Managing retirement money often includes managing health care costs. If you’re on Medicare, we suggest you take a look at those costs: from Oct. 15 through Dec. 7 you can enroll* or make changes to your plans.
It’s important to be aware of the time limitation so that you don’t miss your opportunity and have to wait until next year to make any changes. It’s also important to consider your plans carefully. This Medicare open enrollment checklist can help you to do just that.
1. Review your plan notices.
Read all notices from your Medicare plan about changes for next year, especially the annual notice of change letter. At a minimum, we suggest you make sure your current or anticipated prescription drugs are covered, and your current or anticipated doctors are still in the network. Don't take for granted that they are. Otherwise you could be in a position of having to pay these bills out of pocket.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
2. Think about what matters most to you right now.
Medicare health and drug plans change each year, and so can your health needs. Do you need a primary care doctor? Does your network include the specialist you want for an upcoming surgery? Does your current plan cover your medications? Does another plan offer the same value at lower costs? We suggest you consider these and similar needs in detail before making decisions.
3. Find out if you qualify for help paying for Medicare.
Medicare Parts A and B have deductibles, coinsurance, co-payments and Medicare prescription drug coverage costs. Luckily, there are some government programs that can assist with costs. You can go to medicare.gov to learn if you qualify for help with Medicare or to find information about your State Health Insurance Assistance Program.
4. Shop for plans that meet your needs and fit your budget.
Medicare.gov has a useful tool called the Medicare Plan Finder that lists plans offered in your area. You can use it to help compare plans.
5. Check your plan's rating before you enroll.
The Medicare Plan Finder also lists star ratings for Medicare health and prescription drug plans. You can use these ratings to help compare the quality of any health care drug plans that you are considering.
A few more things to know: If you are enrolled in a Medicare Advantage Plan, you can switch back to original Medicare if that better suits your needs. You can also decide to do nothing if you believe your current coverage is still the best choice, but remember to consider any changes to your plan. Most of all, make sure to review your plan in order to help make the best choice for your health, and your money.
*If you’re not on Medicare yet and plan to enroll soon, there’s a seven-month Initial Enrollment Period that begins three months before the month you turn 65, includes the month of your 65th birthday, and ends three months after the month you turn 65.
-
The Fall Garden 'Tax': What to Plant and How to PrepareTax Tips Fall gardening could increase your taxes this season. Here’s what to know while planting in 2025.
-
July CPI Report Boosts Rate-Cut Odds: What the Experts SayThe July CPI report shows that tariffs are having a slight impact on inflation, though not enough to keep the Fed from cutting interest rates.
-
What the OBBB Means for Social Security Taxes and Your Retirement: A Wealth Adviser's GuideFor Americans in lower- and middle-income tax brackets, the enhanced deduction for older people reduces taxable income, shielding most of their Social Security benefits from being taxed.
-
Financial Planner vs Investment Manager: Who's the Better Value for You?When markets are shaky, who do you trust with your money? A recent study provides useful insights into the value that different financial professionals offer.
-
I'm a Financial Adviser: This Is How You Could Be Leaving Six Figures in Social Security on the TableClaiming Social Security is about more than filing paperwork and expecting a check. When you do it and how you do it have huge financial implications that last the rest of your life.
-
The Big Pause: Why Are So Many Americans Afraid to Retire?While new research sheds light on Americans' growing reluctance to quit work in later life, can anything be done to help those with the retirement jitters?
-
Five Under-the-Radar Shifts Investors and Job Seekers Can't Afford to Ignore Under the OBBBBeyond the headlines: The new tax law's true impact for job seekers and investors lies in how it will transform industries and create opportunities in areas such as regional accounting, AI and outsourced business services.
-
I'm a Financial Professional: It's Time to Stop Planning Your Retirement Like It's 1995Today's retirement isn't the same as in your parents' day. You need to be prepared for a much longer time frame and make a plan with purpose in mind.
-
An Attorney's Guide to Your Evolving Estate Plan: Set-It-and-Forget-It Won't WorkWhen did you last review your will? Before kids? Before a big move? An update is essential, but regular reviews are even better. Here's why.
-
For a Richer Retirement, Follow These Five Golden RulesThese Golden Rules of Retirement Planning, developed by a financial pro with many years of experience, can help you build a plan that delivers increased income and liquid savings while also reducing risk.
