Navigating Medicare in Retirement

Learn about the different parts of Medicare: Part A (Hospital Insurance), Part B (Medical Insurance), Part C (Medicare Advantage Plans), and Part D (Prescription Drug Coverage). Identify what each part covers and doesn't cover.

Determine your eligibility for Medicare. Generally, you are eligible if you are 65 or older, or you have a qualifying disability.

Familiarize yourself with the different enrollment periods:
- Initial Enrollment Period (IEP): A 7-month period that starts 3 months before you turn 65.
- General Enrollment Period (GEP): From January 1 to March 31 each year, for those who didn't sign up during the IEP.
- Special Enrollment Period (SEP): Available under certain circumstances like losing job-based coverage.
- Open Enrollment Period: From October 15 to December 7 each year, to make changes to your Medicare coverage.

Enroll in Medicare during your Initial Enrollment Period by either: visiting the Social Security website, calling Social Security, or applying in person at a Social Security office.

Consider whether you need supplemental insurance, such as Medigap or Medicare Advantage Plans. Compare plans based on coverage, costs, and network restrictions.

Review your Medicare coverage annually during the Open Enrollment Period to ensure it still meets your needs, and make changes if necessary.

Note that Medicare Part A is typically premium-free if you or your spouse paid Medicare taxes while working. For Medicare Part B, there is typically a monthly premium.

If you require prescription drugs, consider adding Medicare Part D for prescription drug coverage or choosing a Medicare Advantage Plan that includes drug coverage.

Be aware of the potential for late enrollment penalties if you sign up after your Initial Enrollment Period without having qualifying coverage elsewhere.

Explore assistance programs if you have limited income and resources. Programs like Medicaid or the Medicare Savings Program may help pay for premiums and other out-of-pocket costs.