Enrolling in Medicare isn’t just a way to get health care coverage when you turn 65; it’s a major part of ensuring financial security during retirement. 

That’s because health care typically makes up a large portion of your living expenses later in life. According to Fidelity, in 2023, the average couple retiring at age 65 could expect to pay about $315,000 in health care costs over the span of their retirement.

When it comes time to sign up for a Medicare plan, it’s important to choose wisely. Medicare choice errors, such as selecting an inappropriate plan or not enrolling by a certain deadline, can be costly. Worse, the financial impact of these mistakes can build over time.

“You want to make sure that your health plan will help you pay for the health care that you need, but you also don’t want to throw away money paying for more insurance than you actually need,” explained Samuel Kina, Senior Vice President of Economics & Research at Picwell, Inc.

Navigating Medicare on your own can be confusing. As you start exploring all that Medicare has to offer, you may find that the program is anything but simple. There’s a wide range of coverage choices, including original Medicare (Parts A and B), Medicare Part D, Medicare Advantage (Part C) and Medigap. Annual costs among these plans can vary by hundreds or even thousands of dollars. There are out-of-pocket costs to consider as well, such as premiums, deductibles, coinsurance and copayments—all of which can greatly affect your yearly health care expenses.

Sorting through the Medicare maze by yourself can be time-consuming, exhausting and downright overwhelming. Complicating matters even more is the fact that certain plans—specifically, Medicare Advantage, Part D and Medigap—are administered and sold by private insurance carriers (not the federal government). 

Some of these companies engage in misleading marketing, especially during the Medicare Open Enrollment Period, which is going on right now through December 7. 

The constant barrage of non-local TV, radio and online Medicare ads can make it hard to distinguish fact from fiction.

TALK TO A QUALIFIED EXPERT

There’s a lot riding on your choice of Medicare coverage. Arming yourself with accurate, up-to-date information can help you choose the best plan for your needs. One way to do this is by talking to a certified adviser who can offer you objective, personalized enrollment advice. They will help you weigh all the factors to consider in choosing a Medicare plan, such as:

• Whether the plan will cover the services you need to stay healthy

• What your premiums, deductibles and other out-of-pocket costs will look like

• How Medicare will work with your existing health or drug plans

• What your prescription drugs will cost under the plan

• Whether you have a choice of providers or you have to stick with providers and facilities from a network

• Whether your plan will cover you while traveling

Consulting with a legitimate Medicare expert is free. They won’t pressure or steer you toward a specific plan, but instead provide a broad range of options to fit your needs. They also offer free, ongoing support for Medicare coverage issues and explain information in clear, easy-to-understand terms.

FIND YOUR SHIP OFFICE

State Health Insurance Assistance Programs (SHIP) offers free, impartial and personalized insurance counseling and assistance to Medicare-eligible individuals, their families and caregivers. They do not sell insurance products of any kind. These programs are available in all 50 states.

A certified SHIP counselor can help you:

• Learn the basics of Medicare, including who is eligible

• Review your options for health and/or prescription drug coverage

• Understand Medicare out-of-pocket costs as well as programs that can help you pay for these costs

• Ensure your rights are protected under Medicare

• Refer you to other agencies for additional help, if needed

• These trained volunteers can also help you address Medicare billing problems and complaints about medical care or treatment. 

Mesa County’s SHIP office is located at Mesa County RSVP in the basement of the US Bank building, 422 White Ave. To schedule an appointment or learn more about free Medicare presentations and walk-in events, call 970-243-9839 ext. 1.

Montrose-Delta SHIP advisers with the Region 10 Area Agency on Aging regularly host open house sessions throughout Delta, Montrose, Gunnison, Hinsdale, Ouray and San Miguel counties. For more information, call 970-765-3129 or 970-249-2436 ext. 3129.

SUPPORT HOTLINE

Call 1-800-MEDICARE (1-800-633-4227) to talk with a customer support representative about your Medicare questions and concerns. TTY users should call 1-877-486-2048. The Medicare Support Hotline is available 24/7, except for some federal holidays.

“For many older adults, making a decision about Medicare coverage feels incredibly daunting,” said Gabriel Smith, program associate with National Council on Aging’s Center for Economic Well-Being. “Talking to an unbiased, experienced Medicare specialist can help you cut out all the background noise and tune into a plan that works well for your health needs and budget.”

Editor’s Note: At BEACON Senior News, we believe in connecting our readers with trustworthy local resources. We encourage you to take advantage of our LOCAL Medicare advertisers’ guidance, expertise and free, personalized support to help you navigate your Medicare options.