- Medicare is not free – Most seniors pay a premium for Medicare Part B and Part D, along with copays, coinsurance, and deductibles, which can add up significantly. Consider getting supplemental insurance to help cover these costs.
- Original Medicare is not your only option – Medicare Advantage plans offer additional benefits, but they may come with drawbacks like limited provider networks. Explore your options to see if enrolling in a Medicare Advantage plan could save you money.
- Medicare offers telehealth services – Seniors can access virtual medical appointments through Medicare, making it easier to receive care, especially for those with transportation challenges or living in remote areas.
- You can enroll in Medicare while still working – Even if you have employer health coverage, you can enroll in Medicare at 65, potentially saving money and getting more comprehensive coverage. Keep in mind that you can’t contribute to an HSA once on Medicare.
- Enrolling late in Medicare can be costly – Missing your initial enrollment window could result in lifelong penalties, such as a 10% surcharge on Part B premiums for each year you delay. Avoid these penalties by enrolling on time. Educate yourself about Medicare before retirement for better planning.
Read more at Nasdaq: 5 Things You May Not Know About Medicare — but Should