Danielle Roberts from Boomer Benefits joins The Retirement Answer Man Show again to help us understand the nuances of the Medicare system. She has a new book coming out soon called 10 Costly Medicare Mistakes that you won’t want to miss. In this episode, you’ll learn from Medicare horror stories, the biggest mistakes you can make with Medicare, and why you need to check your plan every year. Make sure to sign up for 6 Shot Saturday to get free resources by Danielle Roberts, our Medicare expert!

Make sure you are prepared to jump into retirement

Sometimes retirement can come at you suddenly. Are you ready to jump into retirement? You may be suddenly thrust into this whole new world. However, for others, retirement can seem like a cliff where they are standing on the edge. It can be hard to take that leap; some people end up waiting and waiting forever for the right time to jump. Educating yourself and planning ahead can help you prepare for retirement. Listening to Retirement Answer Man can help you prepare to take that leap into this amazing new world. 

Will dropping Medicare Part D help this listener eliminate IRMAA?

One listener got a notification in the mail that he would be charged an IRMAA surcharge for his Medicare Part B and D plans. Since he uses a discount drug plan apart from Medicare Part D he was just thinking of dropping Medicare Part D altogether.

He can drop Part D and forgo the IRMAA surcharge on that plan, however, doing so will mean that he has to wait until the next election period if he decides he wants back into the program. Additionally, he will then have to pay a penalty for each month that he went without the Part D drug plan. Listen in to learn how much that penalty is and discover a Medicare mistake that you won’t want to make. 

Biggest medicare mistake

Medicare is a tricky system to learn, especially if you haven’t done any research. The biggest mistake you can make is waiting until the last minute to learn about this healthcare system. Danielle shares that there are many people who are under the impression that Medicare is free and then are shocked to learn that they don’t have enough money saved to cover their healthcare expenses in retirement. Make sure that you don’t make this mistake. Listen to the entirety of the How Does Medicare Work series to help you begin to learn the intricacies of the Medicare system. 

Check your plan every year

Medicare has so many different ‘open enrollment’ periods so it can be confusing to know which ones are the most important. Your plan will change from year to year, so when you get a packet in the mail in the fall pay careful attention to the changes. You can also check your plan changes at MyMedicare.gov and use the plan finder tool to compare your plan with different plans. Don’t miss it when Danielle explains why it is so important to check the different plans that are offered from year to year. 

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

WHAT DOES THAT MEAN?

• [1:33] How retirement is similar to hang gliding

PRACTICAL PLANNING SEGMENT

• [9:08] Will dropping Medicare Part D help this listener eliminate IRMAA?
• [13:35] The biggest Medicare mistake
• [15:22] Did your job prevent you from paying into Medicare?
• [17:57] Medicare horror stories
• [22:19] Why it is important to check your plan every year
• [26:37] Danielle shares her biggest pet peeve

Q&A SEGMENT

• [30:22] To an RV finance or not to finance 
• [35:54] Renting in retirement?

TODAY’S SMART SPRINT SEGMENT

• [39:03] What will it take to make you jump into retirement?

Resources Mentioned In This Episode

BOOK - 10 Costly Medicare Mistakes by Danielle Roberts

Boomer Benefits

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement  by Roger Whitney

Work with Roger

Roger’s Retirement Learning Center