Understanding how private insurance integrates with Medicare can be challenging, but it’s crucial for making the right choices for your healthcare coverage. In this episode of Elevate Wealth, Deanne Rosso, President of Elevate Wealth Advisory, sits down with Chuck Vickery, founder of Elevate Wealth, to explain the ins and outs of private insurance plans and how they interact with Medicare.

Most people are aware that Medicare is a government program, but did you know that it also works with private insurance? Hey, there, I'm Deanne Rosso, and we'll explain this today on Elevate Wealth. I'm joined today by Chuck Vickery, our firm founder. Hello, Chuck. Hi, D. And so, Chuck, how does private insurance work together with Medicare? Well, earlier we talked about the four parts of Medicare: Part A and Part B are government programs. Okay. Part C is private insurance, and we recommend that you go with Part A and Part B and then add a supplemental policy...a metagap policy....it's called different things, but Medicare supplement, and a Medicare supplement comes from private insurance. Okay. So you've got government and private working hand in hand, and the supplemental policy simply fills in all the gaps where Medicare doesn't pay, and that's what I have, and I've been on it for 12 years, and I've never spent one penny out of pocket because the supplement has covered everything. Wow, that's pretty amazing. So if you buy a supplement, they have different forms, and it doesn't make any difference the company. They have form A Form B, form C, form G is the most comprehensive at this time. Okay. So the form is what's important, and then having a reputable company. And so you can check prices. You can check the reputation of companies, but they're all identical policies for that form. Got it. So the other private insurance that shows up is Part D, that's also through private. You can do a a Medicare Part C Advantage program, but you can never after one year go back to traditional. But with Part D, your drug coverage, you can change that every fall when there's open enrollment if your medications change and you want to modify your coverage there. So the two work together very nicely. Good. So public, private partnership for insurance to provide the Medicare coverage that all the Medicare recipients need. That's it. Okay, great. Well it sounds a little complicated, but you've made it a lot easier today, Chuck, to understand this, so thank you so much for joining me, and if you have questions about your Medicare choices or what might be right for you, feel free to visit us. You can take a look at our website elevate-wealth.com and click "let's talk." See you next time.

Medicare can be confusing, with its different parts—A, B, C, and D—but understanding these options is crucial for your healthcare and financial planning in retirement. In this episode of Elevate Wealth, President & CEO Deanne Rosso sits down with Chuck Vickery, the founder of Elevate Wealth Advisory, to break down the four parts of Medicare and help you determine which plan might be right for you.

Medicare Parts A, B, C and D. It all sounds like alphabet soup! Which one is right for you? We'll explore this question today on Elevate Wealth. Hey, there, I'm Deanne Rosso, and I'm joined again by our firm founder, Chuck Vickery. Welcome, Chuck! It's good to be here. Glad to have you today. So, Chuck, as our resident Medicare expert, tell us a little bit about these different parts of Medicare. Well, there are four parts. Part A is for the hospital, and that part's free. Part B is for the doctor and tests, and you have to pay for that. Part C is Medicare Advantage, and that's through private insurance, and Part D is for drugs, and that's also through private insurance. So what most people have is a combination of public/private in some shape or form. Okay. The very best coverage comes from traditional Medicare, where you have part A, Part D, and Part B. And the reason I say it's the best, because you can be treated anywhere in the United States, for any condition, and there's no restrictions. Okay. Medicare Part C is the Advantage Plan, and that is a network program, so you have to stay in network, and if you don't, there are dire circumstances, uh, as far as how much they will pay and how much they won't pay. So A, B, and D are a little bit more expensive than the Part C, but it's, in my opinion, a lot better coverage, and that's what I would recommend if you can afford it. If you can't afford it, then the Medicare Advantage C may be the way you need to go. Gotcha. So part A, B, D, and typically a supplement, or what's can be called a Medigap policy, is what we would call original or traditional Medicare. Correct. And then or you would have Part A, B, and C, which is the Medicare Advantage. That typically also includes the D. Well, you'd have Part C, which includes A, B and so that's bundled. That's bundled. Okay gotcha all right. So but Traditional or Advantage Plan, that's typically the decision that you're making. Okay gotcha. And that's a really important decision. So whether you go the traditional or original Medicare route, or whether you choose an Advantage Plan. That's really personal and is dependent on your situation. So, if you have questions about that, feel free to reach out to us. We're glad to help. Thank you for joining me today, Chuck, and for that helpful information, and if we can help you, visit us at elevate-wealth.com and click "Let's Talk." See you next time!

