Is Your Social Security Check Safe from Medicare? (Guest: Robert Klein)
Medicare and Social Security are two separate programs. Robert Klein, a retirement advisor and policy advisor to The Heartland Institute, says retirees need to consider them together because out-of-pocket Medicare costs can add up quickly.
After years of crunching numbers for retirees, Robert Klein can show how the co-pays, deductibles and supplemental health insurance costs can eat up what many people collect from Social Security. Over a 20-year period, these costs can reach $300,000. Klein discusses the calculator he uses to factor in all the costs, how higher income penalties apply and why the public needs to consider these costs in discussions of expanding Medicare.