When planning for retirement, one of the biggest expenses to consider is health care. Don’t worry – this is where Medicare steps in. But what is Medicare? When is it required to enroll? How do you enroll? Let’s break it down.
3 Things
What is Medicare?
Medicare is a federal health insurance for anyone age 65+ - and some people under 65 with certain disabilities or conditions.
Do you have to enroll in Medicare?
Yes - you become eligible to enroll three months before you turn 65. If you do not enroll you will be subject to penalties and potentially increased premium costs. There are some exceptions to this timeline; for example, if you plan to work past age 65.
What is the cost of Medicare?
Most people pay $0 for Medicare Part A and a monthly premium for Part B. You can also add additional supplemental coverages that will cost you a monthly premium, but help you cover your medical needs.
How
do
you enroll in Medicare?
To enroll for Medicare Parts A & B, you should contact the Social Security Administration office. For supplemental coverage, TruLync Medicare Advisors can help you find a plan that is best for you!
How do you know what is right for your needs?
Work with TruLync Medicare Advisors, a CCCU partner, to find the right coverage for your health needs and get your questions answered. Get answers to questions like – what does original Medicare cover, will my prescriptions be covered and what are my health plan options? Learn more about this service by calling (612) 345-2798 or scan the QR code.
Food & other essentials can take up a big portion of your budget. Try canceling unused subscriptions, cut back on eating out or try a no-spend weekend! YOU SHOULD ACTUALLY CARE ABOUT THIS RESOLUTION
SEASON
Making – and breaking – resolutions is something we all do. This year, let’s break that tradition and focus on realistic resolutions that are worth keeping and will actually make a difference on your finances.
CUT DOWN YOUR DEBT
Create new money habits to shed your debt – set up automatic payments, refinance or consolidate to a lower-interest rate, create a budget & track spending. Remember, small changes do make a difference.
KEEP AN EYE ON YOUR CREDIT
For good credit, you should shoot for 700+. Login to mobile or online banking to view your report and find personalized recommendations to boost your score with SavvyMoney
FIND LITTLE WAYS TO SAVE
With rising costs & an already expensive time of year, it’s hard to justify the costs that come with planning a vacation. Instead, think about planning a Daycation – a day trip to a local attraction right in your community. These can be cost effective and can still help you enjoy an escape from routine.
