Understanding the Framework of Medicare with Mary Beth Franklin | Retire Sooner Podcast

Income streams and social security benefits are important aspects of retirement, but it’s important to also consider another critical factor: Medicare. Although Medicare is essential to numerous people across the U.S, it’s a complicated subject with many levels to understand. In the long run, knowing the ins and outs of Medicare can help you better prepare for retirement.
Mary Beth Franklin, a leading specialist on social security and Medicare and writer of a weekly column on retirement issues for Investment News, is back to explain Medicare in this week’s episode. She also clarifies the difference between Medicare and Medicaid, Medicare enrollment, penalty payments, parts A, B, C, and D of Medicare, and health insurance wrinkles.
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Wes Moss interviews expert guests and shares key lifestyle and money habits you can implement now to prepare for a happy and early retirement.
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[@shenabui8367]

Good infos thank u

[@user-qc8vj3vp9v]

Love love Wes Moss - I listen to him in Atlanta on the radio. He offers really good retirement investing advice. He's so sweet and honest I truly love listening to him. Keep up the wonderful work Mr Moss. And keep bringing on great guests like Mary Beth to talk about Social Security as this is really valuable information. 👍🏼🤗👏🙏🏾🕉☮❤💖💗💚💛💟

[@dapperlink]

Savant 🤣 Perfect! I search for and listen to every interview Mary Beth has done. I wished I found her before I made the classic three stooge move. Wasn’t aware what I was doing with income would affect my wife’s IRMAA since she’s already on Medicare. I did a Roth Conversion that kicked her into the next premium level. I became aware of it before it showed up 2 years later. $47 dollars over the threshold! Since then, I’ve studied the interconnections and Tax traps and much more careful! Such a great interview!

[@tinalippincott9823]

Love Mary Beth Franklin; classy lady. Wealth of vital info. So personable! Most importantly, clear explanations!

[@user-qc8vj3vp9v]

Agreed Tina👍🏼👏🏼

[@matt75hooper]

This woman is a national treasure. If she's single I'll marry her today. I will even do all the cooking.

[@user-qc8vj3vp9v]

Totally; Mary Beth is good... she is so knowledgeable, very articulate and explains everything clearly and in an easy to understand manner. Kudos to her. She should be on every TV, radio , cable, podcast channel that exists - she is that good so her valuable knowledge should be shared with the citizens approaching retirement.👍🏼👏🏼💃🏽❤

[@ziolapolo266]

Muy buen video

[@davidh4538]

If you over 65 and covered by wifes work health insurance you will not pay penalties if you don't enroll in medicare. The advantage of waiting is that you can still contribute to a HSA, which you cant do if you enroll. Correct?

[@anabelleleeb.taylor5809]

Thank you so much both of you..very informative 😊

[@aclem8246]

Lets get real. People run through their money because at an advanced age we get sicker. A hospital stay will cost you tens and hundreds of thousands of dollars. Many, many people end up having to sell their homes at the end of life to pay that hospital bill and when they end up leaving hospital they have no choice but to go right into a nursing home. If you have money left over after various hospital stays, but you are now deemed to need supervision and constant care because of dementia, weakness, frequent falls, etc, they will put you in a nursing home and the nursing home which costs on average $4000 per month for a low end one, will drain your bank account and have your house sold to pay for your stay.....and then when your money is all gone you go on medicaid so the taxpayer can continue to foot that $4000 a month bill. It is a racket pure and simple.

[@sarahsunsetpark]

You keep saying when you recap Mary Beth’s review of Medicare that you sign up for AB and C for the three dollar sign program. What I heard Marybeth say was regular Medicare is part a for hospital care part B for doctor visits etc. and then a Medicare gap for other things. Plus a dental separate and vision separate if you need those and part D for drugs. And Medicare advantage is part C and is like an HMO where you have to use doctors within that program and it’s run by private insurance companies. So you need to look at your lifestyle and medical needs and cost to choose the correct program.

[@sinebar]

I don't think I would refer to Medicare as a present. Birthday presents don't typically cost you $174 a month.

