The Medicare Annual Enrollment Period (AEP) occurs from October 15 through December 7. Robert 'Bob' Powell and Silvur Technology Services CEO and retirement ...
The Medicare Annual Enrollment Period occurs from October 15 through December 7. Robert"Bob" Powell and Silvur Technology Services CEO and retirement expertbreak down everything you need to know about Medicare Advantage Plans, market exits, and more in this week's episode ofIf you're in a Medicare plan, your plan will send you a"Plan Annual Notice of Change" each fall. The ANOC includes any changes in coverage, costs, and more that will be effective in January.
Look, I think that the trend is that health care has gotten really expensive for the carriers to actually manage.It's typically um most impactful on rural areas. Um And I, and I think that, um, you know, just causes a lot of consternation because I think all of us know the doctors that we've been with for a while.
What options do you think they have in terms of you're staying with the same carrier or just looking farther a field? Um, but I, I think it's kind of having that moment in time assessment, but you know what's always challenged the American consumer is, it's not only what I need today, but it's what I need five years from now and I don't know about you, but I don't know what I'm gonna need five years from now.
And then the other thing to be thinking about when you're really thinking about total costs is understanding any life changes you might have had. But with Medicare, this is sort of like the cruelest thing that we can do to older adults here in the United States is to make them look at their annual notice of change each and every year, look at the plan finder each and every year and try to discern which plan is best for them at a time when their cognitive abilities may be declining and they uh and there's a reluctance uh for them to switch because they're set in the ways.
Um, so we've got a problem here, which is, you know, most Americans are depending on social security to, to fund their retirement income, but their expenses are going up faster than their actual retirement income.And I think we all felt that three years ago when we went through this like spike in inflation.
Yeah, look, I think as, as you've mentioned, the Social Security Trust Fund will not be fully solvent in 10 years time. Um But also think about, well, when is full retirement age, I, I think the, you know, just the mental challenge with this term, full retirement age is that most of us don't, don't wanna be working at 67 or 68 or 69 whatever the number is.
But there are ways to manage these taxes like converting to a Roth Ira using life insurance or making charitable donations directly from your Ira.Oh, it's so great to be with you and it will be great to have you talk about a topic near and dear to my heart, which is great jobs for the 50 plus crowd where to begin.Um You know, this is a great uh area because, you know, 50 plus is a huge swath of people, correct.
But for somebody who has uh a few decades of experience under their belt, you know, a small association, small businesses. He lost his job in sales trying to get back into finding a sales job, was facing ageism as he figures it was, I don't know, he loves to sail.You know, takes a, takes some people out, teach them sailing.And he tells the guy, you know, this isn't my real thing.And this guy is like, heck, no, I've never ever been a project manager.And he said, you know what you just proved to me you can get from A to B and B to C in rough weather and this and that.
Joe Coughlin is fond of saying you need to become a lifelong learner and, uh, I think that is true for anyone who's in their sixties or so and wanting to stay gainfully employed.We could talk about phase retirement and et cetera, et cetera, but I, I want to turn my attention to a conference that you just came back from called Future Proof.From that experience?
There are others that may be more affordable, that lots of different directions or even which uh professional, which uh specialist you go to.So I think this is, it's really important that your financial advisor works with, with you to manage these health care costs because they can be really something that's quite shocking to people in retirement.
Prescription Drugs Robert 'Bob' Powell Medicare Inflation Reduction Act ANOC Rhian Horgan Ask Bob
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