8 Reasons to DELAY Medicare Past 65 That Will Save You Thousands and Avoid ALL Penalties

[@ChristopherMarshburn]

Companies don’t try to move older employees off Medicare. They just try to find ways to move older employees out the door.

[@LifecoachDanV]

lol!

[@ABab-jf2jb]

Yup, that happened to me....forced retirement. 😢

[@clwest3538]

Same happened to my dad - at 70 (actually on his birthday!) the company 'eliminated' his position (? a delivery route?) and two months later hired another guy to 'reinstate' the position. Ageism is real.

[@j_ben_b]

Some truth to this... especially larger, public companies (banks, drug companies). If you're not moving up the chain of command by age 55, then you're moving out of full time employment. Sure, they give you 6 months severance, but that's a drop in the bucket relative to a $250,000 health insurance claim. Smaller, private companies are typically just trying to keep the doors open year after year. Health insurance has become the #2 company expense behind salaries, and given the wrecking ball of government regulations, rising claim costs and a shrinking employee market, it's a wonder how many smaller companies survive.

[@firehorsewoman414]

@@clwest3538 true, and they waited until he was no longer a protected class. Age discrimination is only valid for 40-70. [EDIT FOR UPDATE: I was incorrect. See this info: “Legislation signed by President Reagan on October 31, 1986, largely eliminates the age 70 cap on the group of workers protected by the Age Discrimination in Employment Act ("ADEA"). As you know, the ADEA previously protected workers between 40 and 70. With this new legislation, effective January 1, 1987, all workers over age 40 are protected by the ADEA.”

[@alansach8437]

For a lot of people Medicare at 65 is a blessing. We couldn't wait. My wife had been putting off hip replacement surgery for years due to high deductibles and copays with our employer's plan. On Medicare (and G Supplement) all we paid was the part B deductible of two hundred and some odd dollars! It was life changing for her.

[@Theretirementnerds]

Agreed! We tried to show this in the middle section. For many, Medicare is better coverage at a lower cost than what they were experiencing before 65 🙂

[@pgpc6448]

So glad! Your wife deserves it!

[@amylee9]

That’s sad. 😢

[@cgilleybsw]

Completely agree. Wife's plan is now up to a max of 10k co-pays. Hospitals are completely out of control. Told my Urologist I'm delaying all further procedures until I turn 65. Boy, was he pissed.

[@sfstucco]

I’m truly sorry to hear about your situation. No one should have to experience these dilemmas & delays. I’m curious - how many, here, in these unfortunate situations vote Red (Republican)? Not to start a fight or pretend to be superior, but I hope people realize that universal coverage/socialized medicine goes a long,long way to relieving these burdens, financially speaking and logistically speaking. It would cut costs SO, so much if we had a Medicare-for-all (i.e., for all who select it) scheme, from birth to death. There are variations that can include some copayments (or not), depending on how it’s structured. But expense , experience, and health outcomes are greatly superior in countries with socialized medicine, in all its forms. Democrats want that.

[@stephenbouchelle7706]

I took Medicare at 65. 6 months later I had a blood clot damage my retina. I spent some days in the hospital and see a specialist once a month. Without Medicare, I would pretty much have lost my house.

[@Theretirementnerds]

Did you not have any health insurance before 65?

[@stephenbouchelle7706]

@@Theretirementnerds not nearly as good as Medicare. A huge deductible is a disaster to mortgages and bills.

[@user-is6de8pp7k]

@@stephenbouchelle7706 I’m glad that you are doing well. It sickens me to think that you could of lost your home. I hope you are a Republican and vote 🗳Red. Every single illegal gets 100% free health care. Why should an American 🇺🇸 like you ever have to have that worry. 🇺🇸🗳😇🙏👏

[@lpnelson6584]

@@user-is6de8pp7k why would you vote republican?? they want to kill medicare.

[@cindylou7437]

Every single illegal does not get 100% free healthcare. Please check your facts.

[@Mark723]

Green with envy that such a young, intelligent, handsome man understands the intricacies of Medicare. Why did the federal government decide to torture retirees with such a convoluted health care system...? There should be a Medicare Part M for those who suffer from trauma of dealing with this information and decision. Thanks for the information - very helpful to a 64-year/10-month old.

[@Theretirementnerds]

Thank you so much for watching and your kind words 🟢 We agree... it should be much more simple.

[@savannahsmiles1797]

anything FORCED on we the people by government is SUBPAR and expensive, and YES, I am a licensed producer who enrolled in medicare and it GOUGES the general public for aging OUT

[@sfstucco]

Lol, “Medicare Part M”!! So true. Uggh, things are so much easier in most other democracies, ones with some form of socialized healthcare/insurance. If you haven’t lived elsewhere, you’d have no idea how much smoother everything is.

[@Tsimy876]

FDR was attempting to get us universal healthcare - which would have simplified all healthcare for every American. Sadly, he died before he could complete the mission. And, not getting political - it's just the truth: republicans have been fighting to block such efforts ever since. Of course, they would like to kill social security, medicaid, and any/all social welfare programs if they could. Thank God FDR was able to implement what he did when he did.... We would be a third world country had he not.

[@shkim103]

I plan to live mostly overseas. Can I pay a penalty for options in to Part B later after 65 and then stop paying? Let's say I'm in the US for a short term 2 months visit and get into a serious costly medical situation, can I pay the penalty premium for two months and terminate it after returning overseas?

[@MM-vv8mt]

Being able to enroll in traditional Medicare (A,B,D,G) and to start collecting Social Security allowed me to walk away at age 65 from my shitty employer and company health insurance to change focus from an unfulfilling career to pickup the creative arts I had to put on a back burner to make a living has been truly liberating.

