Social Security and Medicare Planning Update (Currently Unavailable)

Author: Steven G. Siegel

CPE Credit:  2 hours for CPAs

With the Baby Boom generation entering retirement in record numbers, advisors are getting more questions about Social Security and Medicare. The pandemic has forced more people to apply for and collect social security benefits earlier than they may have planned.

Political proposals suggest possibly major tax increases on high income earners to support these Programs.

Understanding the complex rules and requirements and eligibility issues of these Programs is important when you must answer questions from your clients or their aging parents. Learn the essentials of each Program, when benefits are available, spousal eligibility, divorced spousal eligibility, and more. Examine how these benefits are taxed and which strategies one should employ to maximize benefits and avoid surprising and costly penalties.

Publication Date: April 2021

Topics Covered

  • Retirement Issues in America
  • Social Security
  • Essential Planning Step for Social Security Benefits
  • Social Security Retirement Benefits Available for the Worker
  • Benefit Reduction for Early Retirement
  • Extra Benefits for Delayed Retirement
  • When to Start Taking Benefits
  • How Social Security Benefits Are Taxed
  • Spousal Social Security Benefits
  • Rights and Opportunities for Divorced Spouses
  • Survivors' Benefits
  • Medicare: The National Health Insurance Program
  • Overview: The Parts of Medicare
  • Application for Enrollment
  • Benefits Available under Medicare Part A
  • Medicare Part B Premiums
  • Benefits Available under Medicare Part B
  • Medicare Part C
  • Benefits under Medicare Part D Prescription Drug Plan
  • Medicare Supplemental Insurance — Medigap Plans
  • Medicare Coverage Issues

Learning Objectives

  • Identify the complexities of the social security system and gain an understanding of planning techniques for maximizing the timing and enjoyment of benefits
  • Recognize how to address crucial timing decisions for Medicare eligibility and determine what the Medicare system does and does not cover, and how planning can make a difference in what persons may receive
  • Identify the approximate number of retirees, spouses, surviving children, and disabled workers receiving social security benefits annually
  • Recognize what year Medicare forecasted to be insolvent
  • Identify the number of credits needed to be fully insured under Social Security
  • Recognize which type of employment is covered under Social Security
  • Identify the end of Medicare open enrollment for 2022
  • Differentiate parts of Medicare covered items

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Specialized Knowledge and Applications (2 hours)

Program Prerequisites
Basic understanding of social security and medicare.

Advance Preparation
None

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