What Are The Three Medicare Enrollment Periods & What To Look For On Back Roads In The South? – Finger Financial Five #139

Jeremy Finger
Jeremy Finger
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“Remember, Medicare is like a hospital gown- you’re never covered as much as you think you are.” – Funny Health Quotes

When I would go fishing with my dad, I would have three rods with different types of rigs. Our go-to was a cork and crickets to catch brim. One was a beetle spin to catch larger and more variety of fish. Lastly, I would have one that was rigged for largemouth bass. 

We used these three different ways to catch fish. If these did not work, it just wasn’t our day.

Similarly, there are three enrollment periods in Medicare. 

The first is your Initial Enrollment Period which starts three months before your 65th birthday. 

Second, is the Special Enrollment Period which is if you are still working and are covered by a healthcare plan that covers 20 or more employees. 

Third, is the General Enrollment Period, if you missed the first two. 

If you ignore these three enrollment periods, you may have to pay penalties or higher insurance premiums. 

Three key points in Medicare are:

  1. If you do not enroll in Medicare on time, you will pay a monthly penalty, and you may pay this penalty for the rest of your life. 
  2. If you do not get the right private insurance to go with Medicare, you may pay too much in premiums or out-of-pocket costs. 
  3. Medicare does not cover all healthcare expenses, so plan for higher healthcare costs in retirement. 

We will review Medicare and estate planning in more detail on our Coffee with Riverbend webinar on August 15th at 9:00a EST. CLICK HERE to register. 

Make sure you talk to someone about your situation to ensure you get proper coverage. Feel free to call us at 843-970-1049 or CLICK HERE to schedule a 15-minute phone appointment or reply to this email.  

On the lighter side, it has been three weeks since our last FFF. Did you notice the pattern of three in this FFF? Let’s continue with this theme.

I tripled my results in chess versus Elliott. I have gone from winning 10% of the time to 40%. All it took was me to watch 3 hours of chess videos on YouTube. 

Elliott moves into the University of South Carolina dorm on the 20th. Three weeks from this writing. This will be an adjustment for my wife and me. 

I have spent much time driving the back roads in the South. Here are three of my observations:

  • The uglier the produce sign, the better tasting the vegetables. I had the best-boiled peanuts in the mountains of North Carolina last weekend. 
  • Food tastes better when eaten outside. 
  • If you are looking for good places to eat in small towns, notice where many cars are parked. Usually, it’s an old-looking gas station or a run-down building. This is the local eating and chatting place. People may look at you funny when you walk in because you are not local. Don’t worry, these are good people, and you will get some good country cooking. 

Hope all is well with you and your family,


Finger Financial Five – 5 points in 5 minutes or less – is to provide you with a weekly shot of useful financial information.  My intention is to share principles, so that you will have more clarity and peace, that help you make better financial decisions. 

Investment advice offered through Stratos Wealth Advisors, LLC, a registered investment advisor.  Stratos Wealth Advisors, LLC and Riverbend Wealth Management are separate entities. 

This content is developed from sources believed to be providing accurate information and provided by Riverbend Wealth Management. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Stratos Wealth Partners and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Riverbend Wealth Management does not compensate existing or former clients for testimonials or endorsements.


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