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Retirement Timeline Cheat Sheet:
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𝗡𝗲𝘄 𝘁𝗼 𝗣𝗮𝗿𝘁 𝗕 𝗼𝗳 𝗠𝗲𝗱𝗶𝗰𝗮𝗿𝗲 (𝘁𝘂𝗿𝗻𝗶𝗻𝗴 𝟲𝟱 𝗼𝗿 𝘀𝘁𝗮𝗿𝘁𝗶𝗻𝗴 𝗹𝗮𝘁𝗲𝗿)?
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𝗢𝗻 𝗮 𝗦𝘂𝗽𝗽𝗹𝗲𝗺𝗲𝗻𝘁 𝗼𝗿 𝗻𝗲𝗲𝗱 𝗼𝗻𝗲, 𝗯𝘂𝘁 𝗻𝗼𝘁 𝗶𝗻 𝘆𝗼𝘂𝗿 𝗶𝗻𝗶𝘁𝗶𝗮𝗹 𝗲𝗹𝗲𝗰𝘁𝗶𝗼𝗻 𝗽𝗲𝗿𝗶𝗼𝗱?
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Need coverage for a Spouse under 65?
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𝗔𝗻 𝗲𝘅𝗶𝘀𝘁𝗶𝗻𝗴 𝗰𝗹𝗶𝗲𝗻𝘁 𝗼𝗳 𝗦𝗲𝗻𝗶𝗼𝗿 𝗦𝗮𝘃𝗶𝗻𝗴𝘀 𝗡𝗲𝘁𝘄𝗼𝗿𝗸 𝗮𝗻𝗱 𝘄𝗶𝘀𝗵 𝘁𝗼 𝗿𝗲𝘃𝗶𝗲𝘄 𝘆𝗼𝘂𝗿 𝗽𝗹𝗮𝗻?
(Note, Supplements do not ever change, but the market does and we might save money.)
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𝗢𝗻 𝗠𝗲𝗱𝗶𝗰𝗮𝗿𝗲 𝗗𝘂𝗲 𝘁𝗼 𝗗𝗶𝘀𝗮𝗯𝗶𝗹𝗶𝘁𝘆 - 𝗪𝗵𝗮𝘁 𝗣𝗹𝗮𝗻𝘀 𝗔𝗿𝗲 𝗔𝘃𝗮𝗶𝗹𝗮𝗯𝗹𝗲?
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𝙒𝙝𝙖𝙩 𝙞𝙨 𝙋𝙡𝙖𝙣 𝙉 𝙈𝙚𝙙𝙞𝙘𝙖𝙧𝙚 𝙎𝙪𝙥𝙥𝙡𝙚𝙢𝙚𝙣𝙩?
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𝗛𝗼𝘄 𝗱𝗼 𝗜 𝘀𝗲𝗲 𝗠𝗲𝗱𝗶𝗰𝗮𝗿𝗲 𝗔𝗱𝘃𝗮𝗻𝘁𝗮𝗴𝗲 𝗽𝗹𝗮𝗻𝘀?
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𝐖𝐡𝐚𝐭 𝐬𝐡𝐨𝐮𝐥𝐝 𝐈 𝐛𝐞 𝐜𝐨𝐧𝐜𝐞𝐫𝐧𝐞𝐝 𝐚𝐛𝐨𝐮𝐭 𝐰𝐢𝐭𝐡 𝐀𝐝𝐯𝐚𝐧𝐭𝐚𝐠𝐞 𝐩𝐥𝐚𝐧𝐬?
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𝐂𝐡𝐫𝐢𝐬, 𝐇𝐨𝐰 𝐃𝐨 𝐘𝐨𝐮 𝐆𝐞𝐭 𝐏𝐚𝐢𝐝?
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𝐓𝐡𝐞 𝐆𝐚𝐬𝐨𝐥𝐢𝐧𝐞 𝐑𝐞𝐛𝐚𝐭𝐞 𝐏𝐫𝐨𝐠𝐫𝐚𝐦 𝐂𝐡𝐫𝐢𝐬 𝐓𝐚𝐥𝐤𝐬 𝐀𝐛𝐨𝐮𝐭:
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If you know anyone with a plan decision, please have them 𝗰𝗮𝗹𝗹 𝗺𝘆 𝗼𝗳𝗳𝗶𝗰𝗲.
1-800-729-9590
We can't help everyone, but we certainly try!

Thank you!
Christopher Westfall​

Chapters:
00:00 Introduction
00:45 Chris Westfall Medicare
02:20 Do I have to take Medicare?
03:15 HSA Contributions and Medicare
04:19 Prescription Drugs Creditable?
06:41 COBRA and Medicare
08:49 Medicare Options at 65
11:05 Medicare Supplement at Age 65
12:45 Open Enrollment vs Guaranteed Issue
14:13 Medigap Plan N Explained
17:28 Choosing to Stay on COBRA
21:35 Part B Late Enrollment Penalty
25:23 Parts of Medicare
26:28 Medicare Advantage Trial Right
30:45 Spouse is Under 65
31:59 Retirement Savings Safety
33:38 Dental Insurance
34:09 Life insurance at retirement
34:35 Recommendations on timing
38:09 Cancer Insurance Importance
42:00 FREE help with Medicare choices
42:44 Retirement Timeline Download

#medicare #medicaresupplement #medicareadvantage

The term "Cobra Trap" refers to a problematic situation when someone is enrolled in both COBRA (Consolidated Omnibus Budget Reconciliation Act) continuation coverage and Medicare. Here’s how it works:
Eligibility for COBRA: When an individual loses their job, they may be eligible to continue their employer-sponsored health coverage through COBRA for a limited period (usually 18 months). COBRA allows individuals to keep their existing health insurance but requires them to pay the full premium.
Eligibility for Medicare: At age 65, individuals become eligible for Medicare. They can sign up during their Initial Enrollment Period, which starts three months before their 65th birthday and ends three months after their birthday month.
The Trap:
If an individual enrolls in COBRA before becoming eligible for Medicare and then turns 65, they must sign up for Medicare Part A and Part B during their Initial Enrollment Period.
Once they are eligible for Medicare, COBRA becomes secondary insurance, and Medicare is considered the primary payer.
If the individual does not enroll in Medicare when they become eligible and continues relying on COBRA, they may face substantial penalties and gaps in coverage.
Penalties and Gaps in Coverage:
Late Enrollment Penalties: If the individual delays enrolling in Medicare Part B past their Initial Enrollment Period, they may incur a late enrollment penalty, which increases their premiums by 10% for each 12-month period they were eligible but did not enroll.
Coverage Gaps: Since Medicare is the primary payer once eligible, COBRA coverage alone may not be sufficient. Certain services may not be covered, leading to out-of-pocket expenses.
Loss of COBRA: Additionally, if the employer providing the COBRA coverage goes out of business or terminates the group health plan, the individual may lose their COBRA coverage entirely, leaving them without any health insurance until the next Medicare enrollment period.
How to Avoid the Cobra Trap:
Enroll in Medicare on Time: Sign up for Medicare Part A and Part B during the Initial Enrollment Period when turning 65, even if you have COBRA coverage.
Drop COBRA If Unnecessary: Once enrolled in Medicare, evaluate if continuing COBRA is necessary. COBRA might be redundant and costly if Medicare provides adequate coverage.
Understand Coverage: Medicare will be the primary payer, and COBRA will be secondary. Ensure you understand what each will cover to avoid unexpected expenses.
Navigating the transition from COBRA to Medicare can be complex, and it's often helpful to seek guidance from a Medicare specialist or advisor to ensure you're making the best choices for your situation.
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