3 ways the cost of Medicare could impact your finances

There are a few ways that the cost of Medicare can impact your finances.

Late

The first way is that there is a chance of you enroll in the program too late, then you are going to be penalized. Therefore, you are going to need to pay attention to the seven month time frame that you are going to have in order to enroll. If you miss this enroll window, then there is going to be a penalty premium that you will have to pay each month.

Changes

The second way is each year there is a chance that there are going to be chances made to the plan that you have with Medicare. Therefore, you are going to need to review the plan to make sure that you are getting the right coverage for the price that you want to pay. But you are going to be able to change this once a year if you need to if your needs change.

Parts

The third way is that you will need to think about the different parts of Medicare. Part A is the insurance for the hospital. Part B is going to be for the visits to the doctor, medical equipment, and lab tests. Part C is Medicare Advantage for private companies. Part D is for the plans that are going to cover the prescription drugs. If you have all of these parts in your Medicare plan, then you are going to be paying a lot more each month.

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