#043: Digging Deeper Into Medicare, and Donut Holes
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 23 October 2017
⏱️ 28 minutes
🧾️ Download transcript
Summary
Part 2 of a series about Medicare.
This time Devin and John tackle the costs of Medicare Part B, then go into Medicare D (prescription drug coverage).
It's important to understand how Medicare Part D work – it can be a little tricky.
For more information, visit the show notes at http://www.bigpictureretirement.net/043
Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide specific tax, legal, or financial advice. |
| 0:05.1 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:12.3 | Hello everyone and welcome to the Big Picture Retirement Show, where we deliver insight |
| 0:17.0 | on what you need to know for a meaningful and successful retirement. If you are planning for |
| 0:23.1 | or living in retirement, this is the show for you. I'm Devin and with me today, as always, |
| 0:28.9 | is my co-host. John Ross. Hey, John. Howdy. All right, John, last week we talked about Medicare. |
| 0:36.3 | We went over the basics that everyone needs to know. |
| 0:39.2 | Right. |
| 0:39.4 | You're going to turn 65. |
| 0:40.7 | You're going to get Medicare A for free. |
| 0:42.8 | You're going to pay $100 and some change for Part B, which is not going to cover everything. |
| 0:49.7 | And that's where you come in with your Metagap. |
| 0:52.3 | Or you can ditch all of that and get you a Medicare Advantage plan as long as you don't have any medical issues that you are anticipating. Because if you do, that Medicare Advantage plan is going to fail you. That's right. It's possibly going to be cheaper. It's not going to cost you as much, but it may not cover as much. Right. You are going to get what you pay for. |
| 1:12.4 | That's right. In most cases, that is correct. Now, let's go back and add a couple of notes, |
| 1:17.5 | though, to the cost of the Part B before we jump into some of the finer points here. |
| 1:23.7 | Because I think where we left it last week, we said we were going to talk about the part |
| 1:27.9 | D. Yeah, the prescription drug and the donut hole. And that was more, I think we had probably |
| 1:33.0 | already wore out everybody's listening capacity on Medicare in that last episode. Well, we'll test |
| 1:39.9 | it again today. So I want to go back and talk about the cost of part B. So for most people, if they're |
| 1:45.2 | signing up in 2017, they're paying $134 per month. But not everyone is going to pay that. There's the |
| 1:55.7 | income-related month-free adjustment amount that could impact you if you have a higher income or if you have |
| 2:03.3 | some factors that impact your income like if you take a big distribution out of your 401k or |
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