Current:Home > MyMedicare Open Enrollment is only 1 month away. Here are 3 things all retirees should know. -Aspire Money Growth
Medicare Open Enrollment is only 1 month away. Here are 3 things all retirees should know.
Indexbit Exchange View
Date:2025-04-10 06:11:26
It's a big misconception that once you enroll in Medicare, you can expect your healthcare expenses to decline. For many people, the opposite happens.
That's not just because of the many expenses Medicare enrollees are subject to. It's also that health issues tend to arise with age. That combination could put a huge strain on your retirement savings.
For this reason, it's important to manage your Medicare benefits wisely. A big part of that means taking advantage of the program's annual open enrollment period.
Medicare's open enrollment period runs from Oct. 15 through Dec. 7 every year. Here are a few things all retirees need to know about it.
1. You can't sign up for Medicare for the first time during open enrollment
If you're retired and are old enough to sign up for Medicare, you may be planning to do so during fall open enrollment. But you should know that open enrollment is for existing Medicare participants only.
Your initial window to sign up for Medicare spans seven months, starting three months before the month of your 65th birthday and ending three months after that month. If you missed that initial window, and you don't qualify for a special enrollment period, then you may need to wait until Medicare's general enrollment period to sign up for coverage. That takes place Jan. 1 through March 31 each year.
2. You should review your plan choices, even if you're happy with your coverage
A lot of people get excited about Medicare Open Enrollment because they're frustrated with their Part D or Medicare Advantage plan and can't wait to switch. But even if you have no gripes about your current plan, it still pays to review your options this October.
It may be that you can afford your Part D plan premiums and copays just fine. But what if there's a cheaper option? Why wouldn't you want to save yourself a little money? Plus, if your healthcare needs have changed at all during the year, then it's especially wise to review your plan choices to see if there's a better match.
3 common Medicare mistakes:How to avoid them
3. You should consider switching Medicare Advantage plans if you're not using your supplemental benefits
A big reason a good number of seniors opt for Medicare Advantage over original Medicare is that these plans commonly offer supplement benefits on top of what original Medicare covers. Original Medicare won't pay for dental care, eye exams, or hearing aids, for example. But it's common for Medicare Advantage plans to pick up the tab for these services.
Some Medicare Advantage plans also go well beyond dental, vision, and hearing services, offering benefits that include fitness club memberships and meal delivery services. But if you're paying for a Medicare Advantage plan with lots of benefits, it's important to make sure you're getting your money's worth. If you're not using your plan's supplemental benefits, then it could pay to make a change.
You may find that another Medicare Advantage plan offers the more basic supplemental benefits you need at a lower cost. Or, if you need specialized benefits, it may be that your current plan doesn't offer them, but another plan does.
Some seniors opt not to participate in Medicare's open enrollment period because they find the process of reviewing plan choices overwhelming. If you feel the same, start early. Begin doing your research in mid-October so you have plenty of time to compare different options. Putting in that effort could lead to big savings on healthcare in 2025.
The Motley Fool has a disclosure policy.
The Motley Fool is a USA TODAY content partner offering financial news, analysis and commentary designed to help people take control of their financial lives. Its content is produced independently of USA TODAY.
The $22,924 Social Security bonus most retirees completely overlook
Offer from the Motley Fool: If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $22,924 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Simply click here to discover how to learn more about these strategies.
View the "Social Security secrets" »
veryGood! (9)
Related
- Federal Spending Freeze Could Have Widespread Impact on Environment, Emergency Management
- How to watch Lollapalooza: Megan Thee Stallion, Kesha scheduled on livestream Thursday
- Who will host 'Pop Culture Jeopardy!' spinoff? The answer is...
- US rowers Michelle Sechser, Molly Reckford get one more chance at Olympic glory
- Former longtime South Carolina congressman John Spratt dies at 82
- Polish news warns Taylor Swift concertgoers of citywide Warsaw alarm: 'Please remain calm'
- Texas youth lockups are beset by abuse and mistreatment of children, Justice Department report says
- 26 people taken to hospital after ammonia leak at commercial building in Northern Virginia
- Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Triathlon
- Two couples drop wrongful death suit against Alabama IVF clinic and hospital
Ranking
- Civic engagement nonprofits say democracy needs support in between big elections. Do funders agree?
- Chrissy Teigen reveals 6-year-old son Miles has type 1 diabetes: A 'new world for us'
- 2024 Olympics: Serena Williams' Husband Alexis Ohanian, Flavor Flav Pay Athlete Veronica Fraley’s Rent
- Olympic gymnastics live updates: Simone Biles wins gold medal in all-around
- Tarte Shape Tape Concealer Sells Once Every 4 Seconds: Get 50% Off Before It's Gone
- 26 people taken to hospital after ammonia leak at commercial building in Northern Virginia
- Court reverses conviction against former NH police chief accused of misconduct in phone call
- Facebook parent Meta forecasts upbeat Q3 revenue after strong quarter
Recommendation
Global Warming Set the Stage for Los Angeles Fires
14 sex buyers arrested, 10 victims recovered in human trafficking sting at Comic-Con
Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Green Initiatives
'Power Rangers' actor Hector David Jr. accused of assaulting elderly man in Idaho
Could Bill Belichick, Robert Kraft reunite? Maybe in Pro Football Hall of Fame's 2026 class
Andy Murray's tennis career comes to end with Olympics doubles defeat
Cardi B Files for Divorce From Offset Again After Nearly 7 Years of Marriage
Obama and Bush join effort to mark America’s 250th anniversary in a time of political polarization