Ready, Set, Enroll: Making the Most of Medicare Open Enrollment

Open enrollment for Medicare is just around the corner (Oct 15 – Dec 7), and now’s the perfect time to explore your options! Whether you’re a first-time enrollee or reviewing your current coverage, understanding Medicare basics is essential for choosing a plan that fits both your health needs and budget.

What is Medicare and Who Can Enroll?

Medicare is a national health insurance program primarily for individuals aged 65 and older, as well as younger people with certain disabilities. It aims to support retirement healthcare while managing costs.

When Should You Enroll?

If you’re turning 65, your Initial Enrollment Period starts three months before your birthday and ends three months after. You can also make changes during the annual Open Enrollment Period, which runs annually from October 15 to December 7. This is a great opportunity to reassess your needs, especially if your health situation has changed.

Still Working? What to Do!

If you’re working past 65 and have employer-sponsored health insurance, you can delay enrolling in some parts of Medicare. You can sign up for Part A when you turn 65 but hold off on other parts until your employer coverage ends. Once that happens, you have a Special Enrollment Period of eight months to enroll in the remaining parts.

Traditional Medicare vs. Medicare Advantage

One of your first decisions will be whether to choose Traditional Medicare or Medicare Advantage. Traditional Medicare is government-run, allowing you to see any provider that accepts Medicare. In contrast, Medicare Advantage is offered by private insurers, which may limit your choices to specific networks.

Key Components of Medicare

Medicare consists of several parts:

• Part A: Inpatient hospital care.
• Part B: Outpatient services like doctor visits.
• Part D: Prescription drug coverage.
• Part C: Medicare Advantage, offered by private insurance companies, which bundles A and B with extra benefits like vision and dental.

You can also consider Medigap policies for additional coverage not included in Parts A, B, and D.

Annual Coverage Review

Once you choose a plan, it typically carries over year to year. However, it's wise to review your coverage during each Open Enrollment Period to ensure it still meets your needs.

Your Next Steps

Selecting healthcare in retirement is a balancing act between cost and coverage. Whether you’re new to Medicare or reassessing your plan, a financial advisor can help you align your insurance choices with your financial goals and health requirements. If you have any questions, don’t hesitate to reach out - we’d be happy to help. Let’s make sure you’re prepared!