Once you are eligible for Medicare, it’s important for you to understand the enrollment periods you can take advantage of to ensure you get the Medicare coverage you need, at the right time.
Let’s go over the enrollment periods you can use, and how you may be automatically enrolled.
Many people will be automatically enrolled in Medicare Part A and Part B, also known as Original Medicare. You can be automatically enrolled if you are already receiving Social Security benefits. If you’re automatically enrolled, your Medicare coverage will start on the first day of the month you turn 65. If you happen to have a birthday on the first of the month, your coverage will start on the first day of the previous month.
If you’re not automatically enrolled, or if you are enrolled but would like to make changes to your Medicare coverage, here is a list of enrollment periods to take note of:
A financial plan can help you prepare for the future by allowing you to lay out all of your financial goals in a concise document. With a financial plan available, it’s easier to understand if all of your financial needs are being met. Although financial plans don’t have a set template, a licensed financial planner should be able to produce a plan that assesses risk, informs investments, and minimizes tax burden. An estate plan can also be included to arrange for the benefit and protection of your heirs.
Financial planning involves several steps. First, you calculate your net worth, then you determine your cash flow, and after that, you balance priorities. Here’s a little more information about each step.
Cash flow is defined as the amount of money coming in and coming out. By documenting transactions, you can track the flow of cash in and out. Once you understand how much money is being spent and how much is being earned, you can determine how much you have available for saving, investing, and buying necessities.
It’s best to evaluate an entire year because expenses can change seasonally. By doing this, you can avoid over or underestimating what you spend in the given time frame.
When working to determine cash flow, your financial planner will document how much you’ve paid for basic housing expenses, like rent and utilities and credit card interest. Then, they’ll add categories for food, transportation, medical insurance, clothing, and other forms of spending, like entertainment and vacation travel.
To get the most out of a financial plan, you must have clearly defined goals. Your financial planner will help you figure out what takes priority and develop a financial plan that will help you reach your objectives. This may involve matching you with a detailed savings plan or suggesting specific investments that will help you prepare for the future.
If you’ve never had a financial plan made, you’re missing out on the clarity that these tools offer. To get your financial plan created, contact American Family Solutions.
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