@Theretirementnerds]

This means a lot! Thank you so much!

[@Paul-GrnHil]

I retired with a significant last year salary due to a retirement bonus. I appealed my IRMAA charge for me as well as my spouse. For some reason we received a different decision even though we were joint filers with only my income to consider. Since we received 2 different decisions for the same income, I had to appeal the decision. It was a hassle but I was able to get the IRMAA fee rescinded for both of us after my appeal. In the end the appeal process worked. It takes some effort but if the facts are in your favor you can avoid thousands of dollars of IRMAA fees if you take the time to file the appeal.

[@Theretirementnerds]

Thank you for sharing this! It can be a bit of a process, but worth it!

[@StevenBanks123]

I have been covered by my postal benefit plan (PSHB Coverage) for TEN years after first being eligible for Medicare B. When and IF I decide to switch over to Medicare B there will be no penalty. My employer did not make it clear to me that this was an option andonly mentioned it in the fine print. I got good advice and kept my full coverage.

[@roxbouey8776]

Loving your channel! Thanks!

[@Theretirementnerds]

Wow! Thank you so much! This means more than you know! Appreciate spending time with me!

[@karendale7537]

Such valuable info thank you

[@Theretirementnerds]

Thank you for spending time with us!

[@leilanihimmelmann9190]

Excellent video. And your story example of your mum and her friend was definitely on point. Thank you again. You always provide great content.

[@Theretirementnerds]

Thank you so much for watching and saying this! 😊

[@christineolexa5116]

Thank you! We sadly experienced #2 when a neighbor kept telling us I would be "penalized" if I did not sign up for Part B (when my husband was still working full time and I was on his insurance!) WRONG

[@Theretirementnerds]

Happens so much. Wish that rumor went away. Thank you for sharing!

[@bernarditaschuck9739]

I love the way you deliver messages.

[@Theretirementnerds]

Thank you so much! 😊

[@sbayles5593]

I love your videos. Thanks so much.

[@Theretirementnerds]

Thank you!! 😊

[@eduardooramaeddie4006]

Thank you for the updates on Medicare, great information Eddie 👍 thank you

[@Theretirementnerds]

Appreciate you so much!!

[@jeffmiller8209]

Exceptional advice!! Thank you, Jon! I have already been in the "why did you go with that plan" conversation with other family members. Their situation and mine are very different.

[@Theretirementnerds]

Thank you for watching!!

[@davidfolts5893]

Thanks for the super-duper content, The Retirement Nerds; combining niceness with great information is a winning combination! Well done!

[@Theretirementnerds]

Thank you, David!!

[@davidfolts5893]

@@Theretirementnerds My pleasure!

[@JagLite]

Fast and furious! Excellent information condensed to just the facts, thank you. I really don't watch people who take 60 minutes to say what you did. I'm retiring in September so I will be contacting you next month to get an agent who can help me... in Alaska but moving to AZ after retiring. Thanks again for all of your very informative and enjoyable videos.

[@Theretirementnerds]

Thank you so much! Have partners licensed in both states, so happy to help!

[@eduardooramaeddie4006]

Wow you're right about listening to the wrong people

[@diannalocke997]

I have learned so much by watching your videos! Thank you!!!

[@Theretirementnerds]

So glad they are helpful!

[@johnhagerty7998]

What should I look for finding a agent for Medicare what license should they have

[@Theretirementnerds]

They will have a health insurance license through their State and then certifications with each insurance company they represent.

[@pennyhaldeman5626]

We will be making this decision next year, I would love to have you help advise us.

[@Theretirementnerds]

Would be honored to help however I can. I'm not licensed in all the states, but I have great partners who are. My email is [e-mail] if you ever want to reach out.

[@elainealejo6915]

I reside in Calif and am getting ready to retire at the end of the year. I will be 66 yrs old but have been employed with a qualifying health plan so I havent signed up for any medicare. I was told that I should sign up in Aug to give enough time for it to take effect before the end of the yr, Im confused as to what besides Part A/B do I need. I do have monthly meds that I am on for HBP , Diabetes and cholesterol.

[@janettemccallum9862]

I've found that turning 65 is a curse as Medicare seems to be a curse. The insurance is more expensive than Employer or Marketplace coverage. I actually had employee coverage when I applied in October. And that coverage went through December. .Medicare billed me for Oct, Nov & Dec & then the 1st 3 months of 2024... it was over $1k. I have been unable to get this error corrected & they terminated my insurance without notifying me.

