When you reach the age of 65, you are automatically eligible for Medicare. But as opposed to popular belief this plan doesn’t come for free, and you need to know its mechanics before actually signing up. It can be insanely expensive if you don’t.
Even if you’ve been on Medicare for a long time, re-evaluating your options yearly will make sure you still have the right plan. The yearly open enrollment period, during which you can switch plans when you want to, is from October 15 to December 7.
It’s very important to review your options if you have a Medicare Part D drug plan or a Medicare Advantage plan, since these two usually change every year in terms of covered drugs, doctors, copay amounts and other features.
Medicare plans come in four different classifications:
Part A (Hospital Care, Skilled Nursing, Hospice and Some …