The Setup:

Joining us on today’s show, Medicare expert, Erin Carbone, will discuss the various working parts of Medicare, when you can apply, what kind of add-ons you should expect, and more.

The Combination and Key Points: 

On today’s episode of Unlocking You Financial Future, Erin Carbone joins us to discuss her business and we’ll dive into Medicare on a deeper level. Health insurance is a huge problem that a lot of people need help solving, an issue that can be really expensive if not planned out correctly. With her life and health license, she is helping people solve this problem with the correct resources and knowledge base.

Medicare is the government health insurance program for those 65 and over or for those with qualified disabilities. Medicare Part A is what you’ve been paying into your whole life and Part B rounds out the coverage in Part A, covering things like outpatient appointments, physician charges, lab work, etc. There is a cost to Part B, for this year if you make under the limit thresholds it is $170.10 per month for the standard plan.

There is a penalty if you enroll late into Medicare. You could pay up to a 10% penalty per year for every twelve-month period that you don’t enroll and this is a lifetime penalty. But if you have credible coverage through an employer or spouse’s employer you won’t be penalized.

Erin doesn’t usually recommend going into retirement with just A and B. There’s no out-of-pocket maximum, meaning you are vulnerable to co-pays and co-insurance taking a lot of money out of your pocket. So, when it comes to saving money it’s important to consider Medicare add-ons.

On the basic level, there are two add-on forms, a supplemental and an advantage plan. A supplemental plan is an insurance policy that you purchase through an insurance company and it becomes secondary to Medicare. It will cover the gaps in your Medicare coverage, hence the other name it has a Medi-gap plan. With an advantage plan, the other insurance becomes your primary while Medicare becomes your secondary.

Working with a professional not only helps you understand the various turning parts of Medicare but also ensures someone is there to help you avoid making mistakes that could cost you money.

Carbon Insurance Services: https://www.carbone-insurance.com/

If you have any questions, please reach out to us at https://www.baschrock-fg.com/ or give us a call at 330-473-1060

To hear more you can listen to the full episode or use the timestamps below to find a specific segment.

0:35 – Welcome Erin!

1:59 – A little bit about Erin

3:24 – How she got into the business

4:38 – What hooked her?

5:25 – Life and health license

6:03 – What is Medicare?

9:17 – Avoid lifetime penalty

10:07 – Using just A and B

10:41 – Medicare add-ons

12:12 – Supplemental approach

12:39 – Cost difference

13:31 – Is Advantage free?

14:55 – Are they good plans?

16:06 – Where do we see customization?

17:30 – How does Erin’s business work?

18:49 – Be cautious with advertisements

19:39 – How long are you stuck in a plan?

20:11 – How you can contact Erin

Key Quote: 

Be cautious with what you’re getting into. As with any advertisement they’re only telling you the good points and if you don’t investigate it and look into the details you could end up with a plan that really does not suit your needs well at all.

-Erin Carbone

Thanks for listening to another episode of Unlocking Your Financial Future. We’ll talk to you again next week!

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