Decision Guide to Medicare
BROWSE TRUSTED
SERVICE PARTNERS:
SERVICE PARTNERS:
Enrolling in Medicare is a crucial step as you turn 65,
and making the right choices now can impact your
healthcare and financial well-being for years to come.
Understanding your options and selecting the appropriate coverage ensures you receive the benefits you need while avoiding unnecessary costs and penalties.
Understanding your options and selecting the appropriate coverage ensures you receive the benefits you need while avoiding unnecessary costs and penalties.
KEY CONSIDERATIONS
WHEN SELECTING A MEDICARE PLAN
COVERAGE NEEDS -
Assess whether Original Medicare, a Medicare Advantage plan, or a Medicare Prescription Drug Supplement plan best suits your health and financial situation.
PROVIDER ACCESS -
Ensure that your preferred doctors, hospitals, and specialists are included in your chosen plan's network.
PRESCRIPTION DRUG COVERAGE -
If you take regular medications, review each plan's formulary (list of covered drugs) to confirm that your prescriptions are covered at an affordable cost.
ADDITIONAL BENEFITS -
Some Medicare Advantage plans offer extra benefits such as dental, vision, hearing, and wellness programs. Consider whether these additional services are important to you.
THE IMPORTANCE OF MAKING A SELECTION -
Medicare enrollment is not automatic for most individuals. If you do not actively enroll in a plan, you may experience delays in coverage, penalties, and limited access to important healthcare services. If you fail to sign up for Medicare Part D during your Initial Enrollment Period, you may be subject to a permanent late enrollment penalty, which increases your monthly premium. Additionally, delaying enrollment in a Medicare Part D prescription drug plan without other creditable coverage can result in penalties that accumulate over time.
ONGOING MEDICARE SERVICE CONSIDERATIONS -
Your healthcare needs do not end after selecting a plan. Regularly reviewing your coverage ensures that you continue to receive the best possible benefits. Important ongoing considerations include:
ANNUAL PLAN REVIEWS
Medicare plans change each year, affecting premiums, benefits, and provider networks.
Reviewing your plan annually during the Medicare Open Enrollment Period (October 15 –
December 7) ensures it still meets your needs.
CHANGES IN HEALTH STATUS
As health conditions evolve, you may need to switch to a different plan that better aligns
with your care requirements.
PRESCRIPTION DRUG UPDATES
Formularies and medication costs can change yearly. Checking your plan’s drug coverage
ensures continued