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Hello fellow Fools

My father (DD) recently asked my opinion on AARP offerings for United Health Care Medicare (supplements?). He turns 65 next year, and is trudging ahead on this, financial planning be darned. (I wish he'd wait till 70).

I admit-- I am out of my element. But this seems to be something worth becoming educated on--both to help him now, but also help him navigate this as I am his designated health care proxy (should anything happen to him in the future).

Can anyone either point me to a good resource to understanding the myriad options out there in terms of Medicase, SSI, 'part b', etc; or maybe post a primer on this stuff (apologies if that is already on this forum-- search is not intuitive at TMF).

Thanks in advance!
-K
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He turns 65 next year, and is trudging ahead on this, financial planning be darned. (I wish he'd wait till 70).

Why do you think he can wait until 70 for Medicare ?

But this is the first place I would start -
https://www.medicare.gov/sites/default/files/2019-09/10050-m...

I'm 65 and wondering why he needs help. For me, I went with a gap policy from United through AARP. Do you know what he can afford ? Do you know what his 2018 tax return looked like ? Does he plan to travel ?

His question seems to indicate that he already knows more than you. But let him know the premium is likely to increase each year on his birthday.
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K -

Your father should not wait until 70 to sign up for Medicare - it will cost him more in higher premiums if he does. If he is still working , and covered by an employer sponsored program, it is a bit more complicated. BUT, if he is retired, he needs to enroll for Part A, Part B, and Part D.

There are usually seminars to provide information. he and you should go to them.
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There are usually seminars to provide information. he and you should go to them.

</snip>


Just about every state has a SHIP program that provides unbiased advice on Medicare.

https://www.seniorsresourceguide.com/directories/National/SH...

A SHIP seminar may be preferable to using an insurance salesmen as an information source.

intercst
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wow! great replies! I will look into each over the coming days.

He is currently working full time. I am advising him to postpone retiring until age 70, not making any comment for or against applying for medicare. (I clearly have much to learn!)

The reason for my hope for delaying his retirement is that he isnt in a terribly wonderful place from a savings perspective (he actually has some non mortgage debt to boot). I want him to hold off--especially--so he can avoid collecting social security benefits until he can maximize the benefit.

Thanks for all the links! I will dive into them over the next few weeks :)
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I'm still in my 50s so I don't know the details but I've seen discussions about the danger of something called Medicare Advantage (easy to get into, hard to escape).

The Bogleheads forum has some good knowledgeable threads on Medicare topics as well.
For example:
https://www.bogleheads.org/forum/viewtopic.php?t=297060

They seem to recommend the Medicare for Dummies book as a good starting point.

Rich
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I saw something along a similar line somewhere. That was the impetus for posting. I need to understand the pros/cons and risks of Medicare Advantage. From what I've gathered thus far, it seems to be great for pricing, but limited as you need to go to a provider who accepts the plan you are on
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I found this article on Medicare Advantage enlightening.

https://boards.fool.com/the-medicare-advantage-roach-motel-3...

intercst
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I think that link was the post that I had seen the MA article that has me concerned for my dad. Thanks for reposting!
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Regarding age 65 vs 70:

- Waiting until age 70 to receive Social Security benefits increases the monthly amount one receives.

- Waiting until after age 65 (+/- 3 months) to sign up for Medicare Part B (doctors) carries a lifetime penalty. (Medicare Part A, hospitals, is no charge for those who've been paying into Social Security.)

Note:
- If your DD has enough funds, he can retire at 65 and still postpone receiving SS until 70.
- If he does receive SS starting at 65, then Medicare Part B premiums will be deducted from his SS income.
- If he doesn't receive SS starting at 65, he'll need to notify Medicare separately to sign up for Medicare Parts A and B.

HTH
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