We are excited to make available two additional flowcharts to our Retirement Planning Essentials package. These two flowcharts can help you and your clients with the complexities related to Medicare eligibility and details on the IRMAA surcharges. This brings the total number of flowcharts up to 19.
Will I Avoid IRMAA Surcharges on Medicare Part B and Part D? This flowchart addresses the confusion about if and when a client is subject to IRMAA surcharges. It covers the surcharges based on a client’s MAGI and the situations that could result in an exception.
Am I Eligible for Medicare Part A and Part B? This flowchart covers the eligibility and costs for Medicare Part A and Part B. It addresses some of the common situations where Medicare eligibility is not clear, such as cases when someone has less than 40 Social Security work credits.
What do you think of these two new flowcharts? Are there any decision points that should be added? Send me an email directly with any ideas or feedback.
Revisit a Flowchart
Doing a 401(k) rollover into another 401(k) or an IRA requires a lot of consideration. Fees and expense ratios are only two discussion points that must occur. In reality, there are some rules unique to IRAs and other rules unique to 401(k)s. It’s important to identify and understand the impact these rules could have on your client before doing a rollover. To help guide the conversation and ensure that all the major issues are considered, we developed the “Should I Rollover My Dormant 401(k)?” flowchart. If you have a client changing jobs or evaluating a rollover you may find this helpful.