[@WigsGlam]

THANK YOU!!!

[@Theretirementnerds]

Of course!

[@tinalippincott9823]

Excellent content for those approaching Medicare or as a review for those already covered. Well done, Erik!

[@Theretirementnerds]

Thank you Tina!

[@janicecase3735]

I am not going to Retire until the 24th of this month and am still covered under the States medical plan, should I sign up for medicare online and not put that in since you said to sign up early to be covered under insurance with no lapse.?

[@Theretirementnerds]

Yes, start the Medicare process and you can indicate that you want benefits to start at a certain date. You'll want to indicate that you want benefits to start on the 1st day of the month when you no longer have coverage elsewhere.

[@tomm7505]

Mistake #9 in real life: I was speaking to the guy where I take my car for service. He just turned 65 in April like me. We showed each other our Medicare cards. I also showed him my Supplement Plan card and asked him if he had one as well. He said that his "friend" told him that "he doesn't need a Supplement plan since he didn't have one as well." I warned him about not having a Supplement plan and the dangers of unlimited costs if he were to have a hospital stay, etc. I also warned him about not having a Part D plan and that there are penalties in the future if he ever gets one. I gave him the name and phone number of my Medicare broker company and highly advised him to call them and talk with them. I hope he does so.....

[@Theretirementnerds]

I hope he does too! Thank you for sharing!

[@sct4040]

My Medigap plan costs more than my Medicare Part B. That’s weird since Medigap only pays 20%, while Part B pays 80%. Part D, however is $3.07 a month, I don’t take any meds.

[@ItsMe-rr9nh]

Exactly as I was saying the same thing, why is part B $174 bucks monthly and it pays 80% of the bill whereas plans G or N pays 20% and in most cases the monthly premium is more! (Florida here)

[@janicelloyd3215]

Part b pays 80% of Medicare approved amt. , much less than the billed amt.

[@pilarskifamily899]

The huge issue I see with the 'free' plans(MA), is those networks. They can change at ANY time and they do. Plus the recent news that major provider groups and hospital groups are no longer taking MA plans at all!!

[@eduardooramaeddie4006]

That is so true about advantage plan, true

[@ph5915]

Yet another wealth of great information! I've been trying to find out about a question for future Medicare me. Say one starts @ age 65 with a Supplement Plan G and 5 or 10 yrs later the company they have stuck with gets really expensive, for whatever reason, maybe they closed the block he/she was in. I'm confused if they can switch to a different company's Plan G without going thru Medical underwriting? I think I've seen that if they wanted to switch to a Plan N they always would have to go through underwriting, unless they enrolled at the very beginning... But I wanted to keep it simple. 🤣

[@barreloffun10]

Whether or not someone would need to pass underwriting to switch medicare supplement plans depends on the state. Different states have different rules about that. For most states the answer is: yes, you must go through underwriting to change plans.

[@ph5915]

@@barreloffun10 Ah, yes. Thank you.. I recall that, I think NY, for example, you can change plans directly and easily in a month of your choosing. So you may be stuck with the plan you initially choose, unless you switch completely love to an Advantage plan...

[@Theretirementnerds]

This video covers your question in more detail: kzbin.info/www/bejne/jJ_JZoijfsifnassi=KD3Nqy8c-LPknCxG Great question!

[@ph5915]

@@Theretirementnerds Ah, thank you! It's still confusing and I'm sure it'll change over the next 4.5 yrs, but this did help!

[@rickarmstrong3944]

Thanks for the video devilishly handsome Erik.

[@Theretirementnerds]

Haha! Thank you!!

[@ChrisSadowski-pp1np]

Great information!

[@Theretirementnerds]

Thank you!!

[@ItsMe-rr9nh]

I am patiently waiting for Medicare soon to be as I am paying $1200 per month on an ACA plan where I don’t qualify for a government subsidy so Medicare will be a BARGAIN for me!

[@Theretirementnerds]

Medicare is a great option for many in your situation. Thank you for sharing what you're going through!

[@ctbeckett]

Is it true that you may not be able to get a Medigap Insurance Supplement plan if you start first with Medicare Advantage plans and then decide to switch to a standard Medicare plan.

[@Theretirementnerds]

Great question! This video goes into that in a lot of detail: kzbin.info/www/bejne/jJ_JZoijfsifnas

[@nawluck]

I applied for SSDI.. age 50... In general what is better Medicare or a plan from Covered California?

[@ResidualSelfImage]

Medicare is considered the primary insurance rather than the employer's insurance when the employer has less than 20 employees.