[@pattyovaert8124]

She left out that Medicare part A is only free to a person if they have worked 40 quarters before they take part A. Otherwise one would have to pay a premium for part A & are also subject to IRMA'S for the rest of one's life. Consult Medicare for all your questions before you even start the process of signing up for your Social security & your different parts of Medicare. Make sure you know the time periods you must sign up by to avoid getting lifetime penalties & understand the differences between Medicare Advantage plans & Medicare Supplement plans. With the so called Advantage plans you will pay lower premiums ( sometimes) compared to MEDIGAP supplement plans but you will pay for services as you use them & they don't pay much if you have to have chemo & alot of SCANS & labs etcetera that goes along with a Cancer diagnosis. One also will need treatments & procedures pre- approved by the Advantage plans cause it's managed care. They determine what services one is allowed to have & have paid for & not your doctor unless you decide to pay for the whole thing yourself. Also one must use their services in their network of providers & pay up to the YEARLY deductible before they cover the services at 100%. Each year the deductible will reset on January 1st & doctors also can drop from their Network at ANYTIME throughout the year. You get what you pay for. If you can qualify for Medicaid & / or the Medicare EXTRA HELP PROGRAMS TRY TO GET THEM as I have because of low income & low resources. You must apply for these benefits & meet there requirements for the financial help with possibly paying your Part A,B,& D premiums, copays, coinsurance etc. The less money you have the more stuff the state & Medicare will pay for you. They are covering everything for me. I just turned 65 in August. You must sign up for Medicare A, B, & D before you can apply for these programs. Try because they have raised the income limits to qualify so lots more people can now get help. It's been a blessing for me so far. Do research into all the government programs available cause these are the best kept secrets hardly anyone tells you about. I'm not gonna collect my Soc Sec till I'm 70 so it can grow more but I may not be able to get the "EXTRA HELP PROGRAMS " after that cause I may not meet the income rrequirements after that unless they continue to raise the income limits & resource limits to qualify later on still. I don't have to get a n Advantage or MEDIGAP plan either as Medicaid in Indiana is gonna cover whatever my original Medicare A&B doesn't cover (the 20% on part B & the Part A & D Deductibles, copays, coinsurance etc. I just have to pay Medicaid $240 every 3 months for all of this cause I'm still working & am just under the income limits to qualify. They give you a certain amount off if you income is just from working & you're over 65. Once you add Soc Sec & a pension later on then you probably won't qualify. Who knows? I will keep applying every year regardless as income & resource limits can possibly change each year. I have this coverage guaranteed till December of 2023 they said. You can't get a MEDIGAP supplement plan though while you have this so I may not be able to get one later because of my many medical problems & will be past my 6 month guaranteed acceptance period where they would have to issue me a policy no matter what. So I would have to get an Advantage plan instead later if I end up losing my Medicaid & "EXTRA HELP PROGRAMS ". I probably couldn't afford a MEDIGAP policy anyway for the rest of my lifetime anyway as they go up in cost yearly over time. Good luck retirees. It's been hell for me to pay my bills even with this help. I'm still really struggling to survive I only get $23/month in food stamps. I make $1400 a month gross. After taxes it's under $1200/ a month take home.

[@lsabik88]

I got hit. Healthy all my life, never took drugs. Drug plan meant nothing to me - until the penalty hit me. I still take no drugs - not even aspirin.

[@bennguyen1313]

My mom lived most of her life in the U.S. (U.S. citizen), but retired back to her home country when she was in her 50s. Since she has full health insurance in Vietnam, she never enrolled in Medicare/Medicaid. Now in her 80s, and would like to visit more often, but is afraid of not having health-insurance while she is here. I understand the first step would be to sign up for Medicare A+B, but is there a calculator and/or the circumstances she should file a 'reconsideration request'? Also, is medicaid an option? I understand that is for low-income, which she probably falls under, but would my income be used to determine her eligibility?

[@lindasibal2595]

Where is Mary Beth Franklin located in the country.

[@jeffreyg201]

THIS IS BECAUSE OF CORPORATE AND BIG PHARMA GREED.

[@lindasibal2595]

Can you explain to me what is IRMAA

[@lindasibal2595]

WHEN I RETIRED AT AGE 71.I CLAIMED MY SSS BENIFET.WAS MY MISTake I did no retire at 70.My premium for Medicare part B=$352.20 instead of $135.50(standard).

[@joannemeeks745]

This lady is brilliant!

[@gaulualiaga4587]

What if I have insurance through my husband’s work. Is that count to delay medical?