Tips to Help You Review Your Medicare Plan During Open Enrollment

(InvestigateTV) – A recent NerdWallet survey found that 35% of Medicare users question whether they have the right coverage.

Elizabeth Ayoola, personal finance writer at NerdWallet, said the study also found that 74% are concerned about the longevity of Medicare over their lifetime.

She said there are some things you can do to eliminate Medicare worries, and the first thing you can control is how much you save for healthcare expenses.

“Some things people might consider doing are, first of all, strategizing with a CFP or a financial expert to plan how you’re going to basically finance your health care during retirement,” Ayoola suggested. “But some DIY things you can do are consider opening a health savings account. It has a triple tax benefit so your money can grow, you know, tax-free and you can use it during retirement for healthcare expenses.”

She said people could also consider boosting their existing retirement accounts by setting aside the maximum in their final working years.

“Medicare.gov actually has a lot of resources there, she shared. “Plus, they allow you to call, so you can call and speak to a consultant or someone who works on your team to get advice on what to do with your health plan. For more practical people, you might consider just doing research. We have a lot of resources on NerdWallet about Medicare.”

Ayoola said ask friends with similar health status what kind of plans they have and what resources they use.

Word of mouth is still a powerful tool. Any changes made during open enrollment will take effect on January 1, 2025.