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.
-
Stock Market Today: Stocks Close Mixed Amid War Angst, Nvidia AnxietyMarkets went into risk-off mode amid rising geopolitical tensions and high anxiety ahead of bellwether Nvidia's earnings report.
-
What the Comcast Cable Spinoff Means for InvestorsComcast has announced plans to spin off select cable networks and digital assets into a separate publicly traded company. Here's what you need to know.
-
For a More Secure Retirement, Build in Some 'Safe Money'To solidify your retirement plan, write it down, reduce your market risk and allocate more safe money into your plan for income.
-
Five Steps to a Mindfully Fearless CareerIf, like many women, you're struggling with imposter syndrome, try developing an athlete's winning mindset. It's as simple as facing one small fear every day.
-
Six Ways to Optimize Your Charitable Giving Before Year-EndAs 2024 winds down, right now is the time to look at how you plan to handle your charitable giving. The sooner you start, the more tax-efficient you can be.
-
How Preferred Stocks Can Boost Your Retirement PortfolioHigher yields, priority on dividend payments and the potential for capital appreciation are just three reasons to consider investing in preferred stocks.
-
Structured Settlement Annuity vs Lump-Sum Payout: Which Is Better?As the use of structured settlement annuities grows, it can be tough to decide whether to take the lump sum to invest or opt instead for guaranteed payments.
-
What to Do as Soon as Your Divorce Is FinalDon't delay — getting these tasks accomplished as soon as possible can help you avoid costly consequences.
-
Many Older Adults Lack Financial Security: What Can We Do?Poor financial literacy and a lack of foresight have led to this troubling reality. It's going to take tax policy changes, education and more to address it.
-
Winning Investment Strategy: Be the Tortoise AND the HareConsider treating investing like it's both a marathon and a sprint by taking advantage of the powers of time (the tortoise) and compounding (the hare).
