Answering Your Medicare Questions
Healthcare costs are important factors to take into consideration when planning for your retirement. Often overlooked for trendier points of conversation like market volatility and inflation, the cost of your healthcare is usually one of the largest categories of spending during your retirement years and can also become increasingly unexpected with age.
Why Medicare?
Medicare is available to Americans 65 years and older and is intended to help those in retirement save money on their healthcare costs by reducing them significantly. If you do not factor in your healthcare costs and possible means for reducing those costs when exploring retirement, you may end up spending more than you need to on your healthcare coverage.
For 2022, Medicare’s open enrollment period will take place from October 15th though the 7th of December. But before you enroll, it is important to know how Medicare works and to be sure whether or not you require all four parts. [1]
Key Factors of Medicare:
– Your open enrollment period lasts for about 7 months and starts 3 months before the month that you will turn 65. [2]
– Though not allowed under the Medicare Advantage Plan, private insurance companies do offer Medigap Insurance which helps pay for healthcare costs not covered by your Medicare plan. [3]
– Your Medicare costs will vary depending on which parts of Medicare you enroll in [4]:
- PART A: Hospital and long-term care coverage
- PART B: General care such as doctor visits, preemptive services/care, physician services and some prescription drug coverage
- PART C: Medicare Advantage (Part C) is coverage that is sold through private insurance companies and covers what is not covered by Plans A or B
- PART D: Prescription Drug Coverage
Accessing Medicare
Enrolling in Medicare is hassle-free. If you have a social security number, you will be enrolled automatically when you meet the age requirements. [5] But enrolling is just the first step. Speaking with a financial professional can help you to determine which parts of Medicare you actually need and how you can utilize your Medicare plan as part of your overall retirement strategy.
To schedule a complimentary financial review with Moore’s Wealth Management, click here or call our office at 770-535-5000, where a staff-member is awaiting your call Monday through Friday, 9AM to 5PM.
This material is provided as a courtesy and for educational purposes only. Please consult your investment professional, legal or tax advisor for specific information pertaining to your situation.
