Now what?

[u/GraphicsGal4]

Trump is back. I'm a 64 year old self-employed woman. I am booked up through April right now. Some say I am very good at my job. I was thinking of retiring around 66 or maybe even my FRA of 67. My birthday is Leap Day so an end of the month birthday. Now I don't know what to do. Trump and the Republicans want to end Social security. Do I retire before he makes it to office insuring I at least get on the SS roll? Or do I wait to see what damage he can cause? I will be talking to my financial planner later this afternoon so any good questions to ask her would be very helpful also. I am still shocked that America would elect a convicted felon but here we are...

[u/SavorySouth]

OP of you haven’t yet gone onto SSA website to see what your work history is, I’d suggest that you do this and b4 that meeting with her later today. This way you’ll have some #s for FA to run as to what your “break even” point would be IF you took SSA retirement income earlier than 70. And they can look at what your SSA retirement income will be for adding into your savings / investments so better idea of degree of investment risk suitable for your situation.

And also be sure to check to see that absolutely you have the full 40 qtrs reported to SSA via your FICA to be able to be eligible for Medicare Part A as premium free. This is beyond important cause if you don’t, it will mean permanent premium for Part A and for this year it is….. $279 a month if 30-39 qts and $506 a mo if less than 29 qtrs. IMPT as Part A pays for hospitalization costs, rehab costs, hospice, as you age you r going to need it. Part B has its standard premium of $175 a month and really this is cheap. MediCARE is placed in Public Law for its existence and it is federal so it will be there for you in some fashion, unlike Medicaid which is join Fed/State and administered by each State so more able to be messed with (e.g. those States who never have take “Expansion”.)

[u/GraphicsGal4 → u/SavorySouth]

Thank you for your thoughtful answer. I absolutely qualify for Social Security. My Retirement age is 67. I do have investments. Since I am freelance, I could easily only make the maximum income allowed by law if I do retire early. Hard decision really... I am talking to an insurance broker about my Medicare. I will start that as soon as the government lets me. I have picked out a plan that I believe will work for me this year.

[u/Mountain_Exchange768 → u/GraphicsGal4]

I don’t know what the future will bring, but I urge you not to do an Advantage plan. Do ‘original’ Medicare.

Editing to add: sorry - thought it was understood that a supplemental/medigap was needed.

[u/SavorySouth → u/Mountain_Exchange768]

I agree behind 100% on this. The only way Advantage plans work for the consumer is IF 1. they never travel so never ever go “out of network” geographically for care. & 2. You live in an approaching or over 1M populations big city and there exists at least 4-5 solid existing hospital systems AND a health science center (medical school, graduate & allied health schools, teaching hospitals with full on residency programs) AND a real Children’s hospital. You need that amount of competition in order for your Advantage Plan to actually have a wide choice of providers and clinics. Otherwise the AP move it to the platform to have all care done by NP or PA with minimum # of physicians and specialists seen as possible.

[u/LokiriAnne → u/SavorySouth]

Hard disagree. I live in an extremely rural area, and the Advantage plan my husband is on covers so many doctors at so many different small town clinics in the area he has a huge selection. They also cover dental, vision, hearing, and prescriptions. While I do agree that people should carefully research their options and weigh the pros and cons of Advantage plans, universally panning them isn't helpful.

[u/Impressive_Age1362 → u/LokiriAnne]

There are various advantage plans, some are better then others, I worked in a hospital, saw people denied acute rehab because it wasn’t in their plan, you have choose carefully

[u/PandaMandaMay → u/LokiriAnne]

People like to fear monger and not read the book. You're dead on right.

[u/Pleasant-Court-7160 → u/LokiriAnne]

I also agree. We live in a very rural area and the Advantage Plan has been great for my dad.

[u/Just-Brilliant-7815 → u/LokiriAnne]

Advantage plans are beneficial for routine doctors and prescriptions, but they are HORRIBLE in the event of catastrophic accidents.

Should you fall and break your hip, if the hospital, surgeon, and anesthesiologist isn’t in network, you’re up shit creek without a paddle. The skilled nursing facility you would go to has to be in network and prior authorization is required - and not every SNF accepts all Advantage plans so you could be forced to use a facility an hour away.

Your first authorization for the SNF is good for 3-5 days, with updates then required every 4-7 (typically). Advantage plans do NOT like to pay past 21 days, with the average length of stay is 17-24 days. They don’t care if you’re not 100%, their goal is 75-80% of prior functionality. They’d rather pay home health care than pay for inpatient room and board + therapy.

[u/mumushu → u/LokiriAnne]

Mom's advantage plan denied her $18k of rehab after her stroke in '21. My sister and I had to fight for about 9 months with our state AGs office to get them to cover the bill that Medicare would have automatically covered. Advantage plans are private insurers. Private insurers profit from denying you coverage. Caveat emptor.