How Does Medicare Work? Medigap and Medicare Advantage

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By Roger Whitney and RMA. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

Over the past few weeks, we have talked about the different pieces that make up our Medicare system. Medicare is a fairly complex system with a lot of nuances to be aware of. One of the things you may have noticed is that there are some gaps in Medicare coverage. Today Danielle Roberts from Boomer Benefits is back to help us understand these gaps and what we can do to fill them.

Medicare isn’t the only place we see gaps in retirement. Often time there are other places where we have gaps in our retirement planning. Listen in to discover how to fill these gaps in Medicare and elsewhere in retirement.

Analyze your gaps in retirement

In project management, there is something called gap analysis which helps project managers identify gaps. Gap analysis has 5 basic steps.

  1. Identify the area to be analyzed and identify the goals to be accomplished in that area.
  2. Establish an ideal future state. What is the ideal outcome?
  3. Analyze the current state. What is it like now?
  4. Compare the ideal state to the current state,
  5. Identify the gap between the current state and the ideal state so that you can begin to close that gap.
Gaps in retirement planning

In retirement planning, people often skip step 2 when analyzing their own gaps. Rather than identify the ideal state for their retirement, they only analyze their current state. I argue that the project management method of gap analysis is a much better way to approach retirement.

When you first establish what your ideal retirement will look like and then figure out the rest you start with a blank slate. Isn’t that what you are looking for in retirement? Learn how you can start your retirement off right. Start with a blank slate rather than limit yourself by where you are currently.

Filling the gaps that Medicare leaves

If you have been listening to the past few episodes, you probably noticed that there are some gaps in the Medicare system. If you have been wondering how to fill those gaps, then you’ll definitely want to listen to one of the top Medicare experts in the country, Danielle Roberts, from Boomer Benefits.

Medigap and Medicare Advantage plans

There is a difference between traditional Medigap plans and newer Medicare Advantage plans. Medigap plans are generally more expensive but they offer more flexibility and a wider variety of plan choices. Medicare Advantage plans cost less and sometimes they are even free, however, these plans come with many more limitations. These plans are gaining popularity over the past few years. Listen to Danielle’s expert analysis of these different types of plans to help you decide the best way to supplement your Medicare coverage.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN WHAT’S THAT MEAN?
  • [1:48] What is a gap?
PRACTICAL PLANNING SEGMENT
  • [6:43] Check out Danielle’s new book!
  • [8:22] How does Medigap insurance work?
  • [14:29] What you need to consider when choosing a Medigap provider
  • [19:08] What do Medigap plans cost?
  • [25:30] What is a Medicare Advantage plan?
  • [31:16] How does Medicare work while traveling?
Q&A SEGMENT
  • [35:25] You could lose your coverage if you are still working
  • [36:52] A Roth 401K question
TODAY’S SMART SPRINT SEGMENT
  • [45:49] Let me know if you are experiencing challenges in unexpected retirement
Resources Mentioned In This Episode

BOOK - 10 Costly Medicare Mistakes You Can’t Afford to Make by Danielle Roberts

Boomer Benefits

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Work with Roger

Roger’s Retirement Learning Center

351 episodes