Sheridan Peil, Medicare Insurance Broker
Sheridan Peil
Sheridan Peil: Life Health Wealth
Medicare Broker Licensed in CA, AZ, CO, FL, GA, LA, MT, NE, OR, TX, VA and WY
11+ Years of Experience
Contact Details
-
Serving
Cherryland, CA
Sheridan Can Help With:
About Me
I'm a seasoned professional with over a decade of experience in the medical insurance industry who brings a wealth of expertise in Medicare Advantage, PDP and Supplement plans. Beyond the realm of insurance, I take pride in guiding clients through the intricacies of the healthcare system and embody a holistic approach to insurance. Where understanding, empathy, and expertise converge to create a safeguard for life's unpredictable journey. This includes helping uncover potential savings and models of care and showcasing my commitment to comprehensive care beyond insurance policies. Contact me to discover your Medicare insurance alternatives and don't forget to mention that you discovered me on Medicare Agents Hub!
Q&A with Sheridan Peil
With the supplements being so expensive in climbing in price every year, what is your take on hospital indemnity policies added with advantage policies?
Answer: Relevant question. With Medicare Supplement (Medigap) premiums skyrocketing, combining a Medicare Advantage (MA) plan with a Hospital Indemnity (HI) policy is a popular, cost-effective alternative. The Trade-Off on Advantage plans has always been absorbing out of pocket costs up to max out pocket vs. a supplement.
This combination generally results in lower total premiums but requires you to use the MA plan's network of doctors (HMO/PPO), unlike Medigap, which offers national network freedom.
Bottom Line: It's a powerful way to secure protection against high hospital bills while maintaining a budget-friendly monthly premium.
My income fluctuates significantly year to year from investment distributions. How can I avoid IRMAA surcharges when I have an unusually high-income year?
Answer: Great question and I was discussing this with one of my clients today. To avoid the Income-Related Monthly Adjustment Amount (IRMAA) surcharges on Medicare premiums due to fluctuating income, especially from investment distributions, consider these strategies: These are outlined usually with a high octane CFA. Remember there is 2 year look back.
1. Tax Planning Strategies
Roth Conversions: If your income is unusually high in a given year, consider converting traditional IRAs to Roth IRAs. This increases your taxable income temporarily but shifts future income from IRMAA-affected sources.
Tax Loss Harvesting: Offset capital gains with losses. Selling investments that have decreased in value can help lower your taxable income.
2. Income Timing Adjustments
Deferring Income: If you anticipate a particularly high-income year, explore ways to defer income into the following tax year, when you may expect lower distributions.
Accelerating Deductions: In years with high income, accelerate deductible expenses (e.g., medical expenses, charitable contributions), which can reduce your reported income.
3. Fixed Income Investments
Consider adjusting your investment strategy to incorporate more fixed income or tax-advantaged investments, such as municipal bonds, which typically do not contribute to taxable income.
4. Work with Financial and Tax Advisors
Collaborative Planning: A financial advisor can help create a strategy tailored to your situation, helping to manage your income and investments in a way that minimizes tax impact and IRMAA thresholds. 5. Monitor MAGI
Keep a close eye on your **Modified Adjusted Gross Income (MAGI)****, which is the basis for calculating IRMAA. Staying informed about your income streams can help you plan more effectively.
6. Consider Legal Tax Shelters
Explore options like Health Savings Accounts (HSAs), which offer tax deductions on contributions, and growth is tax-free if used for qualified medical expenses.
So I heard something about Medicare drug costs being capped at $2,000 in 2025. Is that really happening or just talk?
Answer: That's correct and has already been implemented , but moving up to $2,100 Max Out Of Pocket in 2026.
Will Medicare cover asthma and other breathing conditions?
Answer: There is some moving parts regarding this question and how it will cover these conditions.
Part A: Covers inpatient hospital care for severe asthma attacks.
Part B: Includes outpatient services, doctor visits, medications used in these settings, and diagnostic tests related to asthma management. It also covers certain durable medical equipment (DME) like nebulizers and oxygen.
Part D: Provides coverage for prescription medications, including asthma inhalers, though details depend on the specific drug plan's formulary.
Beneficiaries may still face out-of-pocket costs such as premiums, deductibles, and copayments. For personalized assistance, it's helpful to consult with the local Medicare office or a Medicare counselor.
I need a new wheelchair, and I'm not sure if Medicare will cover it. What's the process for getting durable medical equipment?
Answer: Yes. Medicare covers wheelchairs if they are deemed medically necessary and prescribed by a doctor. You have to meet your part B deductible and then Medicare typically pays 80% of the approved amount, leaving you responsible for the remaining 20%. The 20% cost to you for the wheelchair can be covered by a Medicare supplement insurance plan, Medicare advantage plan or a health savings account. Some states have assistant programs that can be available as well.