MEDICARE & SS
The greatest challenge in financial planning is making the most of the benefits you earned by paying in to Social Security and Medicare. A mistake could not only be costly at application time; it could result in forfeiting benefits for the rest of your life. Learn here about Social Security, Medicare, Supplements and Drug Plans, and how to maximize your hard-earned benefits.
1. Maximize My Social Security: Calculate Your Highest Benefits | Maximize My Social Security
This $49 online service created by Larry Kotlikoff is the ONLY way you can be sure you are getting the correct benefits since SS so frequently miscalculates! Updated for the new post-WEP/GPO figures, it will help you decide whether to take spousal benefits and explain why you should wait to claim your SS, and how much you should be receiving.
2. Wait Until Full Retirement Age to Claim – or, even better, Wait Until Age 70!
Read Terry’s column about how waiting can add 8% annually to your base SS benefit – on top of which future inflation adjustments will be made. (And yes, even with the news of SS “running out”, you’re better off waiting!)
When to Take Social Security – Terry Savage
3. Beware Medicare Advantage Programs
Terry has issued warnings that these attractive, low-cost plans that offer “additional benefits” work just fine while you’re well. But if you get sick, you’ll quickly find the limitations of their hospital and physician networks, and their frequent denials of requested tests!
Read this (and search under columns for other articles about Medicare): Disadvantages of Medicare Advantage – Terry Savage