[@Pelican5077]

Great post. Knowing we had SS and Medicare on the horizon allowed us to quit working full time at age 55, sell our house (at a loss), take the wife’s pension early (at a discount), and move onto our gracefully aging 35 ft sailboat with a 5 year plan to see the world. 13 years later we are still in the boat. We supplemented our small income stream along the way by doing all sorts of different jobs which was a fantastic experience. We don’t do that anymore but (until the inflation debacle) we were able to save about 25k per year over those 13 years. It’s been a blast and although we are approaching 70, our goal now is to continue our nomad lifestyle for another decade if we can. I get not taking Medicare if you are still working and have employer coverage. Or if you’re a 1%er. Otherwise it’s a no brainer IMO.

[@NuggetMaven]

Hope this new chapter in your life is transformative!🎉🎉🎉

[@susanrand512]

@@MM-vv8mt 👏 👏 CONGRATS

[@dcg590]

So you worked for a shitty employer? That’s your own fault. You chose to stay.

[@Bangz-Music]

Blame your Republican politicians. They have been working for insurance and drug companies, doctors, etc., for decades, continually preventing the US from having a rational, cost-effective, easy-to-use healthcare system. Now, the US is, by far, the most expensive healthcare system in the world in total and per capita, with convoluted programs and outrageously high administrative costs that pay for people like brokers, prior authorizations, etc.,-- none of whom treat patients and all of which other countries don't need. To add insult to injury, millions of Americans still have little to no coverage after all this. And those who do have to arbitrage their coverage to get actual medical conditions treated OR watch videos like this to understand how this whole mess works. It's shameful.

[@Aperson-f2e]

So unnecessarily complicated the US healthcare system, thank you for explaining.

[@Theretirementnerds]

Agreed!

[@gurujr]

Developed a cataract at 62 and I was praying to make it to 65 so my Medicare would kick in. I made it and Medicare saved my sight that's for sure.

[@MikeA15206]

Thank goodness we are safe from socialism aka Medicare for all. Glad you can see clearly now.

[@korswe]

I'm taking Medicare at 65. Money isn't everything. Health and the piece of mind is everything at this age and beyond.

[@rosemarykingpate7832]

Agree! Me, too! 😊

[@KentonJoseph]

ACA is so much better and much cheaper.

[@cgilleybsw]

@@KentonJoseph You have got to be $hitting me!? I'm looking into this now. And it says I still need to sign up for Medicare at 65...

[@_l.w.a.]

Amen! ❤

[@ecwadorlife667]

@@korswe peace of mind is priceless!

[@olgavere6462]

I still working when I rich 65, I have insurance thru my company, I dropped it, and get Medicare, I saved a lot of money, and better benefits. I’m 70 now I’m ok with Medicare.

[@carrottop7802]

@@olgavere6462 Wow! My companies insurance plan is a fraction of Medicare and the supplementals I'd need to equal my companies insurance. I dread the day I'm required to take Medicare.

[@joanwood9480]

Guess what? At 65 years old with no insurance and heart disease you best believe I'm getting on medicare. No medication for my heart for 12 Years! Damn right I'm getting medicare

[@Theretirementnerds]

Medicare is great for many!

[@joanwood9480]

@@MyPronounIsGoddess not once you turn 65, Aca is not an option

[@rheuss1]

Affordable health care isn’t affordable, nobody will cover you once your 65 if you have pre existing Almost everybody does, Medicare and a supplemental is cheaper than private health insurance.

[@lusmas99]

@@Theretirementnerds You mention "no penalties" for not taking Medicare. What about premium adjustments based on a physical health exam? I heard if you don't take Medicare at 65, when you take it later your premiums can be tied to / increased based on health status.

[@Theretirementnerds]

@@lusmas99 it's covered in the video around the exceptions to penalties. Specifically if you are covered by a plan through work.

[@fumblerooskie]

Chartreuse. 67 and looking to retire that end of next year if they don't put me out to pasture before then. Been on part A since 65, with company health plans that change every year. The agent at my local SS office went above and beyond to explain everything to me when I signed up. He was extremely helpful.

[@Theretirementnerds]

This is great! Glad they were helpful! 🟢🟡 Combine those two colors for yours 🙂

[@texaszag8748]

I’m glad to hear that you had a positive experience with the people at SSA. I was also fortunate in that I had an agent who was as helpful as I could have hoped for. Government agencies get a bad rap and all too often it is people parroting the same refrains from the Reagan era (i.e., “…government IS the problem”). I have an older brother who has been on Social Security disability since the 1980’s. They’ve NEVER failed him. He’s not paid a dime for rent or health care since becoming disabled, yet he insists that the government can do NOTHING right! Amazing!

[@poolbump1234]

i will retire at 66 10 months and have insurance until i retire, does that mean i should get medicare part a at 65 because it is free and part a will help with my %20 out of pocket $$$$ ?

[@Theretirementnerds]

@poolbump1234 do you have an HSA with your company plan? Part A doesn't cover the 20%. Part A is hospital coverage, has a deductible and daily copays for certain hospital and facility stays. Part B is the 80% coverage.

[@texaszag8748]

@@poolbump1234 If your employer plan meets the requirements for a qualified plan (i.e., more than 20 employees), then I believe Part A will be the second payer. The SSA told me when I was in a similar predicament that Medicare would not pay until the deductible was satisfied for my primary (employer’s) plan; which, didn’t set well with me because my employer’s plan was a high deductible plan and A) you cannot contribute to an HSA when enrolled in Medicare (because Medicare is not a high deductible health care plan), and B) my Medicare plan became in effect, a high deductible plan, since I had to pay my primary plan’s deductible before medicare would pay. It makes NO SENSE!!! But just as importantly, you are well north of 65, so you should enroll in Part A at least 6 months before you plan to enroll in Part B, because they will make your Part A effective 6 months prior, anyway. And to that end, once your Part A becomes effective you will no longer be able to contribute to an HSA with pre-tax contributions. If you do, then you will have the burden of taking those funds out of the HSA within a stipulated period of time, of face tax consequences.

[@lhv569]

I really appreciate this video, watching it in the bright yellow sunshine. I will be using this video in the future to help others decide how to go forward. I recently gave someone bad information for their situation and now have to go back and tell them I was wrong. Thanks for helping us out.

[@janishigaki]

Blue! I don't think you're long winded. This information is complicated, and I so appreciate your thoroughness!

