As an elder law and estate planning firm, we help people prepare for the eventualities of aging. If you develop a retirement plan, you can enjoy your golden years in comfort. You can also prepare for the twilight years that will inevitably follow.
It all starts with a foundational knowledge of the relevant factors, and we will provide an overview in this post.
Medicare Eligibility
When you pay payroll or self-employment taxes, you earn retirement credits that lead to eligibility for Medicare and Social Security. A minimum of 40 credits is required.
In 2024, you receive one credit for each $1,730 in earnings, and the figure has always been quite modest. You can earn up to four credits each year, so you will get the same four credits if you earn $7,000 or $700,000 in a given year.
Once you have accumulated at least 40 credits, you will become eligible for Medicare when you reach the age of 65. If you do not have the necessary credits, you can potentially qualify on your spouse’s record if you are married.
Medicare Out-of-Pocket Costs
Medicare is broken up into four sections: Part A, Part B, Part C, and Part D. The first portion pays for hospitalization, and there is no monthly premium for Part A if you are fully vested in the program.
The bad news is that there is a deductible per benefit period, and there are significant copayments for exceptionally long hospital stays.
Part B pays for outpatient treatments and visits to doctors. There is a monthly premium for this coverage, and in 2024, most people pay $174.70. There is a $240 deductible, and after the deductible has been met, Medicare will pay for 80 percent of the approved visits.
Part C allows you to use your Medicare benefit to purchase a private insurance plan that has added features. Medicare Part D is the prescription drug portion of the program, and there are deductibles, copayments, and premiums that must be paid out-of-pocket when you carry this coverage.
Long-Term Care
Aside from these costs, there is a huge gap in the coverage, and this is the most relevant elder law issue. Medicare does not cover long-term care, and most seniors will incur assisted living expenses eventually.
Nursing homes and assisted living communities are very expensive, so this is a situation that you should definitely prepare for in advance. Medicaid will pay for long-term care, and we help clients position their financial assets with future Medicaid eligibility in mind.
Social Security Eligibility
The age of full Social Security eligibility is 67 for people born in 1960 or any later year. However, you can choose to receive an early Social Security benefit when you are as young as 62 years of age.
This can sound appealing, but the benefit would be reduced by 25 percent to 30 percent depending on the exact year of your birth.
In addition to the early retirement option, there is a possibility on the other end of the spectrum. You can choose to delay your application for Social Security benefits until you are as old as 70. If you do this, you will receive an increased benefit. It will go up by eight percent for every year that you delay.
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Schedule a Consultation With an Oklahoma City Estate Planning Lawyer!
If you are ready to develop a plan for aging, we would be glad to provide the necessary assistance. You can call us at 405-843-6100 to set up a consultation appointment at our Oklahoma City Office.
You can use our contact form to send us a message, and our Tulsa, Oklahoma estate planning office can be reached at 918-615-2700.
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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