what’s new at marshall insurance and financial?
join us for the latest local and national news pertaining to our clients and our firm
It’s easy to tell when Medicare open enrollment season has arrived. If you’re near age 65 or older, you may receive telemarketing calls from Medicare sales agents. Or perhaps you start seeing Medicare sales booths pop up in retail stores or shopping malls. In fact, it’s common these days to see Medicare sales professionals in grocery stores.
There are no shortage of individuals who want to sell you Medicare coverage, especially during open enrollment season. However, just because there are plenty of opportunities to purchase coverage doesn’t mean you should use just anyone for your coverage.
Medicare is one of the most important financial decisions you’ll make in your retirement. Fidelity estimates that a 65-year-old retiring in 2019 will pay $285,000 out-of-pocket in retirement. That figure includes costs for premiums, deductibles, copays, and services not covered by Medicare.1
Clearly, your Medicare policy will influence the amount you spend on premiums, deductibles, and more. In 2020, there are more than 3,000 Medicare Advantage plans available.2 Choosing the right plan for your needs and budget can not only help you get the care you need in retirement but protect your assets.
How do you find the policy that’s right for you? One good step is to talk with an experienced professional before you make any decisions. Below are a few specific ways a qualified financial professional can help you find the right policy and make wise decisions.
Did you know Medicare has potential penalties? It’s true. It’s possible that you could pay penalties on your Medicare premiums when you file. Fortunately, though, you can avoid these penalties if you file for coverage by the right deadlines.
Generally, you’re eligible for Medicare at age 65. However, there are certain windows in which you must apply. For example, you can initially apply for Medicare parts A and B during a 7-month period that starts three months before your 65th birthday and ends three months after. You can also file for coverage during the General Enrollment Period that occurs during the first three months of every year.1
If you don’t file for coverage during those periods, you may face a penalty. The penalties vary based on the specific part of Medicare: