Tips for navigating the convoluted world of Medicare
Medicare should be a simple and straightforward process. But the harsh truth is that it can actually be a painful and confusing endeavor.
Robert "Bob" Powell sits down with Melinda Caughill, i65 Medicare Software Co-Founder, at the 2024 Schwab Impact event to discuss everything you need to know when enrolling in Medicare in this week's episode of Decoding Retirement.
Document everything (2:19)
You need to be wary of receiving bad advice. One way to help with this is to take note of everything.
"It can be difficult, if not impossible, to get Social Security to make things right. But if you don't have any documentation at all, you've got no case."
Qualifying an Insurance Agent (3:40)
These are the steps you need to take in order to decipher whether or not the information you're receiving is trustworthy.
"You definitely want to make sure you ask these questions and ultimately monitor your conversations."
The Inflation Reduction Act (15:22)
The IRA has some caveats that Medicare enrollees need to understand.
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"Plans that cover your medication this year may not be covering that medication next year. It can change drug formularies. Drug formularies are the list of medications that the plan covers."
Video highlights:
00:50 - Medicare can be complicated
02:28 - Document everything
03:22 - Don't trust Medicare Insurance Salesmen
05:35 - 6 steps to Medicare enrollment
10:51 - Being dropped from your Medicare plan
13:15 - The Medicare nuclear option
15:30 - The Inflation Reduction Act
20:38 - Medicare resources
Retirement planning doesn’t mean locking up your money for a rainy day and forgetting about it. Planning your future means reacting to events today. Decoding Retirement gives you the tools to navigate the years ahead, and take action now!
Yahoo Finance's Decoding Retirement is hosted by Robert Powell, and produced by Austin Rivera.
Find more episodes of Decoding Retirement at http://goldberglawma.com/?id=videos/series/decoding-retirement.
Thoughts? Questions? Fan mail? Email us at yfpodcasts@yahooinc.com.
Editor's note: This post was written by Austin Rivera.