[@Theretirementnerds]

Thank you so much! 🔵 So glad to know it's helpful!

[@StorytellerSueW]

Turquoise!!! Your vids are awesome. I just turned 65; my role as a fed contractor is ending May 31 (role being eliminated). Surprise! I was planning on retiring end of this year, but things happen. So although I went on Part A this March, I just signed up for Part B and an N plan effective June 1. I could NOT have done this confidently without your channel/content. Even if my company offers me a new FT role on a different contract (highly likely), I think I am going to turn them down and see if they have any PT or contract gigs I can do that will keep me below the SS max income levels. I am blessed to have healthy SS income and can live off that and short-term savings for the rest of this year - probably even longer - and not touch a dime of my retirement yet. NO worries - I will like and stay subscribed forever - the algorithm is with you!

[@Theretirementnerds]

Appreciate you so much 🙏 So glad to know we have been helpful and thank you for sharing your experience! 💠 - closest to turquoise I could find 😊

[@BobFirth]

Cost me $1800 per month for a private self employed policy, bought a nice set of golf clubs with the FIRST month’s savings.

[@Theretirementnerds]

In that case... Medicare all the way!

[@jhunter1045]

Your video helped me out a bunch! I'm 62 and heading this way soon. I don't want to end up red in the face because I messed up! Thanks!!!

[@Theretirementnerds]

So glad it was helpful! Thank you so much for watching! 🔴

[@Dnbelow1]

Thank you very much. I watched this to the end ( Green) and subscribed to all. I was cut loose from my job in May, which I expected to retire from. I'm trying to find work and catch up on all this as I am turning 60 on Fri 9/20. I recently heard SSI will be reducing to 800 out of 1000 in ten years when I turn 70 🙄 great timing, so I'm considering retiring at 67 when fully vested, and still working to the $ limit, till 70-73. My wife is 45, so she still has time and has me on her companies 20+ employee pan. This gives me a lot to think about, and you are not long-winded, just through but easy to understand, which I appreciate. Thank you! Kevin B.

[@Theretirementnerds]

Thank you so much Kevin! Sorry to hear about being cut loose. Hope you find what you need soon! 🟢

[@JScottHamilton]

I'm just impressed with you robbing the cradle to get married.

[@Dnbelow1]

@Theretirementnerds Thanks, just landed in an Awesome dealership 10/23, where I know about 8 employees that I've worked with at past dealerships! Thing's are finally looking up and everyone tells me how great this place is, and how they will all be retiring from this place. Great to be back in a smaller family run dealership again!

[@Dnbelow1]

@JScottHamilton Been 22 years, two grown children, and if you saw us you would be hard pressed to guess the difference. Nowadays, just finding & staying in love with the same person is a rarity.....but thanks for the compliment 🤡

[@williambeller7574]

What I want to know is why in the world would people be penalized for signing up late? TAKE THIS PENALTY OFF THE BOOKS! THIS IS JUST ANOTHER REASON WHY WE NEED TO HOLD POLITICIANS ACCOUNTABLE! THIS IS ANOTHER REASON WHY WE NEED LAW MAKERS TO REPRESENT THE HARD WORKING PEOPLE!!!

[@Zulonix]

Preferably… they would go to jail.

[@bigdaadio.K2WW]

Insurance companies are pulling the strings!

[@salishseas]

Agree. Get money out of politics. It’s a start to real representation of the people and not servants to health insurance companies.

[@goldberrygal4406]

My guess is because people would game the system. An example would be not signing up until you know you've got a severe medical issue this saving your premiums for years and not paying into thw system

[@williambeller7574]

@@goldberrygal4406 I do agree with your guess. However, for a person who doesn’t try to shirk the system I might just simply forget and end up being a day late! Thanks for the heads up!

[@knotqueen2419]

Blue. Great information. My company has over 20 employees and provides full medical, dental, and optical insurance. I plan to work a few years past age 65 and don't expect any penalties. Of course, I plan to keep asking a lot of questions. Best to all of you out there!

[@Theretirementnerds]

Thank you foe watching! 🔵

[@ljake199]

Thanks!

[@Theretirementnerds]

Wow! Thank you so much!🎉 Appreciate this more than you know!

[@markaustin5269]

Best video I have seen redarding when to start Medicare. I plan on possibly working til age 67 and still being covered by employer insurance. I didn't know I could delay both A and B. I thought I was going to have to stop contributing to my HSA 6 months prior to turning 65. Good to know I'll have a couple more years to fund my HSA than I previously thought. Thanks for doing this video.

[@Theretirementnerds]

Of course! Glad you found us!

[@tomcoleman4207]

I thought you have to get Medicare part A at 65 even if you don’t need it to avoid any penalty going forward. Just to be in the system there is no monthly cost for part A.

[@Theretirementnerds]

@tomcoleman4207 this video is all about that. There is no Part A penalty, so getting Part A does nothing from a penalty perspective. If someone has an HSA and will keep working, getting Part A is a mistake.

[@PamperYourPatrons-kn9re]

@@Theretirementnerds I thought if you delayed Part A then you had to pay 10% penalty on monthly premium for the number of 12 month periods you could have signed up but didn't. E.g. 14 months late means you have to pay 10% penalty per month for two years.

[@curiouspenguin6887]

Keep in mind, once your employer stops paying the "management" fees for your HSA, you'll lose money on it every month!

[@mariebrown9415]

Dam right , I took it also at 65 . I couldn’t wait , self employed , was paying over 1,200month in NJ, no subsidies from Gov, during a pandemic scared to death I would get Covid and have complications or die, had a big deductible and I’m typical healthy on no meds . Medicare - Medigap plan G and a Part D RX plan was a bargain for me. Everyone does not have « employer sponsored health insurance » . Commercial Insurance plans stick it to you in terms of high premiums from age 60- 65 until your Medicare eligible. Everyone’s situation is different. Great video- you covered it well.

[@Theretirementnerds]

Thank you for sharing your experience!

