Medicare – Between Life and Money

Understanding Healthcare: Navigating Costs, Plans, and Life Stages (Ep. 19)

By Between Life and Money | September 3, 2024

Are you making the best healthcare choices for your life stage and wallet?

Don’t let healthcare costs surprise you—arm yourself with the knowledge to make informed decisions.

Join host Jeff Panik, CFP®, MSFS, CRPS in this essential episode where he untangles the often overwhelming world of healthcare, helping you make decisions that are right for your health and finances. From understanding premiums, deductibles, and co-pays to the strategic use of healthcare accounts like FSAs and HSAs, this episode is packed with actionable insights.

Whether you’re a young adult transitioning to personal coverage or approaching Medicare, Jeff provides the guidance you need to navigate healthcare costs and make informed choices that align with your financial goals.

Key Highlights:

Informed Healthcare Decisions: Learn why making informed healthcare choices can safeguard your future, rather than simply following what others do
Preventive Care: Discover the power of preventive care—annual checkups, screenings, and vaccinations—to catch health issues before they escalate
Cost Considerations: Break down the costs—premiums, deductibles, co-pays—and take control of your healthcare budget
Healthcare Accounts: Maximize your savings by understanding FSAs and HSAs—two powerful tools that can save you money and roll over unused funds
Medicare Navigation: Navigate Medicare’s complexities with confidence, from understanding premium impacts to choosing the right supplemental plans
Life Stage Healthcare Planning: Get tailored advice for every stage of life—whether you’re moving off your parents’ plan or nearing Medicare
And much more!

Unlock these insights and more to confidently navigate your healthcare journey.

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Financial Literacy: How To Understand and Simplify Your Health Insurance (Ep. 13)

By Between Life and Money | June 6, 2024

Are you unsure about how to prepare for unforeseen medical bills?

Navigating the maze of health insurance can be daunting, but host Jeff Panik is here to help. In this enlightening episode of ‘Between Life and Money: Finding Balance’ Jeff simplifies the complexities of health insurance. He discusses the importance of having the right coverage to avoid significant medical bills and provides actionable strategies for choosing the best health insurance options. From understanding plan types to managing out-of-pocket costs, this episode equips you with the knowledge to maintain your physical and financial well-being.

Key Highlights:

Essential Health Insurance: Discover why health insurance, although not federally mandatory, is crucial for avoiding medical debt and ensuring coverage
Coverage for Young Adults: Learn about the Affordable Care Act’s provision allowing parents to keep children on their plans until age 26
Plan Types and Costs: Gain insights into different health insurance plans (HMO, PPO, etc.) and their implications on costs and coverage
Family Discussions: Understand the importance of discussing health insurance within families, especially for those with chronic conditions
Open Enrollment: Get practical tips for researching and selecting the best plan during open enrollment, ensuring in-network doctors and prescriptions
Self-Employed Solutions: Discover resources like ehealth.com and healthcare.gov for finding suitable plans if you’re self-employed
COBRA Coverage: Understand COBRA’s role in maintaining health insurance during job transitions and its associated costs
Medicare Insights: Navigate the decision between staying on an employer plan or switching to Medicare at age 65
Medical Billing Accuracy: Learn the importance of verifying healthcare bills for errors to avoid unnecessary charges
And much more!

Resources:

Connect with Jeff Panik:

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Financial Literacy & Navigating Social Security (Ep. 12)

By Between Life and Money | May 21, 2024

Thinking about when to start Social Security? Discover strategies that could boost your retirement income.

Elevate your understanding of Social Security with host Jeff Panik in this pivotal episode of ‘Between Life and Money: Finding Balance’. We uncover the critical role of the Federal Insurance Contributions Act (FICA) and its evolving impact on both Social Security. This episode meticulously addresses Social Security reforms, unpacks the consequences of early withdrawals, and offers strategic advice for maximizing benefits, empowering you to navigate your financial future with confidence.

Key Highlights:

Historical Context of FICA: Discover the 1935 origins of FICA, established as a safeguard during the Great Depression, and explore how demographic shifts and longer life spans pose modern challenges
Understanding Payroll Taxes: Learn about the influence of the payroll tax cap on your contributions and the debate over removing this cap to ensure Social Security’s financial stability
Managing SSA Records: Explore the importance of maintaining accurate Social Security records through the SSA’s online portal, with a focus on verifying work history and benefit calculations
Strategic Benefit Withdrawal: Assess the financial implications of initiating Social Security benefits at ages 62, 67, or 70, and understand how earning additional income can affect early withdrawals
Couples and Social Security: Investigate strategies that allow couples to optimize their combined benefits, especially considering the potential long-term benefits for the surviving spouse
Navigating Misleading Advertisements: Identify the difference between factual advice and misleading claims about increasing Social Security benefit
Proactive Retirement Planning: Embrace the necessity of starting your Social Security planning 5-10 years before retirement, integrating it with other retirement income sources like pensions and IRAs
And much more!