Which Medicare Option Is Really Advantageous By Larry M. Elkin, CPA, CFP®

for higher-income beneficiaries.

Even with the maximum income-based surcharges, you'll probably find that Medicare is a health insurance bargain compared to the premiums you or your employer would have paid on the private insurance market immediately before you signed up. Medicare is the country's biggest single health care buyer, and it has the muscle to largely set its own pricing. Plus, it benefits from a dedicated revenue stream, in the form of payroll taxes, in addition to the premiums it charges. Yes, the Medicare program is built on financially shaky ground, but that's a topic for another day. When you start enjoying all these Medicare benefits, remember to thank your working-age kids. They are doing a lot to help pay for it.

Larry M. Elkin is the founder and president of Palisades Hudson, and is based out of Palisades Hudson's Fort Lauderdale, Florida headquarters. He wrote several of the chapters in the firm's recently updated book, Looking Ahead: Life, Family, Wealth and Business After 55. His contributions include Chapter 1, "Looking Ahead When Youth Is Behind Us," and Chapter 4, "The Family Business." Larry was also among the authors of the firm's book The High Achiever's Guide To Wealth.

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