[@HMC-p6p]

Same here ACA premiums 1295 a month for HMO

[@levimcfadden7276]

You are doing seniors and future retirees a great service. Thank you for such an informative video. You are a true-blue hero for taking the time to explain things that should have been made clear by the nations leaders.

[@Theretirementnerds]

Appreciate you watching and your kind words! 🔵

[@KA-ry6nz]

Nice that your daughter can contribute to your video. My employer bounces between 19 to 21 employees. I took Part A at 65 to avoid the penalty.

[@pgpc6448]

I took Medicare at 65, continued a full time job. I received many many benefits from Medicare, I spent less on medical care on Medicare as well.

[@alansach8437]

Ditto! Many, if not most, employer's plans nowadays are bare minimum plans with huge deductibles! Medicare was so much better! Medicare (with Supplement) is the best health insurance we have had in twenty years, despite full time employment and employer's coverage during that time. Other coworkers who have turned 65 have done the same! Putting off Medicare may have been good advice years ago when employer plans were worth a damn, but not anymore.

[@Theretirementnerds]

Medicare can be great!

[@davidcarp5935]

I thought medicare basically sucked cause it only paid 80% of whatever.... then u pay for some part ###??? or supplemental such and such to cover the rest? but does it cover...anyhow, new to all this, just trying to get the couple sentence basics down, whatever that may be

[@pgpc6448]

@@davidcarp5935 I’m healthy. I do I take 2 meds regularly, had a Ct scan, cot Az one shot, knee physical therapy and never pay a cent. My dental, vision, check ups free. If I want glasses or contact I pay. Medicare allows me 4 free classes in any workout center nearby!

[@robinlooney5440]

@@alansach8437 My insurance through my employer is a seventeen hundred dollars deductible. It's so expensive I'm not using it.

[@tomsmythe4903]

Very good information. I was very "blue" thinking I would need to switch over to Medicare at 65 but, as my employer is large and our plan has an HSA which covers both myself and my wife and son, it was wonderful to hear we do not need to switch over until retirement at 67+.

[@Theretirementnerds]

Thank you so much for watching! So glad it was helpful, and appreciate you watching to the end ;)

[@imarc1701]

Watch out for the 6-month no HSA contribution period before you start Medicare!

[@Theretirementnerds]

@@imarc1701 sort of... here is a video all about HSA timelines: kzbin.info/www/bejne/rnzYiXiln9uXo6M

[@geern2000]

blue you do great work, and NO, you are not long winded especially discussing such a convoluted topic as Medicare. thank you for your time and interest on discussing Medicare

[@Theretirementnerds]

Appreciate you watching and saying this! 🔵

[@arby007]

Dark Blue- Great info for someone who is turning 64 in a couple weeks and on an ACA Policy. I will be definitely signing up for medicare at 65 and keep my younger non-working wife on the ACA Policy for a couple more years.

[@Theretirementnerds]

Sounds like a good plan! 🔵

[@fl031468]

Green is my favorite color! I have about 10 years to reach 65 but I have started educating myself to get prepared. Thank you for your video!

[@Theretirementnerds]

Thank you for watching! 🟢 This could all look much different in 10 years 😬

[@MHCQ3]

It’s saved me tons of money, was on a work plan provided by my large international corporate employer, and when I stopped working it was simple to choose gap ins and drug plan. My insurance costs dramatically dropped once I was on Medicare.

[@jsverner]

All of these details make my face turn GREEN. Thanks for the help and information!

[@Theretirementnerds]

Thank you for tuning in! 🟢 Wish it wasn't so complicated!

[@garywhite2050]

Didn't feel.. blue.. Eric. I've never ever thought you were long-winded. Not once did it ever cross my mind that you could have used less words. Did I mention that I've always thought you were almost surgical with your delivery, never including things, like words, that were not absolutely, one hundred percent, no doubt about it, sure as sure can be, necessary or needed or pertinent and perfectly placed. I kid, but not really. Your videos are amazing. You're a national treasure.

[@Theretirementnerds]

You are too kind, Gary. I appreciate you taking the time to watch these and your support :) 🔵

[@wendysherbert3257]

Purple! I am 57 now and just was forced into retirement after 20 years. Soooo…..this was extremely helpful! Thank you!

[@Theretirementnerds]

So glad it was helpful! Thank you for watching! 🟣

[@LesserMe]

Forced?

[@geraldmahoney4856]

I’m retired military. In order to keep my Tricare insurance, I have to get Medicare at 65.

[@Theretirementnerds]

Correct! Don't let anyone talk you into dropping Tricare. It is amazing.

[@saraw8503]

Same. I pay for Medicare, but Tricare for life is free. Hooray!

[@clwest3538]

Tricare told my dad that as long as he was working and covered by insurance he didn't need to sign up for Medicare at 65 - he worked until 70. Then when he signed up for Medicare, Medicare penalized him for not getting it early - even though he had full company insurance (large company). Left hand doesn't know what the right hand is doing or what is the law/regulations which cause 'normal' people to have to overpay.

[@geraldmahoney4856]

@@clwest3538 I was forced to stop working at 60 due to a work place accident. When I got off disability I decided to retire from the company. I don’t know what would have happened if I continued to work past 65.

[@Reed-2big]

@@clwest3538your company insurance should provide an affidavit that says you were covered - it reduces the penalty.

[@groovyguru2023]

Green: I am 64, have a great group plan with BCBS, still working, love my job, good quality of life. This video helped me to understand more on Medicare and some options for me. Thanks!

[@Theretirementnerds]

So glad it was helpful. Thank you for spending time with me! 💚

[@alanwilson5965]

Sky blue. Thank you very much. I thought I had to take Medicare at 65. I am in Healthcare and did not know that. Awesome info!

[@Theretirementnerds]

Glad it was helpful 🙂💠

[@lmcwill0502]

I have over 38 years experience in the insurance industry . Always take Standard Medicare A snd B stay away from Medicare Disadvantage plans that private insurance companies offer. Those plans are an advantage for the big rich insurance companies .

