Advice from a Knowledgeable Source

Today’s video is prompted by my receiving numerous emails from a reputable association of financial advisors to register for a four-day workshop about Medicare and Social Security in order to advise clients about these programs.  Four days to learn Medicare and Social Security?  Acquiring general knowledge is doable of course, but keeping up with changes in Medicare and the healthcare field is very challenging and not a part-time activity. To suggest that it is or that one would only need one four-day course to master these programs is rather naive to the complexities and nuance that exist.

We inherit many problematic situations that never should have happened. In fact, we have a fifteen-year relationship with a company that once referred to an individual who could competently advise on the pros and cons of original Medicare vs. Advantage but didn’t understand Medicare enrollment periods, which resulted in an executive being assessed lifetime Medicare Part B premium penalties. As we’ve stated before, this problem is getting worse as more companies offer subsidized COBRA to Medicare-eligible former employees without understanding the potential negative consequences.

In sum, with anything that matters, obtain advice from experienced individuals who understand the field. There is a reason that the phrase “Jack of all trades but master of none” still rings true.