Hello All,
I am a new Pralana user, working on my first ever Pralana configuration/build. Even with the great information in the user manual, this forum, and the Plan Your Money Path book, I am still unclear how to model the following case.
I am no longer working, and on Medicare with a Medicare Advantage Plan offered by my prior employer. My wife is not working, and too young for Medicare. I also have two dependent children.
My prior employer, offers a retiree medical plan (private insurance, not ACA) that I pay for to get coverage for my three dependents.
Pralana offers me two healthcare expense periods, “Period Four: One on Medicare” and “Period Five: Both on Medicare”.
I am unclear if I should enter the healthcare insurance premiums for my wife and children under Expenses - Healthcare - “Annual Insurance Premiums” or if they should be put under a custom “healthcare premium” expense under Expenses - Phased Expenses.
Any help or suggestions on the best way to model this case would be greatly appreciated.
Thank you.
@pandbgetrich So, it sounds like periods 4 and 5 do indeed apply to your situation. I think you can check the box to tell Pralana to calculate the Medicare premiums for you and that will take care of those premiums for you now and for when your wife reaches age 65. You can use the period 4 and 5 premiums and out-of-pocket fields to cover any premiums associated with the supplemental plan offered by your employer and your other out-of-pocket costs. This approach will ensure that IRMAA charges are applied correctly, and you'll lose that if you try to do this as a custom expense.
Stuart
