What to know about Medicare open enrollment
More than 65 million Americans are enrolled in Medicare
During open enrollment, new users can join the program and existing users can make changes to their plan.
Michael Joyce with the financial firm Agili recommended users to do their research before logging on, especially if they are considering the Medicare advantage plans, which are basically HMOs or PPOs.
“They can cost a little bit less than your Medicare Part B options; however, you may not be able to use the doctors you want to use or have a lot of the flexibility you have with your Medicare Part B plan,” Joyce said.
Joyce also recommended looking closely at personal income levels and the Income-Related Monthly Adjustment Amount or IRMAA.
“If you’re turning 65, which is the year that Medicare starts, and you’re already collecting Social Security, you’re already going to get a notice from the Social Security Administration to sign up for Medicare. You’re going to get Medicare Part A, which is very basic for free,” Joyce explained.
Joyce said there is a charge for Medicare Part B because the premiums are based on income.
To sign up for Medicare, visit the Social Security Administration’s website.
For additional help, visit a financial advisor or try the Medicare Plan Finders on the Medicare website.
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