Navigating Medicare with Dane Mihlon
In this episode, John and his partner Edward Bao, CFP®, AIF®, talk with Dane Mihlon, a licensed independent agent for Life Insurance. He runs MedSupAmerica.com, a website dedicated to offering free advice on Medicare Supplement products. The in-depth conversation covered Medicare, Medicare Supplements, and how they’re connected to Social Security.
Don’t miss these important takeaways:
- The newest challenge to the Medicare system is a large increase in the number of retirees due to the COVID crisis.
- The biggest issue facing retirees is that many of them did not expect to retire so soon, and they are receiving incorrect advice about Medicare.
- Other retirees will see a larger Medicare bill than expected because of a good tax year in 2018.
- Every person nearing retirement will need to consider whether Medicare (Parts A, B, and D), or possibly a Medicare Advantage Plan are right for them. They will also need to learn about Medigap or Medicare supplement plans.
- Medicare experts can tell you which plan or combinations thereof can get you the biggest bang for your buck.
- Medicare supplement pricing is based on your age and where you live.
- When you move, you may lose coverage for a time, so call Medicare well in advance. Your prices will change according to location too, so be ready for your bill to go up—or down.
- People should review their Medicare Supplement insurance every year to make sure it is still appropriate for their needs.
- Still working? Plan ahead—Medicare has specific enrollment periods, so learn what they are now.
For more, listen here. Then download our up-to-the minute guide, Eight Steps of Financial Success, which brings together everything we want to achieve in the financial planning process.
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