Ray's Retire Right Report Retire Right — Retire Smart! Raymond T. Martin, Retirement Coach and Medicare Planning
November 2023 Happy Thanksgiving! I’m grateful for the awesome people I work with... like you! Thanks for being the best part of my workday!
November is National Novel Writing Month November 7th – 15th is Dear Santa Letter Week November 30th is Stay Home Because You’re Well Day
A Veteran’s Valor Between 1969 and 1970, Gus Allbritton of Georgia was wounded three times in the Vietnam war. For his military merit and wounds, he was awarded three Purple Heart metals. Two he gave to his children; one he kept for himself. Gus stored it in a heavy bottle with coins and other trinkets. That was fine till nearly 40 years ago, when his home was burgled. The bottle was among his property stolen by the thief. Allbritton thought he’d never again see the metal again. Fast forward decades and one state away, Jaime Bath saw a Purple Heart metal at an estate sale in Florida for $2. Turning it over he saw the inscription, “For Military Merit – Gus A. Allbritton”. Knowing its significance and value to the recipient, Bath purchased the metal. Then he tracked down Gus through the VA. 38 years later Gus was again holding the symbol of his valor.
The Interstate system was designed so that one mile in every five must be straight. Why?
Medicare late enrollment penalties are a real thing, and they can be harsh. Every person is expected to enroll in Medicare when they are first eligible. That’s because allowing people to postpone signing up till they need medical care swells the rolls of enrollees with unhealthy people who need care but doesn’t fill the coffers with funds from all the eligible people. For the system to work financially, it needs healthy people enrolled too. To “encourage” all eligible seniors to enroll when they first become eligible, Medicare charges a penalty for not doing so. Medicare Part A: If you (or your spouse) have worked 40 quarters in your life, you will qualify for free Part A (hospitalization coverage). If you don’t sign up when first eligible, your monthly premium may go up 10% for twice the years you delayed. Medicare Part B: You may delay signing up for Part B (doctor coverage) if you have other creditable coverage like workplace insurance through you or your spouse’s employer. However, if not, you’ll pay a 10% penalty on top of Part B premiums for each full year’s delay. That penalty will be owed for the rest of your life. Medicare Part D: You’ll pay an extra 1% for each month you delay joining a Medicare prescription drug plan, for example 14% for a 14 month wait. The penalty is waved if you had creditable coverage during the delay. The increase in premium is forever. For questions about when you are eligible, if you have creditable coverage and your Medicare options, call me. No pressure, just honest advice to consider.
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