Medicare open enrollment: a 5-point checklist

The money management of retirement often includes the management of health care costs. If you have Medicare, we suggest that you review these costs: From October 15 to December 7, you can register * or change your plans.

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It is important to be aware of the time limit so you do not miss your chance and wait until next year to make changes. It is also important to carefully consider your projects. This open Medicare registration checklist can help you do just that.

1. Review your plan notices.

Read all the reviews of your Medicare plan regarding changes for next year, especially the annual change notice letter. At a minimum, we suggest that you make sure that your current or planned prescription medications are covered and that your current or planned doctors are still on the network. Do not take it for granted that they are. Otherwise, you may have to pay these bills out of your pocket.

2. Think about what matters most to you right now.

Medicare and drug plans change every year, as do your health needs. Do you need a primary care doctor? Does your network include the specialist of your choice for a next operation? Does your current plan cover your medications? Does another plan offer the same value at a lower cost? We suggest that you consider these needs and similar needs in detail before making any decisions.

3. Find out if you qualify for help to pay Medicare.

Medicare Parts A and B include deductibles, co-insurance, copayments and Medicare prescription drug coverage costs. Fortunately, some government programs can help reduce costs. You can go to medicare.gov to find out if you qualify for Medicare assistance or to get information on your state health insurance assistance program.

4. Purchase plans that meet your needs and budget.

Medicare.gov has a useful tool, referred to as the Medicare Plan Finder, which lists the plans offered in your area. You can use it to compare plans.

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5. Check the note of your plan before registering.

Medicare Plan Finder also lists the number of stars of Medicare's health and prescription drug plans. You can use these ratings to compare the quality of the drug plans you plan to use for health care.

Some other things to know: If you are enrolled in a Medicare Advantage plan, you can go back to the original Medicare system if it better meets your needs. You may also decide to do nothing if you think your current coverage remains the best choice, but do not forget to consider any changes to your plan. Above all, be sure to review your plan to help you make the best choice for your health and your money.

* If you are not yet a Medicare member and plan to register soon, an initial seven-month subscription period begins three months before the month of your 65th birthday, includes the month of your 65th birthday and ends three months after the month of being 65 years old.

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Ken Moraif, CFP, is Senior Advisor and Certified Financial Professional at Money Matters, a Dallas-based wealth management and investment firm, with over $ 4.15 billion in assets under management and serving more 8,100 households (as of May 31, 2018). He also hosts the "Money Matters with Ken Moraif" radio show, which offers listeners advice on retirement, investment and personal finance since 1996.

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