Loans Can Be FUN Podcast

LCBF Episode 6 - Scott Nelson - SLN Financial

2024-03-06

In Episode 6 of the Loans Can Be Fun podcast guest Scott Nelson, a seasoned financial planner, clarifies the complexities of Medicare and Medicaid.

Episode 6 of the Loans Can Be Fun podcast continues with guest Scott Nelson, a financial planner with extensive experience and designations. The episode primarily focuses on explaining the differences and details of Medicare and Medicaid, which often confuse people. Scott starts by differentiating between Medicare and Medicaid. Medicaid, he explains, is a welfare program jointly funded by the federal and state governments, intended for individuals with limited financial means. It provides healthcare coverage, but eligibility is strictly based on financial need, with stringent asset limits. Medicare, on the other hand, is a health insurance program primarily for people aged 65 and older, regardless of income. It can also cover younger individuals with certain disabilities or illnesses. Scott elaborates on the parts of Medicare: Part A, which covers hospital stays and is usually premium-free if you've paid payroll taxes during your working years, and Part B, which covers outpatient services and has a standard monthly premium. He also mentions the Income-Related Monthly Adjustment Amount (IRMAA), which can increase Part B premiums for individuals with higher incomes. Scott discusses the options available under Medicare, such as the traditional route with Medicare Supplement (Medigap) policies and Part D prescription drug plans, or the Medicare Advantage plan, which might offer lower or no premiums but comes with its own set of restrictions and copays. The hosts and Scott also touch on how certain financial decisions, like retirement account withdrawals, can impact Medicare costs and eligibility. They emphasize the importance of professional advice in navigating these complex areas. The episode concludes with Scott providing his contact information for listeners who might need personalized advice or assistance in understanding and choosing the right Medicare or Medicaid options. Contact SLN Financial: (435) 723-3370 or visit their website here: https://askscottnelson.com/

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Filetype: AAC - Size: 36 MB - Duration: 19:14m (255 kbps 48000 Hz)