Turning 65 is an exciting milestone but Medicare can also feel confusing. With different parts, plans, enrollment periods, and coverage options, it’s important to understand your choices before making a decision.
Here are five things to keep in mind:
1. Medicare isn’t automatically the same for everyone.
Original Medicare includes Part A (hospital coverage) and Part B (medical coverage), but many people choose additional coverage to help with expenses Medicare doesn’t fully cover.
2. Timing matters.
Your Medicare Initial Enrollment Period generally begins three months before the month you turn 65 and continues for three months afterward. Missing certain enrollment deadlines could result in penalties or gaps in coverage.
3. You have choices for additional coverage.
Depending on your situation, you may consider a Medicare Supplement plan, Medicare Advantage plan, and prescription drug coverage. Each option works differently and has its own costs and benefits.
4. Your healthcare needs should be part of the decision.
Your doctors, prescriptions, preferred hospitals, travel habits, and expected healthcare expenses can all play a role in determining which type of coverage may be appropriate for you.
5. Don’t wait until the last minute.
Medicare decisions can have long-term financial and healthcare implications. Taking time to understand your options before your enrollment period arrives can help you make a more informed decision.
Need Help Understanding Your Medicare Options?
Medicare doesn’t have to be overwhelming. At Kershaw Retirement Solutions, we can help you understand your Medicare options and determine what may fit your individual needs and budget.
Have questions about Medicare? Contact Kershaw Retirement Solutions today to schedule a conversation.
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📞 636-778-0221
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