In this episode, Deanne Rosso, President & CEO of Elevate Wealth Advisory, and company founder Chuck Vickery dive into the important topic of Medicare enrollment. Whether you’re approaching age 65 or just planning ahead, understanding when and how to enroll in Medicare is crucial. Chuck, our in-house Medicare expert, shares key insights, including:

Wondering how to maximize your Social Security benefits? In this episode of Elevate Wealth, Deanne Rosso and Clarke Holt from Elevate Wealth Advisory share strategies to help you get the most out of your benefits. Clarke highlights the benefits of delaying your claim until age 70, working at least 35 years, and coordinating spousal claims. Learn about the "three-legged stool" of retirement income and how to integrate your 401(k)s, IRAs, pensions, and other resources.

Social Security. You know if you've earned it or if you've paid into it, but how do you know how to maximize your benefit? Today on Elevate Wealth we'll explore this. Hey there. I'm Deanne Rosso with Elevate Wealth, joined here once again with Clarke Holt, an adviser at Elevate. And Clarke, how do you maximize those Social Security benefits? So I read a stat recently only 4% of retirees make the financially optimal decision when claiming their benefit. Oh wow. So there are a lot of people that are making maybe decisions that aren't in their best interest. Okay. So there's several ways you can maximize benefits, things like waiting till 70 to claim, working for 35 years, coordinating with spousal benefits and with your spousal claims, things like that. And really knowing your resources...what's available. So if we look at for example waiting till age 70, you get an 8% increase per year for every year you wait until age 70, so that's a big benefit. Yeah. Now what ties in with that is: what are your other resources? If you have ample resources in taxable accounts, IRAs, from pensions, from 401ks, that can really help replicate that pre-retirement income that you had, and then that allows you to delay claiming until 70. Right, okay. so working 35 years. You know, as we've talked about before, the calculation is based on your 35 highest earning years while you work, and if you have years years where you did not work, those calculations of zero income can affect your benefit and reduce that. Right. So maybe working another year so you can drop off a zero year. Exactly. And lastly, probably one of the most important things is to plan and partner with a wealth adviser. So to coordinate all these things. these are complicated decisions that shouldn't be taken lightly. Absolutely. And when you hear something like only 4% of people make the optimal decision when it comes to Social Security, that just really means you should work with someone so that you make the optimal decision. Obviously, at Elevate Wealth, we're here to help with that. If you need help thinking through your Social Security claiming strategy, visit elevate-wealth.com and click "Let's talk." Thanks for watching and see you next time.

Curious about how Social Security benefits work if you're divorced? In this episode of Elevate Wealth, Deanne Rosso and Clarke Holt from Elevate Wealth Advisory discuss the eligibility criteria for claiming benefits based on an ex-spouse's work record. Clarke explains the requirements, and using President candidate Donald Trump as an example, they illustrate how multiple ex-spouses can claim benefits without affecting each other's or the primary beneficiary's benefits.

Most people are aware that Social Security offers a spousal benefit, but what if you're divorced? We'll explore this today on Elevate Wealth. Hey, I'm Deanne Rosso, and I'm joined again by wealth adviser Clarke Holt. Hey, Clarke! Hey. And so this is a really important question. Clarke, how does Social Security work if you're divorced? So yes, if you were married for 10 years, you're currently unmarried, and you're 62 or older, you can claim benefits on your ex-spouse's work history. Okay. It does not affect your ex-spouse's benefits if you do this. Oh, okay. You know, I think we explain this to people a lot of the time, they're not sure that they can do this, and a good public figure example of this is former president Donald Trump, regardless of how you feel about him politically or personally, but his scenario is a good example of Social Security claiming strategy for ex-spouses and spouses. So he's been married three times. The first time to Ivana, and they were married a very long time, more than 10 years, so when she became eligible age of Social Security she could have claimed on Donald as her ex-spouse's record. Then he was married the second time to Marla Maples, but they were only married about six years, so she doesn't get to claim on his record, and then he's currently married for the third time, Melania, currently still married to Melania, so as his spouse she's eligible for a spousal benefit. So that's a good example of an ex-spouse who would get a benefit, an ex-spouse who wouldn't get a benefit, and a current spouse who gets a benefit, but but all of these spouses and the the claimer, the filer himself, Donald, they all get a benefit that's unreduced for each other, nothing's dependent on one another, an example. A lot of people don't know that. So I think it's really interesting to explore these um ex-spouse claiming strategies, and thanks for being here to share this with us. Thank you! Yeah, sure, so if you're divorced, and you're wondering what do I do when it comes to claiming your Social Security benefit, we're here to help. Visit us at elevate-wealth.com and click "Let's talk!" Thanks, and see you next time.

