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Likewise he can probably defer his Social Security payments until 70, in order to get the higher benefit... +1 for Medicare for the non-rich, though. I'm a ret
by aworks 6mo ago
Likewise he can probably defer his Social Security payments until 70, in order to get the higher benefit...
+1 for Medicare for the non-rich, though. I'm a retiree and the monthly payment is about 1/4 of what I was paying for health insurance before I was eligible.
- lateforwork 6mo agoBut is Medicare as good as the insurance you had before?
- BugsJustFindMe 6mo agoI can't speak for aworks, but most of the people I've spoken to on it, like my mother, say it's better than the private insurance they had before.
- lokar 6mo agoI’m going to need to buy on the individual market. Talking to a broker he said Medicare is a great deal, and you should take it if you can.
- aworks 6mo agoFor general medical coverage, it was better for my Mom and now it seems better for me. Some things are not covered with traditional Medicare e.g. dental and vision.
- BugsJustFindMe 6mo agoDental and vision aren't covered by private medical insurance either, and private dental insurance typically has max annual payouts low enough (like $1k/1.5k) to make it basically a scam unless you know you'll actually get use out of it.
- aworks 6mo agoI had a separate dental insurance policy but as you suggest, it didn't make much sense and I dropped it. So yes, dental/vision was a wash versus private medical insurance. There are some other therapies I no longer have any coverage for under Medicare.
- Exoristos 6mo agoA lot depends one what you do for Part C (if you do).
- reducesuffering 6mo ago> defer his Social Security payments until 70, in order to get the higher benefit People repeat this but when I ran the math on earlier Social Security payments it seems like the accrued $, by the time you're eligible for the higher benefit, is plenty similar as bonus income.
- rootusrootus 6mo agoYeah it's definitely not one-size-fits-all advice. Depending on what your IRA/401k situation looks like, taking SS right at 62 may be the financially superior choice as it reduces your early draw down on the investments.
- PopAlongKid 6mo agoIt also helps to spread your lifetime Soc Sec benefits over more tax years, thereby lowering the total tax you pay (because pushing higher payouts into fewer tax years by delayed filing will typically increase your marginal tax bracket).
- aworks 6mo agoI'm not following this advice for now but a recent post about not delaying https://nesteggcare.com/why-would-you-delay-the-start-of-social-security-ss https://nesteggcare.com/why-would-you-delay-the-start-of-soc...
- PopAlongKid 6mo ago> the monthly payment is about 1/4 of what I was paying for health insurance before I was eligible. Maybe not, if you take into account the >$500/month subsidy of your Medicare Part A benefits (assuming you had the minimum number of calendar quarters paid in). And your Part B payment (the one usually deducted from your Soc Sec payment) is also partly subsidized unless your income is high enough to trigger IRMAA adjustment.