Adjust your monthly cash flow for higher Part B premiums and IRMAA On October 12, 2023, the Centers for Medicare and Medicaid Services announced the rates for the 2024 Medicare Part B premiums. They also issued associated income-related monthly adjustment amounts—better known as IRMAA—for Medicare Parts B and D. And an assortment of other costs, copays, and … [Read more...] about 2024 Medicare Part B Premiums Jump 5.9%
Social Security
Estimating Your Medicare Costs
Healthcare costs in retirement go way beyond “Medicare” Medicare. Medicare. What the heck? How can a program designed specifically to help our oldest Americans be so incredibly difficult to use? Why are there so many pieces and parts? What's with Medicare not covering all healthcare costs retiree need? And what drives those high Medicare costs? In short, how is it that … [Read more...] about Estimating Your Medicare Costs
The HSA-Medicare Connection (part 1)
When to stop HSA contributions before starting Medicare at 65 Have you been trying to figure out when to stop your contributions to an HSA? And why the rules are so hard to figure out? Not to mention, all the different information out there? What is going on? It’s important to realize there is a highly misunderstood HSA-Medicare connection. The rules are messy and … [Read more...] about The HSA-Medicare Connection (part 1)
Social Security is NOT Going Bankrupt (Again)
Around noon on Friday, March 30th, I was giving a presentation for the Financial Planning Association of New England. It was on one of my favorite topics: Social Security. The first question I asked the audience was “When is Social Security going bankrupt?” Most people said around 2034. That’s what pretty much everyone thinks. The problem is that’s not the answer. Social … [Read more...] about Social Security is NOT Going Bankrupt (Again)
2023 Medicare Part D Open Enrollment Season
Updates and Actions to Take It is October 2022, and your 2023 Medicare Part D Plans are officially open for reassessment. The annual window to take a new look at your prescription coverage is open. Known as the Open Enrollment Period, it runs from Oct. 15 thru Dec. 7. After that, you are stuck with your Part D plan for all of 2023. Even if you find out that your 2022 Part … [Read more...] about 2023 Medicare Part D Open Enrollment Season
