Retirement Hacks: How to approach Medicare’s 2023 enrollment period

by | Oct 15, 2022 | Stock Market

Medicare’s annual enrollment period begins on Oct. 15 and lasts until Dec. 7, but beneficiaries shouldn’t wait until the last minute to review their insurance coverage and make changes.  Retirement Tip of the Week: The wrong Medicare decision – or just one that hasn’t been given much thought – can cost beneficiaries money and stress the following year when they need medical attention. Review your coverage as soon as possible, and check which options make the most sense for your medications and doctor preferences. 

There are three P’s to focus on, said Ari Parker, co-founder and lead adviser at Chapter, a company that specializes in maximizing Medicare coverage: providers, prescriptions and priorities. The Medicare options a beneficiary chooses affect all three, and all three affect their coverage in return.  For example, not all doctors may be covered under one option, so someone who wants to see a specific specialist (or more) should make sure they’re in network when switching plans. Beneficiaries should also be hyper-aware of the prescriptions covered under the drug plan they choose. If they choose to travel internationally, or if they expect to be in multiple states for months at a time throughout the year, they should take that into consideration …

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