How Emotions Impact Financial Decisions and How to Overcome Them
Learn how emotional triggers like market volatility and life changes can impact financial decisions, and discover strategies to maintain perspective...
EP Wealth Advisors
Each Fall, Medicare Open Enrollment begins on October 15th and runs December 7th, which provides eligible people to choose a new Medicare insurance option. Any changes you make go into effect as of January 1st, 2025.
As financial advisors, we know that evaluating Medicare insurance coverage can feel overwhelming. To help add clarity, we have a short primer to help you understand what you should expect and how you may want to evaluate a Medicare plan.
Medicare part A and B are pretty straight forward. Part A covers hospital stays and some home health care services. Part B covers 80% of the cost on services such as doctors’ visits, surgeries, medical equipment and supplies like a wheelchair. Choosing the right supplemental insurance to cover the 20% of medical cost that part B doesn’t cover is where it gets tricky and should be reviewed each year.
For those who are turning 65 soon and need to sign up Medicare, the dates above do not apply. When initially applying, you can start the process three months before the month of your birthday and you have until three months after you turn 65. If you miss this window, the next opportunity to apply will be January 1st and premiums may be higher for signing up late. Even if you already have medical coverage through your employer or your spouse, you still need to apply for Medicare part A (which is free) to avoid penalties later.
Here at EP Wealth Advisors we can help you navigate some of these important decisions because we offer our clients Medicare Analysis as part of our Financial Planning Capabilities. Feel free to reach out to your advisor for assistance in this area.
Additional Medicare Resources
For more details about important Medicare costs, visit:
https://www.medicare.gov/basics/costs
https://www.medicarefaq.com/faqs/medicare-advantage-vs-medicare-supplement/
DISCLOSURES
The information represented here is limited in nature and used for illustrative purposes only. It is intended to serve as a tool containing general information that should assist you in the development of subsequent discussions with the appropriate professionals. The information contained herein is not comprehensive and should not be regarded as a complete analysis of the subjects discussed.
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