Curious about what happens if you start your Social Security benefits before reaching your Full Retirement Age (FRA)? In this episode of Elevate Wealth, Deanne Rosso and Clarke Holt from Elevate Wealth Advisory explain the impact of claiming benefits early. Learn about the 25-30% reduction in benefits if claimed at age 62 and the special rules for surviving spouses. Clarke provides valuable insights to help you understand the permanent reductions and annual cost-of-living adjustments.

if you're wondering what happens to your Social Security benefits if you take them before your full retirement age, you won't want to miss this episode of Elevate Wealth. Hi, I'm Deanne Rosso, and I'm here with Clarke Holt, adviser at Elevate Wealth. And so we get this question a lot, Clarke, what happens if we take our benefit before full retirement age? So, help shed some light on this. So, you can claim your benefit as early as age 62, but your monthly benefit will be reduced by about 25% to 30%, based on your full retirement age amount, and depending on your full retirement age. Okay, and that's age 62, but there is a special rule for surviving spouses, they can claim as early as age 60 under certain conditions, right? That's correct. Okay. So the earlier you claim, from your full retirement age, the larger the reduction and the monthly benefit. So, for example, if your full retirement age is 67, and you claim at 62, you'll get about a 30% reduction in your benefit amount, and the reduction in your benefit is permanent. And it doesn't change even when you reach full retirement age. However, you do get cost of of living adjustments along the way. Okay, so a reduction of 25% to 30% if you start as early as possible at age 62 or 60, under those special conditions, but otherwise you you're locked in permanently but you do still get cost of living adjustments. Awesome. Thanks, Clarke. And if you need help figuring out when you can take your Social Security or when you should begin, feel free to visit us at elevate-wealth.com and click "Let's Talk." Thanks for watching, and see you next time.

Wondering if your Social Security benefits will be enough to fund your retirement? Learn how to determine your Social Security benefits and whether they'll be sufficient for retirement. Clarke explains the factors that affect your benefits, including your earnings history and the age you claim. Discover what percent of your pre-retirement income Social Security will replace, and learn about the other components of the "3-legged stool" of retirement income.

Ever wonder when you can start receiving your Social Security benefits and if they'll be enough for retirement? Hey, I'm Deanne Rosso with Elevate Wealth, and today I'm joined by my co-worker Clarke Holt. Hey, Clarke! Hi. And we're going to try to answer this question for you. So, Clarke, how do people determine when they can begin receiving their benefits? The amount you receive depends on your lifetime earnings history, and also when you claim. So the benefits calculated or what's calculated is your primary Insurance amount, or called PIA, and it's based on your 35 highest working earning years. So the maximum benefit you can receive, for example, in 2023, if you're at full retirement age, is $3,627. Okay so the biggest question I think in most people's minds is: will that be enough for me to retire on? Actually, for most people, it won't be sufficient. The benefit alone won't be sufficient to to really replicate their pre-retirement standard of living. And it was created to really replace, on average, about 40% of your pre-retirement income. Now at Elevate, we talk about the three-legged stool of retirement, so obviously this benefit is one of those legs, but there are other sources that we want to lean on, and that's 401ks, IRAs, pensions, taxable accounts, things like that, so that you have this well-rounded, balanced income source. Yeah, so relying on all three of those sources, that three-legged stool with Social Security being one of those legs, is important. Exactly. Yep. Well, thanks, Clarke, as always, you've been a wealth of knowledge and information, and if you need assistance figuring out your Social Security strategy, feel free to visit us at elevate-wealth.com and click "Let's talk." See you next time.

In this informative chat, Deanne Rosso and Clarke Holt from Elevate Wealth Advisory break down the key details of when you can start receiving your Social Security retirement benefits. Whether you're considering claiming benefits at age 62 or waiting until age 70 for increased payments, Clarke provides clear examples and expert advice to help you make the best decision for your financial future. Don't miss out on understanding how timing can impact your benefits!

