Ep 6 - Making Sense of Health Insurance When Retiring: Expert Insights with Matt Sturgeon and Phil Walters

Navigating the complexities of health insurance when retiring can be overwhelming, but having the correct information makes all the difference. In this episode of Metcalf Money Moment, host Jeb, Ethan, and Eric sit down with Matt Sturgeon, CEO of LNI Insurance Solutions, and Phil Walters, Director of Medicare at LNI Insurance Solutions, to break it all down. They discuss the key factors retirees need to consider, including determining insurance needs based on income and retirement age, what counts toward modified adjusted gross income, and how to ensure a smooth transition into retirement—especially for those under 65. The conversation also dives into the role of Medicare in health care decisions, the complexities of choosing the right plan, and why consulting an insurance specialist is essential since no two situations are alike. Whether you're retiring early or preparing to transition into Medicare, this episode provides valuable insights to help you make informed decisions about your health insurance coverage.

IN THIS EPISODE:

• (00:00) Opening
• (02:23) How does early retirement affect health insurance, and how do we determine insurance needs based on income and retirement age
• (07:05) What income counts towards modified adjusted gross income
• (08:16) Begin your health insurance decisions 6 months before retirement
• (13:07) No two situations of retirement planning are alike. Consult an insurance specialist
• (17:06) Making the switch to Medicare

KEY TAKEAWAYS:

• Every retiree’s situation is uniquely influenced by age, income, and location factors. Different rules apply to those retiring early (e.g., 55 or 60) compared to those transitioning into Medicare at 65.
• One of the biggest concerns for early retirees is securing affordable health insurance. Options include COBRA, ACA marketplace plans, short-term medical plans, and tax credits, which vary based on income and household makeup.
• Retirees should begin planning at least six months before retirement to ensure a smooth transition. Financial advisors target age 63 for Medicare planning since Medicare considers income from two years prior when determining costs.

RESOURCES:

Metcalf Partners - Website

Jeb Graham - LinkedIn

Ethan Hutchison - LinkedIn

Eric Wymore - LinkedIn

812 490 0200 - Phone

L & I Insurance - Website

L & I Insurance - Facebook

DISCLAIMER:

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.

GUEST BIOGRAPHY:

Matt Sturgeon is a seasoned leader in the insurance industry with 14 years of experience. As the CEO and Co-Founder of L&I Insurance Solutions in Newburgh, IN, he is dedicated to helping individuals, families, and businesses "Protect Their Legacy with Integrity."

Beyond the insurance industry, Matt is also an award-winning high school Varsity boys' soccer coach. With 20 years of coaching experience, he is currently the head coach at Evansville North High School. His passion for leadership and mentorship extends beyond the field, shaping young athletes into strong competitors and well-rounded individuals.

Philip Walters is the Director of Medicare at L&I Insurance Solutions and a nationally recognized top-producing Medicare agent, with over 20 years of experience in the insurance and healthcare industry. Known for his expertise and dedication, Philip is a regular guest on 14 News’ Ask the Expert segment for Medicare, where he shares vital insights to help individuals navigate their healthcare options.