[@cgilleybsw]

POI - Medicare is NOT insurance. Insurance implies some sort of statistical mortality tables. Medicare is run by idiots and dicked with by elected officials.

[@MarkOPolo456]

I have been told by another respected Medicare agent that some agents only sell the Advantage plan because they receive a larger commission as compared to selling original Medicare and a supplemental plan. They also stated that they would continue to receive a commission as long as the individual stayed on an Advantage plan.

[@SandfordSmythe]

Yes, free markets and consumer choices were the selling points of privatizing Medicare. So, jump in there and show some savy

[@Kathleen67.]

They receive ongoing commision from all plans.

[@MarkOPolo456]

@@Kathleen67. Yes, but from what I have been told, the commissions from the Advantage plans are larger than the others.

[@katonk9401]

To clarify #4, if I sell a home and my adjusted gross income is high for a given year the start Medicare within two years, my costs will be significantly elevated. Are those higher costs indefinitely or will it go down the next year when my income goes down?

[@Theretirementnerds]

The higher costs are not indefinite. They (Medicare) do the 2 year look back every year, so the next year, they do the look back again and if your income dropped because you didn't sell ANOTHER house, in January, your premiums would be adjusted back down.

[@katonk9401]

Thank you, and keep up the good work!

[@Theretirementnerds]

@katonk9401 thank you!

[@Geronimo2Fly]

So let's say I work until I'm 70, covered by my employer's health insurance with an HSA, so I elect not to take Medicare at 65. I retire at 70 and sign up for Medicare at that point. How does Medicare know not to penalize me? Is there a question on the application that asks if I've been covered for the past 5 years somewhere else? What, if any, proof is required to be submitted to show you had coverage during that time? Second question: If I apply for Medicare at age 64.5, intending to be covered when I turn 65, do I specify the start date on the application? I saw a comment that said they applied early, and were charged for several months when they were still 64. Does that happen?

[@Theretirementnerds]

Great questions. Question 1- there is a form your employer fills out and you need to submit with your application. We have a video on it here: kzbin.info/www/bejne/enObhYSfas58os0 Question 2 - the earliest you can apply for Medicare if it's the normal, 65 year old qualifier is 90 days before your 65th birthday. Medicare would start on the 1st day of your 65th birthday month, would wouldn't specify if you want it to start at 65. The comment you saw wanted it to start a few months AFTER her 65th birthday, and you would need to specify that in the application if you wanted it starting later.

[@jodiewnoroski568]

Can you explain a Retiree plan, please?

[@Theretirementnerds]

Hi Jodie, Many companies will offer health insurance benefits for employees who retire before 65. Maybe it was an early retirement package or some other offering, but the retired employee has their health insurance still covered through the same or similar company insurance plan as when they were working - but they're not working anymore. Retiree plans typically do not require you to get Medicare once you become Medicare eligible, but if you don't get Medicare at that time and drop off the retiree plan later to get Medicare, you would see penalties. Does that help?

[@jodiewnoroski568]

@@Theretirementnerds Yes, thank you

[@jeffs3627]

Can you switch from Plan N to HDG without going through underwriting in South Carolina

[@JennyDowdy-hk7hh]

I am an agent and I want this level of knowledge. How can I become an expert?

[@Theretirementnerds]

The group I was with was the biggest help. Surround yourself with experts. Then lots of time and experience finding answers to questions.

[@JennyDowdy-hk7hh]

I’m independent in a rural area…self taught. It is hard finding good resources that aren’t aimed at sales and numbers but geared toward education and truly helping the clients.

[@judy5936]

What is the percentage they calculate for the last 2 years of employment? Is it net or gross? Trying to understand all this. Thank You.

[@Theretirementnerds]

They use your Modified Adjusted Gross Income from your tax return 2 years prior.

[@susancampbell1728]

I love your videos. I've watch a number of them. But please remember you are speaking to many seniors. You speak very fast and cover a range of issues. It's hard to keep up. Just FYI

[@Theretirementnerds]

Thank you for the feedback! We will work on that!

[@1ladybug558]

Question 1. m70 f65. my sister got caught in the IRMA for withdrawing to do reno on her house. how long is the penalty? 2. We are wanting to downsize our home (no mortgage) of 30 years but with inflation may spend most if not all to go smaller. Our home is great but going forward is not a great fit and renos will not correct the serious issues. We should profit about 700000. to purchase a smaller home. I believe we can deduct improvements and such to offset capital gains, but can we also claim the purchase of the smaller house to offset the profit from the sale if purchased in the same year?

