Medicare: Long-Term Impact of Enrollment Choices

Medicare decisions are necessary for individuals reaching age 65, the age of eligibility, and even before for individuals with specific disabilities. Original Medicare consists of Parts A, covering hospital costs and B for medical services. Once a member has these two pieces, they choose whether to add a Medicare Supplement with a Part D prescription drug plan or a Medicare Advantage plan, with or without prescription drug coverage. Not enrolling when eligible could subject individuals to substantial penalties. Even worse, individuals who have paid substantially into the system could lose valuable, needed coverage.

In addition to basic coverage, individuals and advisers must familiarize themselves with the decisions about filling in the gaps in Medicare. For most people, Medicare is their only option for coverage once you reach your qualifying age. Medicare Supplements and Medicare Advantage plans cover the members’ out-of-pocket costs for Medicare-approved medical services. However, deciding if you are eligible, determining when and if to enroll, and weighing coverage options is complicated. Individuals, tax professionals, and financial advisers need to understand the elements of Medicare to make informed decisions and offer appropriate advice to clients.

Listen as our panel of Medicare specialists explains Medicare's elements, from eligibility to providing examples of common decision scenarios and outcomes.

1. Medicare overview
   • Original Medicare: Parts A and B
   • Medicare enrollment periods
   • Cost of Medicare and any potential penalties
2. Filling the "gaps" in Medicare
   • Medicare supplements
   • Medicare Part D
   • Medicare Advantage Plans
3. Medicare scenarios
4. Upcoming legislative changes

The panel will review these and other critical issues:

• Various parts of Medicare and what each covers
• Eligibility requirements for Medicare insurance
• Weighing Medicare options and costs
• The enrollment period and process
• Examples, including the long-term impact of Medicare choices

Learning Objectives

After completing this course, you will be able to:

• Determine the steps in the Medicare enrollment process
• Decide when participants are eligible to enroll in Medicare coverage
• Identify which individuals are ideal candidates for "gap" coverage
• Ascertain the impact of certain Medicare decisions on long-term coverage and costs

• Field of Study: Taxes
• Level of Knowledge: Intermediate
• Advance Preparation: None
• Teaching Method: Seminar/Lecture
• Delivery Method: Group-Internet (via computer)
• Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
• Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of individual income taxation, including itemized deductions, individual income tax credits, net operating loss limitations including carrybacks and carryforwards.

Strafford Publications, Inc. 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 Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).