Medicare isn’t exactly the most thrilling topic, but it’s one that can make or break your peace of mind as you head toward retirement. So many people put it off, get overwhelmed by the mailers and commercials, or think they’re automatically covered at 65—only to find themselves scrambling at the last minute. In this episode of Compounding Change, Shannon Davis and guest Amy Terrell dig deep into what Medicare really is, who qualifies, when you should start planning, and how to avoid the pitfalls that can cost you big time down the road.

Amy is a licensed Medicare agent with My Medicare Network who’s helped hundreds of people figure this out without losing sleep. She explains why 64-and-a-half is the “sweet spot” for starting the process, breaks down the alphabet soup of Parts A, B, C, and D, and clarifies when it makes sense to compare your company plan to Medicare, even if you’re still working at 65.

Throughout the episode, Amy and Shannon emphasize that no two retirees are alike, even within the same household, and that working with an expert can help you sort the options without the spam calls and mail clutter.

They wrap with common mistakes people make, the importance of reviewing your plan annually during open enrollment, and a reminder that this decision is deeply tied to your broader retirement strategy, from Social Security to pensions.

Key Takeaways:

• Start planning for Medicare around age 64.5 so you have time to understand options and avoid delays.
• Medicare is not automatically free at 65—Part B premiums are income-based with a two-year tax look back.
• Original Medicare (Parts A and B) leaves 20% out-of-pocket exposure with no cap, making supplements or Advantage plans worth considering.
• Medicare Supplement (Medigap) plans have higher premiums but more flexibility and fewer bills later.
• Medicare Advantage plans often have lower premiums but networks, and offer extras like dental, vision, hearing, and gym memberships.
• Be cautious of marketing mailers and commercials that don’t account for your doctors, prescriptions, or needs.
• Review your plan annually during open enrollment, as plans and benefits can change each year.
• Amy offers free Medicare assessments to help individuals compare options and find the best fit for their situation.

Chapters

00:57 Introduction and Why Medicare Matters

03:56 Medicare 101: What is it and Who Qualifies

06:28 When to Start the Process

11:07 How Much Does it Cost

17:05 Supplements Vs Advantage Plans

 20:53 Personalized Assessments: Getting the Help You Need

22:37 Special Considerations for Public Safety Retirees

25:16 Tackling the Mail Pile

27:06 Closing Thoughts and Contact Information

Helpful Links:

Jenna Stoliker: https://jennastoliker.com/

Shannon Davis: https://www.daviscompoundingchange.com/

———

Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. 

Securities offered through Cambridge Investment Research, Inc., a registered

Broker/Dealer, Member FINRA/SIPC.

Investment Advisory Services are offered through Retirement Plan Advisors, LLC, a Federally Registered Investment Adviser. Cambridge Investment Research and Retirement Planning Advisors are not related to DavisCompoundingChange.com or this podcast.

Please note that investment involves risk, and no statements made in this recording are indicative of future performance. 

The Compounding Change Podcast is brought to you by Shannon Davis