Sub Headline: Like taxes, Effective Medicare Management Can Benefit the Bottom Line
Synopsis: Medicare’s complexities go well beyond “healthcare for seniors.” High-income earners may be a surprised by their initial Medicare premiums. Medicare is yet another dynamic aspect of retirement planning that is best tackled pro-actively.
Content: Just as many retirees shortchange the role of effective tax management in retirement, they similarly underestimate – and frequently misunderstand – the role and expenses of Medicare.
Medicare became law in 1965 under President Lyndon B. Johnson as an equal opportunity healthcare program for seniors. Intended as an “everyone pays the same” program (except for those with an inability to pay - the beneficiaries of Medicaid), healthcare premiums are typically paid through deductions from monthly Social Security benefits.
However, since 2003, rates have become “means-tested,” meaning they’re decided on income. For 2016, monthly premiums can range from $50 - $275 more per month for earners with a modified adjusted gross income exceeding $85,000 and among five separate income tiers. Rate differences vary by taxpayers’ marital and filing status.
The kicker for new retirees is that the means test looks back to the immediately preceding two years’ income. For earners leaving high-income jobs, the initial Medicare premiums for parts B (physician expenses) and D (prescription drugs) can be much higher than anticipated. Although the system allows for waivers in certain circumstances, many new retirees will absorb the initial cost hit and adapt over time.
Like retirement planning and tax management though, pro-active measures can be taken to lessen the Medicare burden. For retirement planning begun five years in advance, wages can possibly be deferred, or overall income can be staggered to effectively reduce MAGI to a lower threshold.
The ripple effects of Medicare can include gap insurance for deductibles and co-pays missed by Medicare, including so-called Cadillac plans for those who can afford them. Retirees should also know that while Medicare may cover some in-home, event-specific therapies, it does not cover long-term care or in-home, daily-living needs like bathing.
Given the pervasiveness and misperceptions about Medicare, and the largely unanticipated impacts when one spouse predeceases the other (Social Security benefits, reduced tax exemptions and Medicare costs), retirement planners suggest that aspiring retirees give Medicare the same attention as they would to income, deductions and taxes when formulating a retirement plan.
Syndicated financial columnist Steve Savant interviews top retirement specialists in their field of expertise. This segment features retirement specialist Joel Braschler. Right in the Money is a financial talk show distributed in daily video press releases to over 280 media outlets and social media networks. (www.rightonthemoneyshow.com) https://youtu.be/-WeR2Hp5jqk
video phone beyonce mp3 Medicare is Retirement Planning’s Other Stepchild - Right on the Money - Part 3 of 5 | |
| 1 Likes | 1 Dislikes |
| 1,019 views views | 1.91K followers |
| People & Blogs | Upload TimePublished on 31 Aug 2016 |
Related keywords
video phone commax,video phone screen,retirement income funds,retirement gifts for men,retirement income review,retirement age,video phone letra,video phone wikipedia,sharing outlook calendar,retirement age in usa,retirement party ideas,video phone number,retirement online,sharing network 5k,video phone gaga,video phone beyonce lyrics,sharing amazon prime,sharingan eyes,sharing shelf,retirement income solutions,video phone é a continuação de telephone,retirement savings calculator,sharing community,retirement income taxable,retirement income strategies,retirement income calculator,retirement accounts,video phone beyonce letra,retirement income tax,retirement calculator,retirement income tax calculator,retirement income journal,retirement income australia,retirement gifts,retirement home,sharing is caring,retirement income stream,retirement income certified professional,sharing network,sharingan contacts,retirement wishes,video phone lyrics,retirement speech,retirement income sources,retirement gift ideas,retirement messages,video phone ft lady gaga,retirement income planning,retirement income canada,retirement gifts for women,video phone beyonce,retirement income account,retirement income for life,sharingan naruto,video phone tradução,retirement homes near me,video phone extended remix,video phone call,sharingbox,retirement plan,sharing google calendar,video phone lady gaga,video phone feat lady gaga,retirement income calculator canada,sharing economy,retirement quotes,sharingan,sharing is caring meme,sharing wifi password,retirement income nz,sharingan tattoo,sharing kindle books,sharing community yonkers,video phone beyonce lady gaga,app video iphone,sharing wifi iphone,retirement sayings,retirement income paid by a company is called,retirement communities,
Không có nhận xét nào:
Đăng nhận xét