[@huongyn8808]

Thank you so much for sharing. I have 2 relatives reach 65 next year. Should they sign up for all parts?

[@chipcook6646]

Advantage plans have part D no 20% payout on A & B

[@earletw]

Just turned 65 still working for county government with Aetna group insurance. Should I sigh up or wait till I stop working?

[@chessmaster1115]

What about part A, B and part D ?

[@chessmaster1115]

@@chipcook6646 Part D is for prescription drugs. I think its part C with all the extra things when it becomes Advantage plan with the Vision and dental coverage they usually include.

[@dienekes4364]

Red: This is the first of your videos I've seen and immediately subscribed. I'm turning 63 this year, so starting to research my options for retirement. I'm currently working for a multi-national corporation with "decent" healthcare (considering I'm in the U.S., which has, on average, horrible healthcare) and thought I'd basically be forced into Medicare at 65 no matter what, so this video was VERY helpful. I do have an HSA through work and didn't realize I'd lose that benefit. I'm currently planning on postponing my retirement until 67 provided my current employer keeps me that long. If they let me go, I will immediately retire at that point so I can focus solely on my real estate investment business. I've been a remote worker for the last 7 years and the last thing I want to do is go back into an office and start over with a new employer.

[@Theretirementnerds]

So glad you found us amd so happy this was helpful! 🔴

[@anthonygardner400]

No apologies needed! Talk as long as you’d like. Your information and insights are always helpful. Time for me to get outside and check out these beautiful Minnesota blue skies!

[@Theretirementnerds]

Thank you, Anthony! Love Minnesota 🙂

[@anthonygardner400]

@@TheretirementnerdsI agree. Most people are surprised at how nice it is (other than in winter!).

[@kathymarie1962]

Green! I am 61 and appreciate all of your videos as I'm trying to decide when to retire.

[@Theretirementnerds]

Thank you for tuning in! 🟢

[@mrastroboy33]

I just find your channel ! New Subscriber ! I am 62 years younger , and planing early retirement at 631/2 for health reasons I work for 40 plus years , what are the penalties for for early retirement Thank you so much for All you help ! Keep the Great Job ! 🎉

[@Theretirementnerds]

@@mrastroboy33 no penalties from a Medicare perspective for early retirement. Social Security benefits are different and are more based on when you start taking Social Security. Thank you for tuning in and subscribing!

[@rhysarthur7305]

Excellent Video. You presented difficult material very well. Thank you! (I like all the colors too!)

[@imarc1701]

This video is spot-on excellent! I am 65.5 and was really impressed and pleased that you covered the option not to sign up for Medicare, not even Part A, if you’re contributing to an HSA. That’s my situation. There is one important detail I was told that you didn’t mention: one must cease making HSA contributions a full six months before signing up for Medicare. Because of that, I switched my retirement date to the end of June. This way, I can put the annual maximum contribution into the HSA until end of year. (My company’s payroll system won’t let me contribute more than 1/26th of the HSA maximum per bi-weekly pay period.) For my final half year of employment, I will select a medical plan with a lower deductible and no HSA option. Also - Purple is my favorite.

[@Theretirementnerds]

Thank you so much for watching! Here is a video with more details on the HSA and it happens to have purple in the thumbnail 🟣🙂 kzbin.info/www/bejne/rnzYiXiln9uXo6M

[@sharonj1415]

It’s a shame how this country treats its seniors ..ppl need good healthcare at 65 as well as their money they worked so hard for..smh

[@MikeA15206]

But we are safe from socialism.

[@92Rocks]

@@MikeA15206 Bring in endless hordes and how TF can we pay for it. Look at dying Sweden, they let in the trash.

[@zita-lein]

Hello, little darling! Favorite color is blue! I’m 67, still working. Extremely large organization, great benefits. Weighing pros and cons of the right time to retire. Thanks for the great video! Hitting the FEHB one next! ❤

[@Theretirementnerds]

Thank you for watching! 🔵

[@eduardooramaeddie4006]

I did call social security to verify my age at 66 and 4 months ,when I reached that age ,they did send me a letter to confirm that I had reached the retired age

[@blujeans9462]

Retirement age (full social security benefits) vs. Medicare eligibility are different.

[@ChrisRI1000]

I got Medicare asap. I also got the best gap insurance too. But if there’s one thing I learned DO NOT get an Advantage Plan except for very specific cases.

[@kevinmartin6444]

I did the advantage plan for the first couple of years for the dental ($2k), vision and hearing benefits. The $50 per quarter for vitamins, reading glasses, hiking poles, etc., and free health club membership was nice too. After a couple of years I will get the gap coverage as I do have some health issues that could result in hospitalization and the gap coverage is much better in that scenario.

[@SNG_User]

I appreciate this video. Because I've served the good old Red White and Blue, I'm currently under VA health care. With one more year before 65, I'll need to be looking at the options with Medicare.

[@blujeans9462]

As I neared that magic 65 number (working full time) I thought long and hard. I put in my resignation for a month after my 65th birthday - helped them find and train my replacement and said 'bye-bye'!! THE best decision I ever made. Zero regrets. One reason (not the primary reason) was my agent explained that if you do not take it at 65 there are penalty-dates (as mentioned in the video) - so many that I didn't want to get caught forgetting something and have that effect me 'for life'. Way too many 'gotchas' to have to worry about. Taking it when I'm supposed to was ez-pz. :-)

[@gracekarina7186]

I’m happy for you. When you say agent, who exactly do you mean? Thank you.

[@blujeans9462]

@@gracekarina7186 Although prior to my 65th birthday I had set up an account and applied for my social security benefits to kick in about a month after I retired (yes, I took a 5% reduction - which came out to be about $100 less per month) - along with the Medicare benefits to kick in at 65 - but I wasn't sure about supplemental insurance plans or prescription drug plans. So, I called up an online company that dealt with such things - after being bamboozled with a local agency. :-) I spent 'hours' with the agent going over, in detail, everything that was available, costs, etc. - including the ramifications if I opted out. After I felt super comfortable with all the options, I selected my supplemental Plan G and my prescription plan D. Again, after he told me all the things I would need to do if I decided to delay receiving these coverages, I knew it was never going to be any easier than right that moment, so he got all my coverage set up and I was good to go. Although I review my options every few years, I have opted to keep the coverage that I selected back then - going on 6 years now. No regrets!

