Reaching the age 65 will give you automatic Medicare eligibility. 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. October 5 to December 7 is the yearly open enrollment period, during which you can change your plan if you think it’s necessary.
If you have a Medicare Part D drug plan or a Medicare Advantage plan, it becomes particularly important to go through your options yearly, considering that these two policies change features features from time to time, such as deductibles, copay amounts, covered drugs and the rest.
Medicare plans are split into the following categories:
Part A (Hospital …