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.
-
How Range Wealth Management Is Using AI and Human Expertise to Address Complex Financial NeedsWealth management software helps you keep track of your investments and manage your money. We look at Range's all-in-one platform to see how it works.
-
YouTube AI Age Verification: Safety and Privacy Risks UnpackedThe promise of safer screens meets the reality of sensitive data.
-
Thanks to the OBBB, Now Could Be the Best Tax-Planning Window We've Had: 12 Things You Should KnowThe new tax legislation offers unique opportunities to make smart financial moves and save on taxes, especially for people nearing or in retirement with significant savings.
-
Market Rebounds Are Happening Fast: Should You Buy the Dips? A Financial Planner's GuideMarkets are bouncing back faster than ever. For some long-term investors, that could mark a compelling case for systematic investing during downturns.
-
Asset-Rich But Cash-Poor? A Wealth Adviser's Guide to Helping Solve the Liquidity Crunch for Affluent FamiliesMany high-net-worth families experience financial stress because of a lack of immediate access to their assets. Liquidity planning aims to bridge the gap between long-term goals and short-term needs and avoid financial pitfalls.
-
Social Security Planning Strategies and Challenges as It Hits Its 90th Year: A Financial Adviser's GuideLonger life expectancies and changing demographics put extra pressure on the program, making it crucial for future retirees to understand its evolution, common myths and how to strategically plan for their benefits.
-
How to Build Your Financial Legacy Three Piggy Banks at a TimeA wealth adviser shares a childhood saving technique that taught him lessons of stewardship, generosity and responsibility and helped him answer the question we all need to answer to define our lives by impact rather than greed: 'What is this all for?'
-
Which of These Four Withdrawal Strategies Is Right for You?Your retirement savings may need to last 30 years or more, so don't pick a withdrawal strategy without considering all the options. Here are four to explore.
-
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.