[@snave59]

There is no penalties if you keep working past 65,with insurance.

[@gurujr]

Your penalty free window is six months. Three months before and three months after you sixty fifth birthday to apply for Medicare. Even I couldn't screw that up.

[@clwest3538]

@@snave59 yes, yes there are ... my dad worked to 70, full coverage from work. Signed up at 70 and was penalized (he also had Tricare)

[@BillGreenAZ]

My favorite color is teal. Thanks for helping to clear up this topic.

[@Theretirementnerds]

Happy to! Glad it was helpful!

[@tonychilds884]

Great topic...I'm 56, retired and my wife and I are using Samaritans ministries. Our plan is to eat and live as healthy as we can, spend time sailing and getting good advice like this:)

[@alexher-fedup]

the man with all the answers young and healthy talk to me when your 65 and sick …

[@Theretirementnerds]

Watch the video

[@sebbonxxsebbon6824]

Still working, no health problems, can keep my insurance when I retire as long as I keep insurance. I am NOT taking Medicare until I retire!

[@peetfj]

Great information. I'm only 60 so I have a few years before I have to make this decision but with the info you provided then I know I will NOT be selecting to receive medicare. My wife will still be working. I am on her plan and we have an HSA. I wish I had educated myself earlier about the benefits of an HSA since this is our first year with it. Thank you for this information.

[@Theretirementnerds]

HSAs are amazing! Thank you so much for spending time with me!

[@xltek1]

My sister is 64 yrs. old, on Oregon Health Obamacare, many health problems, terrible service, wait 6 months for appointments, and then gets rescheduled. I hope she’s still alive when she can get Medicare @ 65.

[@Theretirementnerds]

I hope she is too!

[@MarcutsuSpoon]

@@xltek1 that is NOT the insurance it is lack of healthcare personnel. Same issue here in Washington. I have great BlueSheild through my employer and my son has to wait 5 months for his first appointment. Not ACAs fault.

[@xltek1]

@@MarcutsuSpoon who’s fault is it?

[@donrice8026]

its called selective living if he had anything to do with medicare he make that selective living too !!!!!!!!!!!!

[@DavidBrown-fs7ml]

I love all colours. But I'm partial to green. Thanks for the information

[@Theretirementnerds]

Appreciate you watching! 🟢

[@rjm7168]

My wife and I fall under 1 and 2. It took me a while to figure this out but it's nice that your video confirms what I found.

[@Theretirementnerds]

Thank you for tuning in!

[@RetrieverTrainingAlone]

I took Medcare at 65 and saved over $25,000 in health insurance premiums. It was an easy decision and one I have not regreted.

[@Theretirementnerds]

That's great! Sounds like you fall into the scenarios at the end of the video 🙂

[@nickwelch8057]

In what way did it save you the 25k? I’m getting read to file soon!

[@Theretirementnerds]

@nickwelch8057 here is a general idea of costs on Medicare (varies based on where you live) kzbin.info/www/bejne/inumdmemgNR-rMU To save $25,000 has to be over several years with an employer plan that has premiums much higher than Medicare premiums in that video.

[@RetrieverTrainingAlone]

@@Theretirementnerds I saved over $25,000 in annual health insurance premiums by enrolling in Medicar. Such an easy decision!

[@RetrieverTrainingAlone]

@@nickwelch8057 The open market premium with Premera (AK & WA blue cross) was over $25,000.

[@JustMe-qq3rc]

Purple is my favorite color. Thank you for your explanation on Medicare.

[@Theretirementnerds]

Thank you for watching! 🟣

[@krane15]

I like the deep rich purple. But I"m partial to the saturated reds too.

[@jersey-chic]

My fav color is Blue! Great video, I subscribed to your channel and now need to deep dive into this as I am still working, have my co open enrollment coming up and turn 65 in January! Thanks for creating this channel and helping to shed light on the Medicare Maze!!!

[@Theretirementnerds]

So glad you found us! Thank you for watching! Here to help however we can. 🔵

[@terrifiorelli9819]

I took mine at 65 and it is the best thing I did. I can suggest, do not take an Advantage Plan.

[@sharonj1415]

I work with medical billing and I totally agree with you!!!

[@Cathy0915]

Why not take Advantage plan. Please enlighten me.

[@peacefulruler1]

@@Cathy0915 advantage plan makes the insurance company as your primary coverage and puts you at the mercy of an insurance company…they can deny you coverage which is getting more egregious. And coverage is not as good as a Supplement plan. There’s a reason why it’s so cheap

[@marieporter6649]

Blue

[@janemoore7326]

The supplement premiums continue to increase every year and it does get very costly for much older folks.

[@garymyers7506]

I retired at 65 and don't regret it one bit. That was in 2018.

[@krane15]

No reason you should. What good is more money if you're too old and feeble to enjoy it?

[@JohnsJohnson-ns5xm]

61 and feel the same way. Loving life my way.

[@donnazukadley7300]

How can you afford it?

[@chloerodgers692]

@@donnazukadley7300 some people plan. I retired at 56 because I saved and planned.

[@palmspringsmarythomson6354]

Silver! Just found your channel and so glad I did! We're both on ACÁ and I turn 65 next Oct. I'm going to go through your videos.

[@Theretirementnerds]

So glad you found us too! Thank you so much for watching! Here to help however we can. ⚪️

[@aprilstearns9104]

Although I was working for a large company when I turned 65, I went on medicare with a good supplement because my work plan had a large yearly deductible. 4 months later I was diagnosed with cancer. Medicare plus my supplement paid for nearly everything. My employer insurance wouldn't have been nearly so good.

[@Theretirementnerds]

Thank you for sharing your experience! I hope all is well!

