Maximize Your Medicare Newsletter January 2, 2015
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UPCOMING APPEARANCES: January 9, 2015: Saginaw Rotary Club Sunrise, Davenport University, 5300 Bay Road, Saginaw MI 48604, 8AM January 9, 2015: Midland Trailside, Senior Services Main Bldg, 4700 Dublin Ave, Midland MI, 48642, 11:45AM
HAPPY NEW YEAR! Thank you for all of your support throughout 2014. In 2015, We’ll do our best to provide information about retirement planning. We’re biased, but the most important cornerstone, the one that affects the most, is Medicare.
General Enrollment Period Jan 1 - Mar 31 If you haven’t enrolled in Medicare, and are over 65, the time is NOW to enroll in Medicare. Let’s say you are not covered by a group plan, and your birthday is after September 30, 1949, then your Medicare Open Enrollment Period has expired. The General Enrollment Period for Medicare Part A and Part B runs from January 1 through February 14, 2015. You must contact the Social Security Administration or call Medicare directly in order to enroll in Medicare Part A and/or Medicare Part B. Note: this does not apply to Medicare Part D. If you have no prescription drug benefits, then you will need to wait until October 15, 2015, the beginning of the Annual Election Period. You may be subject to a Late Enrollment Penalty If you have not enrolled during your Medicare Open Enrollment Period, then you may be required to pay a Late Enrollment Penalty, which is 10% per 12-month period that passes, following the end
SEND JAE YOUR PERSONAL QUESTIONS and REQUESTS Jae [at] maximizeyourmedicare [dot]com or CLICK THE ICON FREE ANDROID APP: You enter Date of Birth, and check some boxes. Depending on your answer, out comes a checklist of issues to consider. A perfect place to start for those new to Medicare.
Maximize Your Medicare Newsletter January 2, 2015
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General Enrollment Period (continued) of your Open Enrollment Period. The “kicker” is that this Late Enrollment Penalty for Medicare Part B never expires. There are certain cases when the Late Enrollment Penalty can be waived. Generally speaking, those that qualify for one of many financial assistance programs towards Medicare premiums do not pay this Late Enrollment Penalty. Medicare Part B becomes effective July 1, 2015 for those that use the General Enrollment Period. In addition, you have the ability to enroll in a Medicare Advantage plan between April 1, 2015 and June 30, 2015, without restriction. What happens to the Medicare Part D Late Enrollment Penalty? If you do not receive prescription drug benefits through a Medicare Part D plan or other prescription benefits plan that is deemed to be “creditable coverage,” then you will continue to accumulate the Medicare Part D Late Enrollment Penalty, which is 1% per month. That timeframe began when your Medicare Open Enrollment Period ends. The reason that this is mentioned here: one reason to enroll in a Medicare Advantage plan that includes prescription drug benefits during this period is to stop accruing the Medicare Part D Late Enrollment Penalty. Since there are Medicare Advantage Plans that do not have a premium, this option should be examined thoroughly.
SEND JAE YOUR PERSONAL QUESTIONS and REQUESTS Jae [at] maximizeyourmedicare [dot]com or CLICK THE ICON FREE ANDROID APP: You enter Date of Birth, and check some boxes. Depending on your answer, out comes a checklist of issues to consider. A perfect place to start for those new to Medicare.
Maximize Your Medicare Newsletter January 2, 2015
Connect and Share Maximize Your Medicare everywhere:
People don’t know how Medicare works. People you know may not discuss it with you for personal and private reasons. This should NOT be mistaken as: “My friend doesn’t talk about it, so he/she get it.” Help them: share this.
General Enrollment Period (continued) Does this seem complicated? It is complicated. If you have not enrolled in Medicare Part B during your Medicare Open Enrollment Period, then now is the time to enroll. You may require professional assistance to ensure that everything is in order. It should go without saying: the best way to avoid this complication entirely is to make sure that you understand the important enrollment dates, and not play “too close to the boundaries.” Remember that things can go wrong, at the worst possible time. In the case of Medicare enrollment, the consequences can be very costly.
Cancelling your Medicare Advantage Plan If you want to cancel your Medicare Advantage plan to change to Medigap, you can read the rules from the December 17, 2014 issue of the Maximize Your Medicare Newsletter. The Medicare Advantage Disenrollment Period runs from January 1 through February 14, 2015. There are important factors to consider before choosing this path. A. You cannot simply use this period to change to another, privately purchased Medicare Advantage plan, UNLESS you are in the 12month Trial Period, which began the first time that you purchased any privately-purchased Medicare Advantage plan. B. If your Medicare Advantage plan included prescription drug benefits, you will be able to enroll in a standalone prescription drug plan (Medicare Part D).
SEND JAE YOUR PERSONAL QUESTIONS and REQUESTS Jae [at] maximizeyourmedicare [dot]com or CLICK THE ICON FREE ANDROID APP: You enter Date of Birth, and check some boxes. Depending on your answer, out comes a checklist of issues to consider. A perfect place to start for those new to Medicare. And...It’s FREE.
Maximize Your Medicare Newsletter January 2, 2015
Connect and Share Maximize Your Medicare everywhere:
People don’t know how Medicare works. People you know may not discuss it with you for personal and private reasons. This should NOT be mistaken as: “My friend doesn’t talk about it, so he/she get it.” Help them: share this.
Cancelling your Medicare Advantage Plan (continued) C. These rules do not apply if you receive Extra Help from the U.S. government. You are entitled to make changes (limited to once per month) at any time during the year. That includes an ability to change between Medicare Advantage plans, if you don’t like your Medicare Advantage plan, for one reason or another. D. These rules do not apply if you have recently moved into a new location, have moved into a Skilled Nursing Care facility, or if your group plan was cancelled (either voluntarily or involuntarily). An entirely different set of rules (and rights) exist for you. In these instances, you can contact a qualified expert for guidance.
http://www.jaewoh.com Medicare is the most important starting point. Why? You have control over your choices, the prices are very attractive, and the benefits are protected by federal regulations, and not determined by carriers. There is a reason that I spend time describing Medicare: it is extraordinary financial value, and it allows you to concentrate on other aspects of retirement planning. The other parts of retirement planning are more complicated than Medicare, by far. The choices are more fragmented, the language isn’t regulated. There is complicated language, and complicated math involved. The reality is that these more complicated topics are my strength. You can find out more at the new, cleaner www.jaewoh.com.
SEND JAE YOUR PERSONAL QUESTIONS and REQUESTS Jae [at] maximizeyourmedicare [dot]com or CLICK THE ICON FREE ANDROID APP: You enter Date of Birth, and check some boxes. Depending on your answer, out comes a checklist of issues to consider. A perfect place to start for those new to Medicare.