Session #4: Living with Medicare Agenda
Wednesday, May 29, 2024 | 1:00-3:30 PM ET (including Q&A)
Learning Objectives
- Name the two Medicare Open Enrollment Periods (OEP)
- Explain two actions a beneficiary can take during the OEP
- List three reasons why reviewing coverage during the OEP is critically important for Medicare beneficiaries
- Define two tenants of the Inflation Reduction Act (IRA) that can have an impact on Medicare drug coverage and costs
- Identify two differences between living with the Original Medicare Path and the Medicare Advantage Path
- Identify four points to know about long-term care
Step 6: Review Plans Annually
Too many Medicare beneficiaries put their coverage on autopilot. Regardless of how their Medicare plans might change in the coming year, they simply let it ride. This practice easily costs your clients thousands of dollars throughout retirement. Now, because of the impact of the Inflation Reduction Act on Part D, the opportunity to review drug coverage during the Open Enrollment Period is more important than ever. Beneficiaries also need to know about Medicare Advantage Open Enrollment Period and opportunities for changing Medigap policies.
Living with Medicare
Medicare Advantage plans must cover the same services as Medicare Part A and Part B; however, each plan determines how to do that. As a result, there are differences between living with each path.
Medicare in 2024
There have been an incredible number of changes this year in the Medicare world. Many of these can have an impact on your client's costs, coverage, and decisions.
Session #1: Planning for Medicare Agenda
Wednesday, May 8, 2024 | 1:00-3:30 PM ET (including Q&A)
Learning Objectives
- Name three Medicare myths that can lead to costly Medicare mistakes
- Explain two strategies that can help clients deal with Medicare costs
- Identify three Medicare preparation tasks to complete before age 65
- Describe the role of a my Social Security account in Medicare
Planning for Medicare
Medicare planning is a crucial subset of retirement planning that ensures your clients will be able to maximize healthcare benefits and minimize healthcare-related costs in retirement. Contrary to popular belief, Medicare planning should begin decades before a person becomes eligible for Medicare. You'll learn what's involved in Medicare planning and how to incorporate it into your practice.
Get Ready for Medicare
People may qualify for Medicare at age 65 but preparing for the transition needs to start earlier. Knowing what to do in advance can streamline the process and ease the anxiety that Medicare often creates.
Important Concepts
- Introduction to Medicare Planning (15 minutes)
- Dispelling four critical Medicare myths: (55 minutes)
- Medicare is free and the actual costs, planning for costs
- Everyone pays the same for Medicare and IRMAA
- My parent's Medicare decisions are their business.
- Medicare won't be there anymore and the Medicare Trust Fund
- Medicare preparation: (25 minutes)
- Powers of attorney and Social Security Representative Payee
- my Social Security account
- Medicare eligibility
- Important Medicare concepts (25 minutes)
- Question and Answer Session (30 minutes)
Session #2: Getting to Know Medicare Agenda
Wednesday, May 15, 2024 | 1:00-3:30 PM ET (including Q&A)
Learning Objectives
- List the Six Steps of Medicare
- Identify three important Medicare enrollment periods
- Name the three essential parts of Medicare
- Summarize the Medicare paths (Original Medicare and Medicare Advantage)
- Define guaranteed issue right
Introduction to the Six Steps of Medicare
Many believe you just need to enroll in Medicare, pick your plans, and sign up for them, and you're good for life. However, there is much more to Medicare than that and it is the three overlooked steps that are most important.
Step 1: Check Your Timing
Step 2: Pick Your Medicare Path
The Parts of Medicare
Just about everyone has been taught that Medicare has four parts: A, B, C, and D. However, there are really three essential parts that combine to make two important paths.
Important Concepts
- Three Medicare enrollment periods (10 minutes)
- Medicare enrollment decisions for seven situations (40 minutes)
- Concerns about delaying Medicare enrollment (10 minutes)
- The three essential parts of Medicare (10 minutes)
- The Original Medicare Path (Part A, Part B, Medigap policy, Medicare supplement insurance) and Part D drug plan) (15 minutes)
- The Medicare Advantage Path (20 minutes)
- Guaranteed issue right and changing future coverage (15 minutes)
Question and Answer Session (30 minutes)
Session #3: Enrolling in Medicare Agenda
Wednesday, May 22, 2024 | 1:00-3:30 PM ET (including Q&A)
Learning Objectives
- Name three tips for comparing Medicare plans
- Explain how to use the Medicare Plan Finder to assist clients with plan selection
- Describe two tips for enrolling online in Medicare
- Identify two forms for Medicare enrollment after age 65
Step 3: Select Specific Plans
After identifying the best Medicare path, the next step is to choose your plans. In its early days, Medicare was a one-size-fits-all type of coverage. But no more. There are many (and for some, too many) coverage options available.
Step 4: Enroll in Medicare
You might think there is only one way to enroll in Medicare. But, once again, that would be simple. How you enroll in Medicare depends on your timing and situation.
Important Concepts
- Tips and strategies for comparing Medicare plans, Part D, prescription drug coverage, Medicare supplement (Medigap policies), and Medicare Advantage (45 minutes)
- How to use the Medicare Plan Finder to compare and choose Medicare plans (45 minutes)
- Procedures for Medicare Part A and Part B enrollment during the three enrollment periods (20 minutes)
- Enrolling in Medicare plans (10 minutes)
Question and Answer Session (30 minutes)