Why do I want to retire now? Main reason is my health, Not sure how much time I have left.
Timeline
2022 November 01-06 (Done)
Enroll in Medicare Part A & B
Withdraw 20,000 (16,,000 after taxes) from annuity
2022 November - Dental and Vision for Both of us (Done)
Apply Social Security - January 2023
Apply for ACA - Donna November
Pre-plan after retirement
Lolo - replace Century Link
Lolo - Wells - POA
Get Honda fixed
Get roof fixed
Air conditioner check up
Lolo - fix plumbing
Lolo - clean patio
Finish coffee table Steph/Sarah
What's the plan for retirement?
Pay off the house with IRA.
Current balance $109,000
Will be taxed as ordinary income
Hopefully use extra money
Air conditioner/hvac
New roof
Fixed income annuity - add an income rider, lifetime income riders LIFO
Took out 10% of annuity (16000 after taxes)
Add term life insurance (too expensive)
Voya 401k
$5000
add to new roof
car maintenance / new tires?
mini vacation
What will I do?
Buy and install new cooler (or fix old one)
Wood projects
Resurface both all bathroom counters
Paint the inside of house
Maybe resurface the kitchen cabinets
Maybe resurface the kitchen counters
Backsplash
More time for church stuff
Support Donna while she works
All cleaning, laundry, cooking
Spend more time with Lolo
Clean his house
Take woodworking classes
Babysit when needed
Remove Pool heater (need dumpster)
Play WoW
Social Security
How much per month - as of now it's $2448 month
+8.7%
64.11 = 2494
65 = 2510
65.6 =2610
65.8 =2641
66 = 2703
66.6 = 100 = 2804
Option A:
Use IRA to age 70, then draw SS
If cola is lower 3%, this loses
If you live past 84, this wins
Option B:
Draw SS at 62, use 401k to supplement
If interest is higher then 5% then this wins
If you live less than 84 this wins
Medical Insurance
~$400 monthly
Med Supplement looks good
Donna will get insurance from Lowes (no)
We will get ACA medical insurance around 350/month
Will add me on dental and vision
Donna
Lowes
??full time
Home insurance $1400 yearly
Property Tax $1100 yearly
Car insurance
Medicare
Enroll
ssa.gov/medicare
create ssa account (if you don't already have one)
It will ask you to also apply for Med Part B
Enroll 1st week of November for both Part A and B
If you enroll in November, coverage starts when
you turn 65.
If you enroll when your 65, you're cover starts the following
month
Med Part A - Hospital coverage, skilled nursing care,
hospice, home health care
No premium
$1408 Deductible per plan period (every 60 days)
After deductible, Part A covers 1st 60 days, 61- 90 days $352/ day co-insurance amount
Part A covers 1st 20 days in skilled nursing facility, 21 -100 days $176/day
Note - some Medigap insurance cover the above deductibles at 100%
Limits on coverage
Med Part B - Medical Coverage
Doctor, Outpatient, Urgent Care, Ambulance, Durable Medical Equipment, Preventative care,
Many non-self administered medications
$148 monthly
$198 deductible / year
then 20% there's no cap on charges
You have 3 months before and 3 months after birthday to enroll
You have 8 months after you leave employment to enroll in Part B
General enrollment period Jan 1st- Mar 31st, but coverage won't start until July 1st
Med Part D - Prescription Drug
$34 monthly
SilverScriptRx
$435 Deductible
But $0 Deductible for generic Tier 1 drugs
Brand name or Tier 3 or higher drugs will pay full price until deductible
Donut Hole
If you reach $4020 threshold, then you have to pay $25 percent of retail price
if drug = $400, then you will pay $100
Catastrophic phase
If you reach $6350, then you pay only 5% or $3 for Tier 1 drugs.
Medigap supplement Policy
Travel abroad - pay 20% of emergency care abroad
$200 monthly
No dental, vision, hearing
Total $368 monthly
Medicare Advantage
Covers A - B - C - D
$170 monthly
But no out of country coverage
Only 1 teeth cleaning / year
Part B - Regular Medical coverage
Part D - Prescription Drug
Part C - All of the above - Medicare Advantage
Total $ 170 monthly
If preexisting condition then sign up promptly.
