Multilevel flash memories store more than one bit per storage cell and are further characterized by large word (page) sizes and very low target error rates. In this paper, a high-rate error control scheme is presented that uses inner trellis-coded modulation (TCM) for storing two bits per cell with five possible charge levels. The coded subset-label bits and the uncoded signal-label bits of TCM are independently protected by separate outer Reed-Solomon (RS) codes. The resulting scheme permits multistage decoding. Errors made by the TCM decoder in the subset-label bits occur in bursts and are corrected by the associated first RS decoder prior to determining signal-label bits and correcting errors in those bits by the associated second RS decoder. The multi-stage decoding avoids the significant spread of errors from subset-label bits into the generally larger number of signal-label bits which is typical for conventional serial RS-TCM concatenation when the inner TCM system operates at relatively low SNR. The error performance of the proposed scheme is evaluated at low error rates by a mixed simulation-analytic method. It is shown that the proposed scheme exhibits highly favorable performance vs. complexity tradeoffs compared to the other schemes.