{"id":2221,"date":"2023-09-18T19:04:34","date_gmt":"2023-09-18T19:04:34","guid":{"rendered":"https:\/\/wordpress-281482-3307257.cloudwaysapps.com\/?p=2221"},"modified":"2023-11-09T20:19:11","modified_gmt":"2023-11-09T20:19:11","slug":"what-to-think-about-when-deciding-on-a-medicare-plan","status":"publish","type":"post","link":"https:\/\/cedarbrookfinancial.com\/what-to-think-about-when-deciding-on-a-medicare-plan\/","title":{"rendered":"What To Think About When Deciding On A Medicare Plan"},"content":{"rendered":"

By Dayna Smith\u00a0<\/em><\/p>\n

When it comes to financial readiness for retirement<\/a>, few things are as important as planning for your healthcare needs. And a large part of that plan often involves choosing the right Medicare coverage. Medicare, the federal health insurance program primarily for people age 65 and older, is designed to help you manage your healthcare expenses during retirement.\u00a0 However, making sense of the various parts and options can be a complex process. In this guide, we will break down the key factors to consider when deciding on a Medicare plan.<\/p>\n

Understanding the Four Parts of Medicare<\/h2>\n

Medicare is divided into four parts, each covering different aspects of your healthcare needs:<\/p>\n

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  1. Part A:<\/strong> This part primarily covers inpatient hospital care, skilled nursing facility care, hospice care, and some home health care.<\/li>\n
  2. Part B:<\/strong> Part B covers medically necessary services such as doctor’s visits, outpatient care, preventive services, and some medical equipment.<\/li>\n
  3. Part C<\/strong> (Medicare Advantage): This is an alternative to Original Medicare, offering a broader range of healthcare coverage options. It often includes Parts A, B, and sometimes D, and may provide additional benefits like dental and vision care.<\/li>\n
  4. Part D:<\/strong> Part D is optional prescription drug coverage offered through private insurance companies. It helps reduce the cost of prescription medications and comes with late enrollment penalties if not chosen during the initial enrollment period.<\/li>\n<\/ol>\n

    Open Enrollment Options<\/h2>\n

    Keep in mind that open enrollment is not for those who have not yet enrolled in Medicare. If that\u2019s you, your initial enrollment period<\/a> is based upon your birthday, not a set date on a calendar. You need to sign up for coverage during the window of time that begins three months before the month of your 65th birthday and ends at the end of the third month after, for a total of seven months.\u00a0 The open enrollment period affects each part separately. Here\u2019s what you can do with your Medicare coverage:<\/p>\n