MEDICARE PLANNING:
WHY MEDICARE COSTS MORE THAN MANY PEOPLE EXPECT

Thad Ismart, CFP®, ChFEBC, CEPS

Senior Financial Planner

Tessa Hall
Media and Communications
Specialist

LAWRENCE M. POST
CPA, MST, CFP®, CIMA®
Senior Tax and Planning Advisor

About This Episode

Tessa speaks with BWFA’s Larry and Thad about Medicare costs, including premium increases, prescription drug coverage, deductibles, and out-of-pocket expenses. They explain how Medicare pricing changes over time and why many individuals underestimate healthcare costs in retirement.

The conversation also covers Medicare Part D plans, IRMAA income adjustments, and why comparing plans each year can help reduce unnecessary expenses. To better understand how healthcare costs fit into your broader retirement strategy, visit our Financial Planning services page.

Healthcare costs play a major role in retirement planning, and Medicare expenses continue to rise each year.

In this episode of Healthy, Wealthy & Wise, Tessa speaks with BWFA’s Larry and Thad about Medicare costs and what individuals should understand when preparing for healthcare expenses in retirement. They explain how Medicare premiums, deductibles, and prescription drug costs have changed and why many retirees underestimate what they may pay over time.

The conversation also explores IRMAA, which stands for Income-Related Monthly Adjustment Amount. Individuals with higher incomes may pay additional Medicare premiums depending on their earnings.

Prescription drug coverage is another important topic. The episode highlights why reviewing Part D plans each year matters, since pricing and coverage can vary significantly between providers.

The discussion also explains how insurance works from a broader planning perspective. Healthcare coverage involves balancing premiums, deductibles, and financial risk, which means different approaches may make sense depending on individual circumstances.

Ultimately, understanding Medicare costs can help individuals make more informed decisions and better prepare for healthcare expenses throughout retirement.

MEDICARE PLANNING:
UNDERSTANDING YOUR MEDICARE OPTIONS

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Thad Ismart, CFP®, ChFEBC, CEPS
Senior Financial Planner, BWFA

Tessa Hall
Media and Communications
Specialist

About This Episode

Tessa speaks with BWFA’s Thad about Medicare planning and the differences between Original Medicare and Medicare Advantage plans. They explain how Medicare works, what the different parts cover, and why choosing the right structure can impact both costs and coverage.

The conversation also covers enrollment timing, penalties for late enrollment, and why reviewing prescription drug and supplemental coverage is important. To better understand how Medicare planning fits into your broader retirement strategy, visit our Financial Planning services page.

Medicare planning can feel overwhelming, especially when trying to understand the differences between Original Medicare and Medicare Advantage plans.

In this episode of Healthy, Wealthy & Wise, Tessa speaks with BWFA’s Thad about how Medicare works and what individuals should consider before enrolling. They explain the different parts of Medicare, including Parts A, B, C, and D, along with how each type of coverage functions.

The conversation also explores the differences between Original Medicare and Medicare Advantage plans. While Medicare Advantage offers a more streamlined, all-in-one approach, Original Medicare may provide more flexibility and lower costs in some situations.

Enrollment timing is another important part of Medicare planning. Missing deadlines can result in permanent penalties, so it’s important to understand when to enroll and which exceptions may apply.

The episode also highlights why reviewing prescription drug coverage and Medigap policies matters. Many individuals overpay simply because they do not compare plans or regularly review coverage options.

Ultimately, Medicare planning involves balancing costs, coverage, and long-term healthcare needs. Understanding your options can help you make more informed decisions and avoid unnecessary expenses in retirement.

SOCIAL SECURITY TAXES AND DIVORCE: KEY DETAILS TO CONSIDER
FROM BALTIMORE-WASHINGTON FINANCIAL ADVISORS

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Thad Ismart, CFP®, ChFEBC, CEPS
Senior Financial Planner, BWFA

Tessa Hall
Media and Communications
Specialist

About This Episode

Tessa speaks with BWFA’s Thad about Social Security planning and how divorce, survivor benefits, and taxes can impact your retirement income. They explain how benefits work for divorced individuals, including eligibility requirements and timing considerations.

The conversation also explores how survivor benefits differ from spousal benefits and what individuals should consider when deciding when to start benefits. In addition, they explain how Social Security is taxed and show why a full view of your financial picture matters. To better understand how Social Security planning fits into your broader retirement strategy, visit our Financial Planning page.

Social Security planning involves more than deciding when to start benefits. It also requires understanding how divorce and taxes impact your retirement income.

In this episode of Healthy, Wealthy & Wise, Tessa speaks with BWFA’s Thad about Social Security planning and how life events affect your benefits. Many individuals assume that divorce eliminates eligibility. However, that is not always the case.

Individuals who were married for at least ten years may still qualify for spousal benefits based on an ex-spouse’s earnings record. Timing also plays an important role. The age at which you start benefits can directly affect how much you receive.

The discussion also explains how survivor benefits work. These benefits follow different rules and can provide additional flexibility. Understanding these differences helps individuals make more informed decisions.

Taxes are another key part of Social Security planning. Many people do not expect to pay taxes on their benefits. However, the IRS can tax up to eighty-five percent of your Social Security income.

Your total income determines how much tax you pay. This includes income from retirement accounts, investments, and other sources.

Because of this, it is important to consider how Social Security fits alongside other income sources. A coordinated approach can help manage taxes and support long-term financial goals.

Ultimately, Social Security planning requires a full view of your financial situation. By understanding how benefits work and how taxes apply, you can make more informed decisions that align with your overall retirement plan.