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.
Join Medicare guru Melinda Caughill for a deep dive into the real six steps of Medicare enrollment.
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.
Step 2: Pick your Medicare Path
Just about everyone has been taught that Medicare has four parts – A, B, C, and D. However, Medicare really has three essential parts that combine into different paths. Regardless of which path you choose, you’ll ultimately have hospital, medical and drug coverage—but very different costs and experiences getting healthcare services, depending on which path you choose.
You need to understand the path you choose can become a permanent decision. For many people, changing paths later in life can be difficult or impossible.
Step 3: Select specific plans
When choosing plans, people have many (and for some, too many) options available. Learn how to pick a plan that is best for YOU.
Step 4: Enroll in Medicare
You might think there is only one way to enroll in Medicare. But, once again, that would be easy! How you enroll in Medicare depends on your timing and situation.
Step 5: Enroll in Plans
After enrolling in Part A and Part B, it’s time to sign up for the specific plans. Get Melinda’s insider tips to make this easier.
Step 6: Review Plans Annually
So many Medicare beneficiaries believe that once they’re enrolled in Medicare, they’re done. NO! Putting Medicare coverage on autopilot is a very costly mistake that can easily cost you thousands of dollars throughout retirement. Everyone enrolled in Medicare needs to understand when, why and how to change their drug coverage during the Medicare Open Enrollment Period (Oct. 15-Dec. 7).
*CE/CPE Eligible: 1.5 CE credit(s) is(are) available to FEN Members with these designations: CFP, CLU, ChFC and RICP. CPA members will earn 1.0 CPE credit(s).
Field of Study: Specialized Knowledge
Prerequisites: There are no prerequisites for this session.
Advanced Preparation: None
Program Level: Basic
Delivery Method: Group Internet Based
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Financial Experts Network (Sponsor Id#: 145173) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.