When can I receive my Social Security benefit? Hi, I'm Deanne Rosso, and today we'll explore this question on Elevate Wealth. I'm here once again with my colleague Clarke Holt. Hi, Clarke. Clarke, this seems to be a really popular question that we get from our clients, which is, When CAN I begin to receive my Social Security benefit? You can receive a reduced benefit amount as early as age 62. Okay. However, you can receive your full benefit amount at full retirement age, or what's called FRA, and that's ages 66 to 67. Okay, and that's like a sliding scale, right, because if you were born, I think it's 1955 to 1959, your full retirement age is 66 and some months. Right. Okay. But there's more. You can also delay taking your benefit up to age 70. Okay, why would somebody want to delay? So you get an 8% increase, per year, for every year you wait up until age 70, but it doesn't pay to go beyond 70. Okay. So, for example, if you're 67 years old and that's your full retirement age, and your full retirement amount benefit is $2,000 for example if you take that at 62, it's actually $1,400 so you get a $600 reduction. If you wait until 70, the amount jumps to $2,500. So if you look at the difference between taking early at 62 and taking at 70, it's about $13,000 a year. Wow, that's a big difference. And we don't often think about that. I read somewhere that there's potentially $3.4 trillion that's left on the table by folks who don't make the right timing decision with Social Security. So do you know anyone who's done that, who's waited? There have been people that wait, and it really has a big impact on their financial lives. Wow, that's awesome. Well, thank you, Clarke, that's so helpful, as always, and remember, if you need help deciding when to claim your Social Security benefit, we're here. Visit elevate-wealth.com and click "Let's talk." See you next time!

Join Brian and Deanne as they discuss how your small business fits into your retirement plan. Discover whether your business is a paycheck, an investment, or both, and learn how to balance short-term income needs with long-term growth goals.

In this episode, Deanne and wealth advisor Brian Rosso tackle the frequently asked question: "When should I retire?" They explore how retirement timing should be based on both financial readiness and social/emotional needs. Brian emphasizes the importance of considering your job satisfaction and stress levels when deciding the right time to retire.

Hey there, listeners and viewers! Welcome! I'm Deanne with Elevate Wealth, and I'm glad you've tuned in for this episode. I'm joined here by wealth adviser Brian Rosso. Hey, Brian! Hey, Deanne. And we're talking about a question that we get a lot. When should I retire? So, Brian, how often do people ask us this question? All the time, but it does make sense because we are retirement planners. I mean, you're right... it's kind of the obvious question. But I think it's the way people ask us, like there's a right or wrong answer to this question of when someone should retire. They do, and what I find interesting about when people see the timing of retirement, they like to combine it with other age-based milestones like being eligible for a pension, or by the age of 65, just because it's such a standard retirement age. You're right, I hear that all the time. So, Brian, when should I retire? Well, Deanne, you're probably a little closer than I am, but not by much, and we both have a little ways to go, but regardless of where we are in our careers, retirement comes down to really two main questions and factors, and the first being financial. Obviously you need the income and the resources to be able to retire, but then you also have to look at the social and emotional side of things. And so when it comes down to when should I retire, I think for most, it really comes down more to answering the question on the social and emotional side. Okay, so what do you mean by that? If you're in your career and you're still having fun doing doing it you still have a good relationship with your co-workers and it's not very stressful on your life, then maybe you should consider continuing to work even if you can financially do so. Yeah, but on the other hand, if you work in a really stressful environment maybe you should consider a different option right? Exactly right. If you're in a very stressful job and it's very physically taxing on your body, maybe you should plan to retire from that type of career or job much sooner. And we've just seen so many times where retirees or pre-retirees want to work that extra one or two years and too long and then their their health both physically and mentally is just not in a place where they want to be when they do retire. That's true that's true. So maybe we really break this into two different questions then: when can I retire and maintain my current lifestyle? And when do I want to retire from the work that I do now? I think that's a really good point I think you have to look at both independently and then come together to make the ultimate decision. Yeah so when should you retire? And that sounds like such a simple question but one that requires a lot of thought and a lot of planning, and that's something that the advisers at Elevate wealth really shine with. It's one of the things we love to do. So thank you for joining me and for your insights, Brian, and thank you guys for watching and listening. If you'd like more info, feel free to head on over to elevate-wealth.com and click, "Let's talk!" We'll see you next time!