The Qualified Medicare Beneficiary (QMB) Program according to the Centers for Medicare Services (CMS) is a “Medicare Savings Program sponsored by Medicaid”. This program helps helps low-income Medicare beneficiaries cover their Medicare costs and the key is that anyone who qualifies for it will also avoid IRMAA automatically. For those qualifying for the QMB coverage […]
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In retirement the single biggest expense for the majority of people will be the costs of health coverage and, unfortunately, the 2025 Retiree Health Care Cost is now higher than ever. A 65-year-old couple, both non-smokers, both retiring in 2025 and planning to live until age 85 for the female and 83 for the male
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No matter what you’ve been told, Medicare’s Income-Related Monthly Adjusted Amount (IRMAA) is more than just a minor surcharge for retirees. IRMAA happens to represent a progressive tax on income that will significantly impact your retirement budget and bottom line later in life Granted, many in the financial industry, like your financial advisor and CPA,
The Centers of Medicare Services (CMS) is reporting that 2025 IRMAA and Medicare Costs will fall in line with the projections of the Board of Trustees. This is extremely good news as health insurers will have the correct pricing for coverage during the Annual Enrollment Period which will help many retirees. That bad new, however
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2025 Medicare Advantage Plans or MA Plans are private health insurance plans that provide Medicare benefits for retirees and directly compete with Original Medicare. Private Health Insures, like Aetna, Cigna, Wellcare and United Healthcare create the these plans but the Centers for Medicare Services (CMS) regulates them. What Medicare Advantage Plans provide: Medicare Advantage Plans
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In terms of the costs for 2025 Medicare Part D Plans the news may not be so good for retirees who happen to actually need drug coverage as costs are rising faster than ever before. Overall, on a national average, the monthly Premiums will increase by 5.25% while the Annual Deductible will also increase by
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Why Ken Fisher is Wrong on Annuities: Federal Regulations. Most regular viewers of financial news on cable TV will recognize the name Ken Fisher of Fisher Investments and his lack of love for annuities. In fact he hates them and is telling everyone who will listen to him as much. His commercial even goes as
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History of IRMAA Brackets Medicare’s Income Related Monthly Adjustment Amount or IRMAA is simply a tax on income for those generating too much income while enrolled into the program. Unfortunately for millions of Baby Boomers reaching retirement they are finding themselves on the receiving end of this tax which comes in the form of higher
You have been investing in that Traditional 401(k) for years. The strategy is what every financial professional tells you to do as you are lowering your tax obligation today and possibly paying even less in taxes tomorrow. The problem, though, the federal government has changed the rules and this strategy just might cost you your
Roth Conversion before retiring – it is a must! Read More »
With the beginning of new year millions of retirees who are on Medicare may have received a letter from Social Security informing them that they are in IRMAA The question that is usually comes up at this point is simply “What is IRMAA?” IRMAA short for Medicare’s Income Related Monthly Adjustment Amount is just a
