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January 28th, 2025

What you Don't Know about Medicare may be costing you

  1. What you Don't Know about Medicare may be costing you Wendy Green 47:27

Episode Description:

Aging well comes with its share of challenges, particularly when it comes to healthcare decision-making. This podcast episode addresses the nagging uncertainties surrounding Medicare, expertly guided by Wendy Green and her guest, Tim Hanbury, a Medicare expert.

The discussion begins with Green laying out the common fears and misgivings that many face when bombarded with promotional material for Medicare plans, often filled with technical jargon that can intimidate even the most informed individuals. Hanbury breaks down the fundamentals of Medicare, explaining the roles of Parts A and B, and elaborating on the significance of enrolling in a Part D plan for prescription drug coverage. He also highlights critical issues such as the impact of income on premiums, the concept of IRMAA (Income-Related Monthly Adjustment Amount), and the potential for penalties if enrollment timelines are missed.

This conversation is essential for anyone nearing Retirement age or considering a change to their existing Medicare plan. It provides a detailed map of the Medicare landscape and equips listeners with the knowledge to navigate their health insurance options confidently.

Takeaways:

  • Part A covers hospital services while Part B focuses on outpatient care and physician visits.
  • It’s essential to review your Medicare coverage annually to avoid unexpected costs and changes.
  • Medicare Advantage plans often have lower premiums but can lead to higher out-of-pocket costs.
  • Part D plans provide prescription drug coverage, and it’s important to compare them each year.
  • If you’re still employed, you may delay enrolling in Medicare without incurring penalties.

Links referenced in this episode:

Wendy Green Blogger, Podcaster

Hey, Boomer! goes beyond the surface, exploring the complexities of family relationships, maintaining health, navigating caregiving, coping with divorce or widowhood, financial concerns, housing and technology. It's the podcast that acknowledges the challenges and opportunities that come with aging, with a compassionate and realistic approach.

Join fellow Baby Boomers every week for insightful interviews and genuine discussions on the topics that matter most to help prepare us to age well.

Hosted by Wendy Green, her conversational style ensures every episode feels like a heartfelt chat between friends. Her guests range from experts to everyday individuals, bringing their wisdom and experiences to the table, creating an atmosphere of trust, understanding, and genuine connection

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