Time to review your Medicare coverage

Fall is an exciting time of year. Kids are back in school, farmers harvest their crops, and there’s football season! It’s also time for individuals over the age of 65 to look at their Medicare coverage.

We often see individuals “set it and forget it.” That’s a mistake with Medicare coverage. Health care is one of the largest expenses an individual will have during retirement. Keeping your Medicare coverage on auto-pilot instead of looking at possible alternatives could cost you literally thousands of dollars.

Every year, Medicare has an open enrollment period from October 15th through December 7th. If you’re already enrolled in Medicare, now is the time to re-evaluate your coverage.

Think about these questions:

  1. Have your health circumstances changed?
  2. Do you anticipate your health circumstances to change?
  3. Are you unhappy with your coverage?
  4. Are there gaps in your current coverage?

If you answered “yes” to any of those questions, consider sitting down with your advisor to re-evaluate your Medicare coverage. Keep in mind that any changes to your coverage may result in additional underwriting — which could mean increases or decreases in your premiums.

These are some great online tools you can use to help evaluate your coverage. (As always, consult with your financial advisor about your circumstances before making any decisions.)

  1. Medicare.gov
  2. AARP.org
  3. SeniorsResourceGuide.com
  4. Eldercare.gov

Remember, you have until December 7 to make changes to your Medicare plan for 2018. A little time spent evaluating your options now could mean a better fit (and potential cost savings) for your coverage in the coming year.

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