Medicare & Healthcare Planning

The average 65-year-old couple will spend over $300,000 on healthcare in retirement — and that doesn’t even include long-term care.

Why it Matters:

Medicare isn’t free. And it isn’t simple. Between Parts A, B, C, D, Medigap, and late-enrollment penalties, it’s easy to make a costly mistake. What you decide at 65 impacts:

• Your monthly premiums and lifetime costs
• Your access to doctors, hospitals, and specialists
• Prescription coverage and out-of-pocket surprises
• Whether your spouse is protected if you retire early or work past 65
• Future tax planning (since Medicare premiums rise with income, the IRMAA brackets)

Common Pitfalls

1. Missing the Initial Enrollment Period → lifetime penalties (10% more for every 12 months you delay Part B without coverage). You can't undo that!

2. Choosing the wrong plan → stuck with high out-of-pocket costs or limited doctors.

3. Ignoring income thresholds → higher premiums (IRMAA) eating away retirement income.

4. Not coordinating with Social Security & retirement accounts → paying more in taxes and premiums than necessary.

Our Process

1. Snapshot Review: Look at your health coverage, employer benefits, prescriptions, and retirement accounts.

2. Plan comparison: Lay out the Medicare and Medigap options available to you with clear costs and trade-offs.

3. Tax & income coordination: Align Medicare with Social Security and retirement withdrawals so you pay less in premiums and taxes.

4. Implementation: Step-by-step filing guidance so you never miss a deadline.

5. Ongoing review: As premiums, brackets, and health needs change, we update your plan.

FAQs

Is Medicare free? No. Part A is usually free, but Part B, D, and Medigap all carry premiums.

What if I’m still working at 65? You may be able to defer enrollment without penalty if you have employer coverage — but only if the employer is large enough and the plan is considered “creditable.”

Can my premiums go up? Yes — if your income is above certain thresholds, you’ll pay IRMAA surcharges. Planning withdrawals and Roth conversions smartly can reduce or avoid these.

Do I need long-term care coverage? Medicare doesn’t cover long-term care. Planning early can prevent draining assets later.

*Medicare.gov