Join Troy Sharpe, CFP®, in this episode as he discusses Obama Care and how it can help you keep more of your dollars in retirement. You might be under 65 and about to retire, have you thought about how much insurance premiums will be once you get off your workplace plan. Sometimes, they can be as high as $2,000 per month. With the proper planning before you retire and while in retirement you can keep your insurance premiums down so that you can keep more of your money and it can last you longer.

Medicare and retirement income planning are closely aligned. In our view, the average retiree should expect to spend $5,000 per year on out of pocket medical expenses not covered by Medicare.

Research quoted in USA Today in 2018 indicates that the average couple is expected to spend about $280,000 in today’s dollars throughout retirement on out of pocket medical expenses.

It’s important to note that this figure does not include long term care insurance or care.

Planning for income throughout retirement to keep up with the medical costs is one of the biggest advantages of working with a retirement professional and having a written retirement income plan.

At Oak Harvest, we don’t just attempt to plan for our clients to have enough income throughout retirement, we also plan for taxes and how making certain income decisions and strategies may impact facets of retirement, such as Medicare.

One of the biggest surprise medical costs for many in retirement may be IRMAA surcharges. Many individuals may not aware that big taxes like this can really increase your longterm out of pocket medical costs.

IRMAA stands for “Income Related Monthly Adjustment Amount.” Depending on your income levels in retirement, your premiums could increase from the standard $135.50 per spouse per month in 2019 to anywhere between and up to $460.50 per spouse per month.


On top of the IRMAA charges, retirees should be aware that according to the 2018 Medicare Trustees report, Part B premiums are expected to increase about 8% per year over each of the next 5 years. As more people hit age 65 and become a beneficiary of Medicare, (10,000 every day), Medicare costs will continue to increase.

We believe a lot of planning must take place before the age of 72 when Required Minimum Distributions commence. From this point forward, mandatory distributions from IRA’s will bump many people into these IRMAA surcharge brackets. Without a plan or a guide, many people will inadvertently be forced into these surcharges and potentially have to pay tens of thousands more in Medicare costs.

Your Customized Retirement Plan from Oak Harvest will help you tailor an income and tax strategy that considers Medicare and related health care costs throughout retirement. We strongly believe that this type of indepth planning and knowledge is part of what separates Oak Harvest from our competitors.

Do you have a retirement plan that goes beyond allocating funds to truly fit your needs? We can help you create a retirement life plan customized for your retirement vision and legacy. Call us at (877) 4040177

If you have $500K or more and would like a partnership with a firm to help you manage your investments and financial plan as in these videos, click on this link to connect with our advisors: https://click2retire.com/healthinsura...

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