Medicare Toolkit

Private Wealth Management Products & Services

Medicare Toolkit Medicare is the federal health insurance program available for people who are 65 years or older. Because health care costs are a significant piece of a person’s expenses during retirement, understanding the coverage available to them through Medicare is a critical component in the retirement planning process. Medicare can greatly benefit one’s family by providing comprehensive medical insurance coverage. However, Medicare can also be one of the most complex government programs to understand. This toolkit is designed to help you and your client gain a better understanding of Medicare—specifically when to enroll and the various enrollment periods available, costs, and coverage options. While many of the features and benefits of the Medicare system are explained in this guide, there are nuances that can impact benefits for a specific individual. Therefore, before any decisions are made, be sure to contact the Social Security Administration office with enrollment questions or the Centers for Medicare & Medicaid Services with questions if you are already enrolled. Client-Approved Articles

1. Guide to Understanding Medicare Benefits – This comprehensive guide provides an overview of the key components of Medicare, including eligibility requirements, an explanation of the different parts of Medicare, enrollment, and costs. 2. Medicare Supplement Policies – This document will provide you with a deeper understanding of Medicare Supplement Policies, often referred to as Medigap plans. This document discusses what Medigap plans do and do not cover, how plans are typically structured, how plans are priced, when you can enroll, and alternatives to Medigap plans. 3. Medicare Advantage Plans – This document explains Medicare Advantage plans in detail, including what the plans typically cover, the different types of plans available, enrollment, costs, considerations in choosing a Medicare Advantage plan over Original Medicare, and how to find the appropriate Medicare Advantage Plan. 4. Medicare Decisions When Working Past Age 65 – If someone plans to work past age 65, employees may be able to delay enrollment in Medicare until their employer coverage ends. When this is an option, along with many of the key planning considerations are all discussed in this piece. 5. The Cost of Medicare During Retirement – This document takes a deeper dive into the potential costs of Medicare under various income scenarios. It also provides some additional detail on the various enrollment periods available and how they apply to the various parts of Medicare. 6. Medicare Hold Harmless Provision – While the Medicare Board of Trustees is predicting Part B premium increases for 2016, a special exception called the Hold-Harmless Provision can protect many retirees from that increase, if their Medicare Part B premiums are withheld from their Social Security checks. This document discusses the planning considerations around this provision. Baird does not offer tax or legal advice. Please consult your tax professional or attorney to discuss specific issues as they pertain to your individual situation. ©2015 Robert W. Baird & Co. Incorporated. Member FINRA & SIPC. Robert W. Baird & Co. 777 East Wisconsin Avenue, Milwaukee, Wisconsin 53202. 1-800-RW-BAIRD. www.rwbaird.com First Use: 09/2015.

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Medicare Toolkit, continued. 7. Medicare Resources – This document contains information on, and links to, numerous useful tools and resources available to individuals designed to assist in making appropriate Medicare decisions. Medicare Analysis Tools

8. Creating a Health Care Goal in MoneyGuidePro – MoneyGuidePro can be used to model Medicare expenses through its Health Care goal. By adding a Health Care goal, MoneyGuidePro provides cost estimates for Medicare Parts B & D, Medicare Supplement Plan F, and additional out-of-pocket costs. For more information on how this works, add the Health Care goal to a plan and then click “Help” and then “Help for this Page” within MoneyGuidePro. The Financial Planning Department can also provide you with additional information on how this goal can add additional value to your financial plans. This is the best option for discussing health care costs with your clients. 9. Retirement Health Care Expense Analysis – This client-approved report projects Medicare costs of either a single individual or married couple from age 65 through their life expectancy. Long term care costs can also be factored it, if desired. A sample report can be viewed by clicking here. To request the Retirement Health Care Expenses Analysis, please complete the Retirement Health Care Analysis Request Form and email it to [email protected].

Due to the high volume of requests that we receive, please make sure the individual or at least one person for a couple’s analysis is over the age of 62. For more information, contact the Financial & Estate Planning department. Medicare Resources

(A client-approved version containing the information in the Medicare Resources section can be access by clicking on the link in item 6 of this document.) There is an abundance of educational information and planning tools on the Social Security Administration’s website, socialsecurity.gov, and Medicare’s website, medicare.gov. Several of the most popular tools found on those sites are listed below: 10. Enrolling in Medicare – Retirees can enroll in Medicare online on the Social Security Administration’s website. There are no forms to sign and usually no documentation is required, and typically takes less than 10 minutes. To get started, click here. 11. Medicare Publications – Medicare provides a wide variety of publications that explain all aspects of the program. All their publications are available here, but some of the most useful pieces include: a. Medicare & You – This publication is summary of benefits, coverage options, and answers to the most frequently asked questions. If you request a printed copy, it will include a Section 12, which provides summary plan information on the Medicare Part D and Advantage plans available in your area that is not available in the online version. Baird does not offer tax or legal advice. Please consult your tax professional or attorney to discuss specific issues as they pertain to your individual situation. ©2015 Robert W. Baird & Co. Incorporated. Member FINRA & SIPC. Robert W. Baird & Co. 777 East Wisconsin Avenue, Milwaukee, Wisconsin 53202. 1-800-RW-BAIRD. www.rwbaird.com First Use: 09/2015.

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Medicare Toolkit, continued. b. Understanding Medicare Part C & D Enrollment Periods – A summary of the time periods for enrolling in benefits and how changes to your personal situation can impact your benefits. c. Choosing a Medigap Policy – Information on Medicare supplement policies, including coverage options, how they are priced and the process for buying a policy. 12. Medicare Plan Finders – Medicare.gov contains plan finders to help you select the most appropriate Part D plan, Medicare Supplement plan, and/or Medicare Advantage plan. To directly access each plan finder, click the appropriate link below: a. Medicare Part D Plan Finder b. Medicare Supplement (Medigap) Plan Finder c. Medicare Advantage Plan Finder – Same link as Part D plan finder. How you answer the questions will determine which types of plans (Part D or MA) Lastly, each state insurance commissioner publishes information on the unique aspects of their state’s Medicare program , such as the available Medicare Part D plans, Medicare Advantage plans, special assistance available for those in need, and additional protections that the state offers Medicare recipients. This information will typically be found on the state’s insurance commissioner’s website. If you have questions on Medicare, please contact the Financial Planning Department at x7432 or [email protected].

Baird does not offer tax or legal advice. Please consult your tax professional or attorney to discuss specific issues as they pertain to your individual situation. ©2015 Robert W. Baird & Co. Incorporated. Member FINRA & SIPC. Robert W. Baird & Co. 777 East Wisconsin Avenue, Milwaukee, Wisconsin 53202. 1-800-RW-BAIRD. www.rwbaird.com First Use: 09/2015.

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INTERNAL USE ONLY