Welcome
Mark Gabelman RETIREMENT INCOME AND LEGACY PLANNING
Social Security Planning for a Stronger Retirement
Medicare Planning and Guaranteed Lifetime Income for Peace of Mind
Maximize Social Security & Minimize market Risk and Taxes
Why Call me
With over 30 years of experience as an Independent Financial Professional, I’ve helped countless people build and protect their wealth. I believe that a personal conversation—whether over a cup of coffee or a quick phone call—can provide far more value than any seminar on Retirement Planning or Medicare Education. Let’s talk one-on-one to create a financial strategy tailored to your goals. Call or email me, and let’s set up a time to talk. I look forward to helping you build and protect your wealth with a personalized strategy.
Social Security Optimization
Factors to Consider:
- Health & Longevity: If you expect to live a long life, delaying benefits could be beneficial.
- Current Financial Needs: If you need income sooner, taking benefits earlier may be necessary.
- Employment Status: If you keep working, claiming early might result in benefit reductions due to earnings limits.
- Break-Even Analysis: If you live past your late 70s or early 80s, delaying benefits often pays off in total lifetime benefits.
Medicare Planning
Medicare planning involves understanding and organizing your healthcare coverage under the U.S. Medicare program to ensure it aligns with your medical needs and financial situation during retirement. Effective planning helps you maximize benefits, manage out-of-pocket costs, and avoid potential penalties.
Key Components of Medicare:
Original Medicare:
- Part A (Hospital Insurance): Covers inpatient hospital stays, skilled nursing facility care, hospice care, and some home health care.
- Part B (Medical Insurance): Covers certain doctors' services, outpatient care, medical supplies, and preventive services.
Medicare Advantage (Part C):
- An alternative to Original Medicare offered by Medicare-approved private companies. These plans bundle Part A, Part B, and usually Part D (prescription drug coverage), and may offer additional benefits like vision, hearing, and dental services. medicare.gov
Prescription Drug Coverage (Part D):
- Provides coverage for prescription medications. You can join a separate Medicare drug plan if you have Original Medicare or get it through a Medicare Advantage Plan that includes drug coverage. medicare.gov
Medicare Supplement Insurance (Medigap):
- Private policies that help pay some of the out-of-pocket costs not covered by Original Medicare, such as copayments, coinsurance, and deductibles.
Steps in Medicare Planning:
Assess Your Healthcare Needs:
- Consider your current health status, any chronic conditions, preferred healthcare providers, and prescription medications.
Understand Enrollment Periods:
- Initial Enrollment Period (IEP): Begins three months before you turn 65 and ends three months after the month you turn 65—a total of seven months. Missing this window may result in late enrollment penalties. usa.gov
- Annual Open Enrollment Period: From October 15 to December 7 each year, during which you can review and make changes to your Medicare coverage. kff.org
Compare Plan Options:
- Evaluate the differences between Original Medicare and Medicare Advantage Plans, considering factors like coverage, costs, provider networks, and additional benefits.
Consider Additional Coverage:
- Determine if you need a Part D plan for prescription drugs or a Medigap policy to help with out-of-pocket expenses.
- Stay Informed About Changes:
- Medicare plans and costs can change annually. Regularly review your coverage to ensure it continues to meet your needs, especially during the open enrollment period.
Effective Medicare planning is crucial for managing healthcare costs and ensuring access to necessary medical services during retirement. Given the complexity of Medicare options, consulting with a knowledgeable advisor like me or utilizing resources like the official Medicare website can be beneficial.
Lets Get Started
These are just some basic asset protection ideas to start with.
If you would like to read about more, like how to shelter money from Market risk, tax torpedos and health care costs. Call me or send an email, my info is everywhere on these pages.