Medicare – important tips to be aware of for enrolling yourself or your parents in Medicare

Last week, our blog was focused on Medicare, and ensuring that you are aware of the time frames relating to when you can sign up and when you should have signed up by.

This week I would like to take a further look at Medicare, by helping you understand a few more key facts.

  1. Income levels are important when it comes to Medicare
    1. They look at your last two years of income
    2. How much you pay for Medicare is determined by this
    3. There is a “two-year cycle” – if you retire at 65, your income from ages 63-65 is going to be different from your retirement income, so you may pay more initially, and it will reduce over time.
    4. Your marital status is considered here as well
    5. There is an income limit that determines what you will pay for Medicare
      1. If you are above the limit, it is tiered accordingly.
      2. If you still earn income upon turning 65 years, and are not retired this will affect your Medicare too.
  1. Come and chat with me when you turn 63
    1. Yes, you read that correctly – Sixty THREE
    2. This way, you have two years to go until signing up, and I can advise you and help you make necessary decisions., especially if you are planning to retire after 65, or during the next two years.
    3. Some people retire before 65 or 63, and the income threshold is usually not a problem unless they have a lot of retirement income.
  1. Remember to consider supplementary services when looking at Medicare
    1. You may need vision or dental services, and add these on.
    2. You may have a gap in your Medicare coverage in these areas – I can help you navigate that.
    3. Again, your unique situation will apply and it is always best to set up a consultation with me.

If you need any help with Medicare please feel free to reach out to me. 

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