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Everyday Wealth

Episode 43: End-of-year ‘to-do’s’ – Medicare and charitable giving

Oct 22, 2022
Learn about the intricacies of Medicare enrollment decisions and the importance of making informed choices. Discover how charitable giving can benefit both charities and your personal finances, along with tax-efficient strategies like donor-advised funds. Dive into the world of strategic charitable giving and estate planning for a lasting philanthropic legacy.
40:12

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

  • Delays in Medicare enrollment can result in costly penalties lasting a lifetime, emphasize the importance of signing up on time.
  • Understanding Medicare's coverage options like Part A, Part B, and Part D is crucial to making informed decisions.

Deep dives

Understanding Medicare Enrollment Periods and Penalties

Open enrollment for Medicare Advantage and Medicare drug coverage runs from October 15 through December 7. Delaying Medicare enrollment can lead to penalties, such as a 10% penalty for every year not enrolled, potentially lasting a lifetime. Signing up for Medicare requires careful consideration and advice from professionals to avoid costly mistakes, such as facing penalties for late enrollment.

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