[@aprilstearns9104]

​@Theretirementnerds I am now 6 years cancer-free, so it all worked out. I was fortunate in that I have no medical bills as I would have with my employer insurance.

[@eduardooramaeddie4006]

Thank you for this important information 🙏🏻 Eddie 🇵🇷🇺🇸

[@terrib3566]

Thank you for this video. I just turned 65, and I am still working fulltime, with full health benefits. Your explanation was very clear and helpful. They are a lot of "myths" out there about Medicare! Oh, and my favorites switch depending on my mood, but red and black :)

[@Theretirementnerds]

Thank you so much for watching! :) ⚫🔴

[@Jesusismyonething]

I got my husband on Medicare the very day he was eligible. His medical insurance was costing us over $12K/year. His max out of pocket (which he had been reaching every single year by February or March) was outrageous since Obama’s terrible insurance overhaul went into effect. We are saving thousands of dollars by him switching to Medicare 🙌🏼

[@Theretirementnerds]

Thank you for sharing. Not sure how far you made it into the video, but situations like this are definitely addressed :)

[@Jesusismyonething]

@@Theretirementnerds I watched the whole thing. Thank you! The title might better be “When is the best time to take Medicare…” 👍🏼. Waiting can indeed save you thousands. Or not waiting, as the case may be.

[@thomass5169]

When it is this complicated, you know the government has decided to help.

[@ericgofreed1651]

It is complicated because we don't have universal Health Care Universal healthcare in the United States would ensure all citizens access essential services without financial barriers, improving health outcomes through preventive care and reducing costs with pooled resources. It could enhance economic stability by easing financial burdens on families and boosting productivity, fostering social equity. Challenges include funding, system transition, and political complexities, but international examples suggest potential for improved healthcare quality compared to the current fragmented US system.

[@thomass5169]

@@ericgofreed1651 Okay comrade. But no. Your Marx 101 really took.

[@balloney2175]

A million to this gentleman!!! Now, I know about taking or not taking Medicare yet. KUDOS!!!

[@Theretirementnerds]

Thank you so much for watching!

[@SilkeLike]

Discovering that if I retire abroad for a decade and secure individual health coverage where I would be living, I would still be obligated to pay the Medicare penalty upon returning to the US left me feeling immensely frustrated. It's as if a fuchsia haze of exasperation has tainted the vibrant magenta dreams of a seamless transition back home, reminding me of the lingering consequences of my decision. While I understand the economics of the penalty, it still makes me feel indigo.

[@Theretirementnerds]

Well done on the colors 👏 It is frustrating, isn't it?

[@kallasusort2986]

We seniors have EARNED our Social Security and Medicare. Take both of them as soon as you can. Our politicians have the BEST Medical Plan - we all deserve that too,

[@SandfordSmythe]

Federal politicians are on Medicare

[@NuggetMaven]

Not just earned it, we PAID INTO IT for decades.

[@SandfordSmythe]

@kallasusort2986 Congress is on Obamacare. The others have good but not the best plans.

[@davebrown5223]

Quality of presentation and knowledge provided is way above average. Thanks!

[@Theretirementnerds]

Thank you so much!

[@jdtravels5140]

Unfortunately, if you are a retired military veteran you have no choice. Tricare mandates military retirees start Medicare at 65.

[@ericgofreed1651]

FORTUNATLY

[@SewingBoxDesigns]

Not actively working, retired early to care for handicapped husband. At 3 months to 65, was bombarded, literally coerced and railroaded into Medicare, threatened with extra fees, extra co pays, you name it. This year it's hubby's turn. Thank goodness we have a good insurance plan that covers the BS of Medicare. They always say "thank you for choosing Medicare" so I ask what choice, there was no choice, at least not in California.

[@Theretirementnerds]

Thank you for sharing!

[@1TalldrinkH2O]

I have some years before I have to make these decisions, but your information is golden. Thanks

[@Theretirementnerds]

Thank you for taking the time to watch! 💛

[@r8chlletters]

It really sick that work and healthcare are tied together. If you are 65 or older chances are you have a number of health related concerns. The only way to ensure people aren’t navigating a maze is universal healthcare.

[@Mitzi73]

Disagree. In Canada the government is very cheap with healthcare and encourages people to commit suicide of they have long-term illnesses. Google MAID Law in Canada.

[@Ayyeliki]

GREEN! keep up the details, thanks! Now I’m off to your FEHB one just to be sure I’m not missing anything- tho I hope to work past 70, God willing! 🥳🥳

[@Theretirementnerds]

Thank you so much for watching (to the end!) :)

[@cgreen6369]

Purple. As a federal employee retiree, I'm also off to watch the FEHB one, as I need clarification. I took Medicare at age 65 because I thought you had to. Fortunately, s retirees on FEHB have great coverage (one of the reasons I became a federal employee in the first place; I was looking ahead to my health insurance after I retire).

[@ThinkAboutTheWow]

Eric, this is the first time I viewed your channel. Excellent video. Well done, useful content and various scenarios well articulated. The "if, then" combinations are great. Thank you for your contribution.

[@Theretirementnerds]

So glad you found the channel! Appreciate your kind words!

[@belindahenson6170]

I am a lot less blue after watching your video. I have been struggling to decide what to do considering that I have to sign up for my company insurance plan for next year and thought that being forced to sign up for Medicare next May would force me to stop contributing to my HSA. Thanks to your very informative video, I now know that I can postpone signing up for even Medicare Part A without penalty until I am ready to retire in a couple of years. Thanks for putting my mind at ease. I subscribed to your channel - anxious to see what other pearls of knowledge you have to offer.

[@Theretirementnerds]

Thank you so much for spending time with me! So glad it was helpful and put your mind at ease :) 🔵

[@SFGriego]

Red!: Thanks for the information; very much appreciate it. You weren't long-winded... it's a lot of information to explain where some level of detail is just absolutely necessary.

