Getting to know Medicare
What You'll Learn
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 -- When to enroll in Medicare can…
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 -- When to enroll in Medicare can be a big and permanent decision. Some will be enrolled automatically, others must enroll, and many can postpone Medicare. Making the wrong decision or missing the chance to enroll can be costly and hazardous to health and well-being.
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.
Step 2: Pick your Medicare Path -- Many do not want to face Medicare decisions and choose their Medicare coverage based on a friend or agent’s recommendation, or a television commercial. And this easy way out can lead to problems in the future. Over 70% in a recent Nationwide survey wished they had a better understanding of Medicare basics before deciding what to do.
Important Concepts
I. Three Medicare enrollment periods (10 minutes)
II. Medicare enrollment decisions for seven situations (40 minutes)
III. Concerns about delaying Medicare enrollment (10 minutes)
IV. The three essential parts of Medicare (10 minutes)
V. The Original Medicare Path (Part A, Part B, Medigap policy (Medicare supplement insurance) and Part D drug plan) (15 minutes)
VI. The Medicare Advantage Path (20 minutes)
VII. Guaranteed issue right and the ability to change coverage in the future (15 minutes)