[@Theretirementnerds]

Thank you for watching! IRMAA is looked at every year and adjusted in January. If she took the money out 2 years ago, she'll have IRMAA this year and it'll go away next year assuming her income dropped. IRMAA looks at Modified Adjusted Gross Income from your tax return. Rolling a certain amount of gains into another house will help offset gains. A CPA will be able to tell you exact amounts based on state and federal tax rules :)

[@1ladybug558]

@@Theretirementnerds Thank You I feel more at ease in moving forward

[@micheleyoungblood]

@@Theretirementnerds odd you are saying that gains from one house can offset in purchasing a new home. what tax law is that? If the home is owner occupied and you lived in it for last 2 of 5 years then a married couple can offset $500000 of capital gains. Your cost basis is used taking cost you bought house for plus closing costs listed, add in capital improvements, closing costs to sell house. Now take sales price minus cost basis equals capital gains. Now you have up to the $500k to subtract from that gain. If gain is greater than $500k you pay capital gains tax rates. There is NO moving these gains into a new house. That is very old tax law. The 1031 exchange of moving gains into another home is ONLY for investment property not owner occupied property.

[@adoptacat2877]

What state are you located in?

[@Theretirementnerds]

Utah. Have partners across the country if you aren't near Utah 🙂

[@daveh893]

Great information. About mistake number 4. So am I to understand that if your increase puts your income at less than 103,000 there should not be an increase in Medicare premiums. For example, if you made 40,000 per year and your income increase puts you at 60,000, there should be no Medicare premium increase. Right?

[@barreloffun10]

Right.

[@Theretirementnerds]

Correct 🙂

[@Theretirementnerds]

Thank you!

[@Beadgcfb]

Could you spend more time on the specific quirks of companies with fewer than 20 employees. I work for one and didn't know them all- no HSA, no COBRA, and the Medicare-as-secondary issue. Are there others?

[@Theretirementnerds]

This one goes over it more at around the 2:30 mark: kzbin.info/www/bejne/gmPKoHqtpZl2pZo

[@divakiss02]

This so confusing 😮i have my médical insurance in my job i paid $85 a week for month $340 i also have deductible oh $$2500 for the year, but Edna requested to go in they network i was so happy thinking i will paid only for the Parte B went i go to medicare but now that i learning i will paid more with all the Suplements🙄

[@Theretirementnerds]

Yes... there are additional costs unfortunately

[@divakiss02]

@@Theretirementnerds Thank you for your answer also there’s any advantage to apply for Medicare even though i Maybe will stay with my Insurance from my Job? but if the medicare help in something then i will apply

[@anaibarra2696]

my husband will be 65 next year, can he continue to be covered by my health insurance in my retirement? ( I am 60 i could retire now oat 62 ,tegardless will continue to get health coverage until I turn 65) Its my salary going to be consider to calculate his Medicare advantage payment if he switch to medicare at 65?

[@Theretirementnerds]

He can. Here is a video on delaying Medicare: kzbin.info/www/bejne/gmPKoHqtpZl2pZo If you file taxes jointly, your salary would be used to determine his Medicare premiums, bit if he doesn't take Medicare at 65 and stays on your company plan, you're not dealing with those.

[@anaibarra2696]

Thank you so much for your prompt response. I watched the other video too.

[@johnjohn40100]

Why there a penalty to sign up past 65 for Medicare? What's the reasoning behind it?

[@Theretirementnerds]

Government ways to be collecting premium dollars from you if you're going to be using dollars for healthcare.

[@johnjohn40100]

@@Theretirementnerds but if you're not signing up for Medicare or signing up late, you're not using govt dollars though. How is that a penalty? I guess it's to encourage you to sign up asap for preventative care, perhaps?

[@SandfordSmythe]

​@@johnjohn40100Medicare B is an insurance pool. They don't want just old sick people in it. It's like buying car insurance when you have an accident.

[@PedroRodriguez-hy5ty]

How about if you and your spouse are not working let me know thanks

[@Theretirementnerds]

If neither are working, you'll want to jump on Medicare at 65 to avoid penalties.

[@shsu7426]

Regarding selling a former home that I will be exempt from paying capital gain taxes on $250K of the proceeds two years before applying for Medicare, does that $250,00 also count as income, therefore increase my premium B coverage for life? Thank you so much!