[@Theretirementnerds]

Appreciate you spending time with me! 🔴

[@KC-qc7pn]

Blue. Greatly appreciate the info. you provided. I am retired, but I am not 65, so I have a little time to have a good look into the topic of Medicare before I make a decision. I subscribed to your channel because I am looking forward to watching your other videos on this subject. Thanks for clear and easy to follow explanations. 👍🙂

[@Theretirementnerds]

Thank you so much for watching and subscribing! 🔵

[@richardsmith4795]

I will be 65 in a couple of years. Thanks for all your helpful information.

[@Theretirementnerds]

Thank you so much for watching!

[@stephenbonaduce7852]

I just found your channel! Although I'm eligible for Medicare, my wife is still working, so I didn't take it--until I started taking my Social Security payments upon reaching FRA. THEN the government forced me onto Medicare Part A. But I haven't signed up for anything else yet, until next year, when the wife joins me in retirement. I had made my own investigation about whether or not I had to sign up for Medicare (and I came up with exactly the answers you outline in your excellent video). I knew there were penalties if one doesn't follow Medicare's rules, but I was NOT aware of how steep those penalties are, so I appreciate the warning. We will absolutely sign up during our election period for everything we need. And for your daughter: my favorite color is GREEN! 🙂

[@Theretirementnerds]

So glad you found us! Thank you for watching! 🟢🙂

[@gretchenoppriecht3726]

The colors of sunrise are my favorite. Very informative video. Thanks.

[@Theretirementnerds]

Thank you so much for watching! 🌞

[@mikeperry2814]

Blue and Purple! Thanks for the video! I'll soon be navigating these waters as I am 63 1/2. Your 15min. video length is perfect.

[@Theretirementnerds]

Thank you so much! 🔵🟣

[@aladyandherdog]

Pink. I’ll be 65 next year and work in a company that has over 600 employees. I will delay getting Medicare because their insurance plan is a good one and pays for naturopathic medicine, too. Not too happy that when I apply for Medicare, I cannot contribute to an HSA any longer. Doesn’t seem right. Thank you so much for your videos. I’m still learning and trying to make my way through this very confusing thing.

[@Theretirementnerds]

Thank you so much for watching (to the end)!

[@irmaradinson2320]

I am 64 today still working full time. Your information was just in time. - purple

[@chemingway1908]

Blue is my favorite color. I am working at 67 and happy to stay on my work health plan. It is cheaper and I get to keep my HSA. This video has proven that my decision not to take Medicare was valid. I appreciate your knowledge.

[@Theretirementnerds]

Thank you so much for taking the time to watch! 🔵

[@lindap7983]

Red! Great video, Thank You! You answered so many of my questions on what to do. I will be 65 in a few months and have been trying to figure this all out. Just found out yesterday about the Part D for prescriptions and now wrapping my brain around that nonsense. I’m blessed to not currently be on any meds. My husband is still employed with a large company (several hundred employees) and we have insurance and prescription coverage through his employer. So if I’m understanding this correctly I can get the Part A now and wait to get Part B and Part D until he retires without a penalty. When he retires we will have no insurance or prescription coverage. Feel free to chime in with any comments anyone.

[@Theretirementnerds]

You nailed it! You can stay on his plan until he retires and you lose benefits. Make sure his company gives you the letter stating you have a "creditable drug plan." They are required to do this by law for their employees, so they should know what you're talking about.

[@gamk8348]

I love the BLUE on your wall! Your daughter is adorable! Thanks for the info! I will never understand why Medicare is SO difficult! It’s too much for some of our elderly!

[@Theretirementnerds]

Appreciate you watching! 🔵 She is a cutie 👧🏼 It is crazy complicated. Trying to help with that, but they don't make it easy

[@lisabeen]

Thank you so much for this great, explanatory video. And, no, you did not give too much detail. I now have much better clarity. It was perfect and randomly appeared as a KZbin suggestion right when I asked my husband about this very subject. No, google is definitely not listening to my every word. Resistance is futile.

[@Theretirementnerds]

Haha! That's a little eerie... glad it showed up though 🙂

[@bluereef2611]

Thank you for the comprehensive yet clear and well prepared presentation! Very informative!

[@karlateague1083]

Thanks for a clear blue explanation. I'm older than my working spouse, so I'm acquainting myself with the ins and outs of this.

[@Theretirementnerds]

So glad it was helpful! Thank you for watching! 🔵

[@TimmyMoza]

New Sub. Will be 65 in Feb-25 and starting to pay attention and research/plan. Thanks for your info sources. Oh… yeah and Blue.

[@Theretirementnerds]

So glad you found us :) Thank you for subscribing and sticking through to the end! 🔵

[@Carepedoit]

Color me grateful for your advice! I am going to probably come back to this several times as I start to enter retirement age. Wish me luck!

[@Theretirementnerds]

Good luck! 🙂 Thank you so much for watching!

[@k.crosbie261]

Thanks for the detail in this video. The sky is blue in Iregon

[@Theretirementnerds]

Thank you so much for watching!! 🟦

[@jeffbille]

My favorite color is royal blue. I appreciate your shows and I especially enjoy your shoes that collaborate with your financial advisor partners… You do a great job of asking them questions that are on all of our minds… Thanks, Jeff

[@Theretirementnerds]

Great color choice! 🔵 appreciate you watching!

[@joyeeathome]

GREEN. I am green when it comes to Medicare. Thank you for being long winded. I enjoyed and really appreciated the thorough and detailed explanation. I prefer it this way!

[@Theretirementnerds]

Thank you so much for sticking around to the end! :) 💚

[@katleman]

Thanks for the video, distilling the gray areas of Medicare @ 65

[@Theretirementnerds]

Thank you for watching! ⚪️

[@anthonyprice3614]

Very informative I worked with my HR Specialist before I retired from Federal service. Senior talk a professional at 64 plan for you and your spouse

[@GottaDance56]

Thanks for this information. Im 68, still working and have excellent medical through my job thats primary to Medicare Part A. Glad i had both when i had my total hysterectomy as I paid zero out of pocket for the hospital ($56k for an overnight stay). I saved a lot of GREEN!

[@Theretirementnerds]

Thank you for sharing! 🟢