Medical Supplement Plans - MediGap
Med Part A & B (sometimes add Part D)
No doctor networks, can go anywhere
You won't be hit with a really huge bill
Will cover almost all of out of pocket costs
Has a monthly premium on top of Part B that you're already paying
$80 - 150 monthly depending on area
Doesn't include vision or dental or hearing
Medical Advantage Plans Part C
Dental, Vision, Prescription Drugs
Private Insurance carriers
Covers all services by Med A & B
Also covers Part D (prescription)
Managed care plan - HMO/PPO don't bill Medicare, they bill the insurance co.
You still have to pay the Part B premium
Can be inexpensive
All in one plan.
You can only use provider doctors, may be limited
Has Out-of-pocket cap $ 750 /year
May need authorization for medical procedures
Enrollment period - every fall
Medicare Part G (supplement - google a chart with Part G)
Med A coinsurance & hospital costs
Med B coinsurance
Blood (first 3 pints)
Part A hospice care coinsurance or copayment
Skilled nursing facility care coinsurance
Med A deductible
Med B excess charge
Foreign travel emergency first 60 days pays 80%
Med B deductible must be payed first - $203/year
Cost $100 - 150 monthly and are subject to rate increases
Medicare Part N (supplement)
Med A coinsurance & hospital costs
Med B coinsurance & copayment
Blood (first 3 pints)
Part A hospice care coinsurance or copayment
Skilled nursing facility care coinsurance
Med A deductible
Foreign Travel Emergency (up to plan limits)
Have to pay Med B copay after meeting deductible ($20 office / $50 emergency room)
Doesn't cover Med B excess charges
Aetna - Dental Savings + Rx
15% -- 50% - dental services general dentistry, root canals, crowns, etc
10$ - 40% - generic or brand name prescription drugs like Rite-Aid
Save eyeglasses, sunglasses, contact lenses
Save 40% on hearing aids, hearing services
$ 159 / year
Nevada Medigap Plan G
Aetna
Avg cost $140.91 1690.92/yr Deductible amount 233
High deducti $52.76 624.00/yr Deductible amount 2490
< 1066 > * 5 YEARS = 5330
ABT Insurance
Wednesday 09/14/22 6 am
Questions
How much Part G in Nevada
Low deductible
High deductible
Is Part N viable you'll be responsible for excess charges
also have copay for Drs or ER
What's the difference between Part G and Part N
Guaranteed issue right plan (will have to go through medical underwriting if
you miss the Plan B enrollment period. within 6 months of Plan B enrollment)
How much Part B in Nevada
How much to add Part D
get a plan that has all your medication
Can I add vision and hearing at any time, not just on enrollment period.
Best to have best company with modest raises of premiums
How about Aetna?
For example
I have to have a stress test in the summer. I'm assuming medigap is better.
How do I enroll / when
Is there a medicare supplement card. Do I show both Medicare card and supplement card.
How do agents make their money
I have included rates below for two of the most popular Medigap Plans, Plan G and Plan N.
As you know, Medicare Supplement Plans are always exactly the same no matter which insurance company you buy from. However, pricing can vary from one company to another. You want to be sure you're choosing a company with a good price, financial stability, and an overall good rate increase history as well.
Here are some of the top companies I would recommend:
Plan G
(Only out of pocket expense is the annual Part B deductible of $233)
$141.83/mo, Accendo (A CVS Co. & Aetna Affiliate)$143.91/mo, Mutual of Omaha $151.52/mo, Aetna
Plan N
(Out of pocket expenses are the annual Part B deductible of $233 followed by $20 copays at dr/specialist; $50 - ER, waived if admitted)
$95.70/mo, Accendo (A CVS Co. & Aetna Affiliate)$99.59/mo, Mutual of Omaha $114.20/mo, Aetna
--------------------------
Based on your 3 medications, I would recommend the SilverScript Smart Rx Plan at $7.30/mo. Each of your meds is a $1 copay at CVS. Your next best option is the Wellcare Value Script Plan at $12.00/mo and all meds are $0 copays. The monthly premiums for each of these plans will most likely change in January of 2023.
!=========================
Jake called 10/31/2022 Set up Medicare part N
On December 1st will be charged 95.70 (premium) + 25 one time charge by Aetna
The automatic withdrawal will be Jan 15th (or the15th of every month).
Medicare part B premium will be billed via mail. It will be billed quarterly (164.90/month).
494.70 every quarter.
Prescription-Silver Script Well Care plan 11.10 per month but 0 co-pays.
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