[@Theretirementnerds]

Couple things: 1. Your modified adjusted gross income from your tax return is what is used. If it shows up on your tax return as income, it'll be used for Medicare premiums. If it does not show up in the tax return, it is not used. 2. The IRMAA Part B increase is not for life. They do a new 2-year look back every year and adjust.

[@micheleyoungblood]

Depends, what's is the sales price of your home minus your cost basis? Do you know what is included in the cost basis? If not I'll let you know otherwise, subtract sakes price from cost basis for capital gain. If single then subtract $250k from the total capital gain you calculated. Then you pay capital gains tax rate if either 10% or $15% depending on the total gain. That amount now moves into your income. You are not paying tax on the $250k exclusion but if you are saying you have a $250 gain after taking the $250k exclusion (so your total gain was actually $500k) then yes you would pay tax on that amount.

[@jbarrett8292]

So was there a way out of that high premium for your dad? How can we not be subject to similar situation. That occurred 2 years ago but does not reflect the lower income one is on currently?

[@Theretirementnerds]

He did not have a valid reason for appeal, so no, he needs to pay those. There is a graphic in the video that shows the valid reasons to appeal. If one of those haven't happened to you, you'll need to pay the higher amount.

[@megcasey9902]

When I turn 65 in a few months, my husband’s employer will not offer coverage for me once that happens. They said that I have to get Medicare. It’s a very ageist organization BTW. I didn’t know that they weren’t allowed to do that. Thank you.

[@Theretirementnerds]

How many employees are at the company?

[@megcasey9902]

@@Theretirementnerds Not sure, but well over 20.

[@mypphh97]

Medicare rules can be overwhelming and complicated e.g. point 3 & 2 too soon or too late. Unless you’re working and your employer offers one of those rare all inclusive HC benefit plans, just take medicare at 65.

[@Theretirementnerds]

Thank you for watching. Just to clarify, employer sponsored health plans that include medical and drug coverage are not rare. They are the more common type of employer health plan. Hope that helps!

[@cgilleybsw]

#4 - how about some details? At what point does income from 2 years ago (i'll elaborate) impact premiums? You are almost baiting people watching this video with no meat. Okay, you get to it at 6:45. Myself - I run my own consultancy. I've paid into SS and Medicare for the last 47 years. NOW I learn that if I had a good year at 65, my premiums are to the point where I can no longer afford to retire?

[@fred36956]

All doctors should have to accept Medicare as they would in a Single Payer Health System which of course will never come to be the the bad old USA.

[@dianeholmes2097]

Can someone tell you why a disable senior in a wheelchair is crawling around on belly 😫 😩 because Georgia Humana SNP INSURANCE refuses to repair or replace wheelchair until August 2025 😪😪 not to mention cutting off 75.00 spending card used for food 😪🤗😪🤗

[@joycejudd5109]

myth #2: if you do NOT have work-insurance, if you're self-employed with no insurance or your company does not offer insurance...SIGN UP AT 65, INCLUDING PART B!!!!! I am pay a huge increased-premium because I did not have insurance and only signed up for part A. When I became eligible for Champ VA (disabled veteran husband passed away), I HAD to be medicare part B before Champ VA would cover anything. I repeat: if you are 65 and do NOT have insurance via work/husband's job, sign up for medicare!!!

[@headlibrarian1996]

If you’re self-employed, even with insurance you almost certainly have to sign up for Medicare.

[@micheleyoungblood]

​@@headlibrarian1996yes you must. If you don't have 20 or more employees then Medicare must be primary

[@cgilleybsw]

Sigh, now we're up to 9 mistakes, others say 6. Only government can make this so complicated. And people want "universal" care?

[@rgriffsf]

This is the reason why we are the laughingstock of the world. The horrible state of our healthcare system is sad. A system that is legally allowed to trick you and steal your money is deplorable. A "so-called" Christian nation that treats its citizens like a piggy bank rather than human beings. I appreciate your channel. I am approaching 65 and am now terrified that I will be tricked.

[@eduardooramaeddie4006]

I took my social security at 66 years and 4 months

[@gindie1]

SS and Medicare are different systems with different timelines.

[@sazajac77z]

If you are employed at 65, you STILL need to tell Medicare you don't want it, OR you will be penalized FOR LIFE. You guys need to tell people this!

[@barreloffun10]

Not so.

[@Theretirementnerds]

That is incorrect

[@tomm7505]

That's wrong. My friend worked until he was age 70 and had employer coverage until then. He retired and went onto Medicare at age 70 with NO penalties.

[@christineolexa5116]

Get educated please!