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Answers to Your Retirement Questions
If you ’ re getting closer to retirement or thinking about when that day will come , you probably have a lot of questions . You might be wondering about Medicare , Social Security , your financial investments , and even how you might spend your extra time . Some local experts weigh in on all of these topics . .
Are you planning on starting Medicare this year ? Here is what you need to know .
Once ready to start Original Medicare with parts A ( hospital ) and / or part B ( Medical ), you will have options on how you want to receive your coverage . With Original Medicare , Medicare pays 80 % and you pay 20 % of your health care costs . That 20 % can get expensive considering the Out-of-Pocket costs of deductibles , co-pays , and co-insurance . While some Medicare recipients opt to have coverage from Original Medicare and prescription coverage , many recipients choose coverage from private insurance such as Advantage Plans , also known as Part C , or through Medicare Supplements , also known as Medigaps . Recipients must have parts A and B to enroll in these plans .
Advantage plans bundle parts A , B , and often part D , which is prescription coverage , into one plan . These plans can help lower your out-of-pocket costs . The cost for Advantage plans starts at $ 0 a month with an average cost of $ 17 . Advantage Plans work within specific regions / networks , and many offer extra benefits that are not part of Original Medicare , for example , help with vision , hearing , dental , and Over the Counter expenses .
Another popular way Medicare recipients choose their coverage is through a Medicare Supplement , or Medigap . Medigap plans are standardized plans providing coverage anywhere in the US where Medicare is accepted . The cost of Medigaps in PA ranges , however the average cost is around $ 150 . Medigaps are designed to cover more of your Out-of- Pocket costs . Unlike many Advantage Plans that roll your Part D coverage into one bundled plan , Medigaps do not include Part D coverage , therefore recipients pick up a Stand-Alone Part D Prescription Plan . These plans also have a range in cost with an average monthly premium around $ 41 .
Pennsylvania Medicare Education and Decision Insight , or PA MEDI is a statewide service operated by the Pennsylvania Department of Aging and is known as a trusted local resource for Medicare help . Services are provided free by highly trained Counselors . To reach your local PA MEDI Office in Erie County , call GECAC at 814-459-4581 . We can help look at eligibility for cost savings programs and explain preventative services as well . Contributed by : Kimberly Malone , Director of Senior Center Services ; Erie County PA MEDI Coordinator , Greater Erie Community Action Committee ( GECAC )
Social Security – When is the Right Time to Start Collecting ?
Delaying your benefits for as long as possible may give you greater income for life . But is it the right move for you ?
Even for Americans who have invested diligently for retirement over the years , Social Security benefits matter . One of the first big decisions we ’ re faced with as we approach retirement is when to claim our benefits - timing is important . While you can start as early as age 62 , waiting a few years or until you reach your full retirement age can substantially increase the amount you receive over your lifetime . We are all living longer , which can make a difference when it comes to how and when we claim Social Security benefits .
One of the biggest retirement concerns people have is outliving their money . Waiting to collect Social Security benefits begins to make a lot more sense than it might have in the past . Imagine that at age 66 you are entitled to an annual Social Security benefit of $ 10,000 . If you wait a year to claim it , you ' ll forego the $ 10,000 for the first year , but the following year at age 67 , you ' ll receive an annual benefit of $ 10,800 or 8 % more - an amount that is adjusted for inflation , each year for the rest of your life .
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