“I’ll Have What She’s Having!”  Not always the best idea when looking at Medicare options…

This famous line, spoken by director Rob Reiner’s very own mother, Estelle, at Katz’s Deli in the romantic comedy, When Harry Met Sally, always makes me laugh.  When we are making big and small decisions, we often consult our friends.  Many times, we decide to take the path of least resistance by electing to make the same decision our friends made prior.  When it comes time for Medicare, that approach may not be the best idea.

As retirement nears, individuals and couples sit down and run the numbers to see when they would like to start drawing Social Security payments. They ask themselves the question, “Do I take it early, at 65 or try and let it grow and take it at 70?” The problem is nobody has a crystal ball as to how long they are going to live.  Actuaries have done the predictive modeling and set Social Security payments based on the results.  Much like Social Security payments, when deciding what Medicare supplement plan might be best for you, you need to sit down and do the math.

Ask yourself, “What kind of financial and physical health am I in today?”  Then sit down and review your options with an experienced, independent Medicare consultant.  Just because your friend bought a Plan F doesn’t mean that Plan F is right for you.  The Medicare supplement companies have their own set of actuaries running the numbers for each of the plan options, and they will set their pricing based on the results.  If you are in relatively good health and comfortable with the potential of having to pay for some out-of-pocket costs, there are many cost saving options available for you.  And, review your HSA balances, which can continue to be used for out-of-pocket expenses in retirement.

Remember, Medicare is an individual election.  What your spouse elects isn’t necessarily the best solution for you as well.

About the Author: Holly Gillespie is the proud owner of HKG Medicare Solutions an Independent Insurance Agency with a mission to live out James 1:27. Originally from Iowa and a graduate of Iowa State University, Holly specializes in face-to-face consultations in both Iowa and Nebraska. You may contact Holly Gillespie at 402.502.5286.

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