Navigating the complex world of healthcare is confusing, and unfortunately that does not change when you are eligible for Medicare. This article discusses some of the key items to remember when enrolling in Medicare.
First, don’t miss the enrollment deadline. You may enroll in Medicare three months before you turn age 65 until three months after you turn age 65. If you miss this important enrollment date you may be subject to a part B penalty if you decide you want Part B coverage later. Once you have signed up you will retain coverage and do not need to re-enroll each year.
Medicare Part A is free, but you must pay premiums for Part B. The premium amount you pay is based on income and may be adjusted annually. One drawback of Medicare is that you are no longer allowed to contribute to a Health Savings Account. But, you can use funds from your Health Savings Account to pay premiums on Part B or D and out-of-pocket healthcare expenses.
Keep in mind Medicare Part A and B do not provide coverage for everything. As a result, many retirees opt for a Medicare Advantage Plan, additional coverage for prescriptions, or gap coverage. This is where shopping around can be overwhelming. Visit www.medicare.gov to get additional resources about Medicare.
Healthcare is an important piece of retirement and it is essential that you evaluate and understand your options. If you are approaching Medicare eligibility and are curious how healthcare will fit into your retirement goal, contact our office today.