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MEDICARE AND YOUR RETIRMENT PLAN

Surprising or not, Medicare is more complicated than you may think. Your decisions affect your retirement plan as much as your health plan. 

Did you know:

Medicare is not automatic enrollment.  You may have to sign up for it within a specified period or be subject to a late enrollment penalty for as long as you have Medicare.

If you have employer insurance, you may be able to delay enrolling in Part B and D without a penalty.  Once that employment ends, you have a specified time to sign up without a penalty, whether or not you choose COBRA or have retiree coverage.

You must have Part B to keep your Tricare coverage if you have Tricare.

Part B and D premiums are based on your tax return income. The higher your income, the larger the premium.

You can request an income adjustment on Form SSA-44 if you received a notice that your premiums include an income-related monthly adjustment amount and you experienced a life-changing event, including retirement, divorce or death, or other loss of income.

Be sure to check www.medicare.gov for your specific circumstance.  SHIP – the State Health Insurance Programs - can provide personalized insurance counseling at www.alabamaageline.gov.

It is wise to review your Medicare options in conjunction with your retirement plan.  We recommend that you consult a retirement specialist to assist you in making financial decisions that will impact you - and your family - for the rest of your lives!  Don’t have a retirement specialist?  Give us a call at 256-417-4870

Mike

Mike Mickels is the President and Chief Compliance Officer of CochranMickels Retirement Specialists, LLC and an avid sporting clay competitor. CochranMickels Retirement Specialists provides personalized planning and investment services to individuals approaching and in retirement. CochranMickels Retirement Specialists, LLC is a registered investment adviser. This platform is solely for informational purposes. Advisory services are only offered to clients or prospective clients where CochranMickels Retirement Specialists, LLC and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. As a registered investment advisory firm, we are restricted from posting, publishing or otherwise disclosing any form of testimonial which is related to our investment advisory services. Links to websites and other resources operated by third parties are provided as information only, and there can be no assurance as to its accuracy, suitability or completeness. CochranMickels Retirement Specialists, LLC does not endorse, authorize or sponsor the content or its respective sponsors and is in no way responsible for third party content, services, products or information, or for the collection or use of information regarding the web site’s users and/or members.