Retirement planning isn’t complete without considering healthcare, and for most Americans, that means tackling Medicare. A federal health insurance program for people age 65 or older (and for young people needing disability benefits), Medicare offers numerous plans and enrollment options, so it’s no wonder many find it one of the most daunting aspects of retirement planning.

But don’t fret, our team here at Ironwood Wealth Management has put together an helpful guide to Medicare to help you navigate this critical part of your retirement journey.

The free guide details the different Medicare parts and enrollment options, checklists for pre- and post-enrollment, insights into your Income Related Monthly Adjustment Amount (IRMAA) for 2023, and more. Here are some of the highlights:

The Essentials: Resources to Review

Your journey into the world of Medicare should start with a review of all of the essential resources at your disposal. Begin by browsing through the official Medicare website, which gives you access to additional resources and information, including your eligibility for Medicare and the covered services under each part.

Medicare Basics: Four Key Components

Medicare consists of four main parts, each offering specific types of coverage.

Part A (Hospital Insurance): Covers in-patient care and generally comes at no cost, but there may be deductibles, copayments, and limitations on some services.

Part B (Medical Insurance): Covers various out-patient services, including home healthcare, and typically requires a monthly premium.

Part C (Advantage Plans): “Bundles” of parts A, B, and sometimes C offered through private insurance companies.

Part D (Prescription Drug Insurance): Covers the costs of prescription drugs and is offered through private insurance companies approved by Medicare.

Our complete Medicare guide delves into these parts in greater depth, providing comprehensive details on what each section covers, its costs, and eligibility criteria.

Pre-Enrollment: Planning Ahead

Preparing for Medicare enrollment involves several key steps. After familiarizing yourself with the various parts of Medicare, their costs, and enrollment periods, you should also check with your preferred healthcare provider to ensure they accept Medicare, decide on supplemental coverage, and compare plans in your area. These preparatory steps will help you optimize your benefits when it comes time to enroll.

Post-Enrollment: Managing Your Medicare

Your Medicare journey doesn’t stop once you’re enrolled. Within the first 12 months of enrollment, you’ll need to set up a Welcome to Medicare visit. Understanding how to pay your premiums and creating your online portal are just a few other tasks you’ll need to execute to manage your Medicare plan with ease.

Understanding the 2023 Income Related Monthly Adjustment Amount

Monthly premiums may not be your only Medicare costs. You may also owe a monthly surcharge, known as the Income Related Monthly Adjustment Amount (IRMAA). The amount you’ll owe depends on your income and tax filing status, and in our comprehensive guide, we break down how you can pay and potentially appeal this expense.

Download the full guide today and take the first step towards a confident and informed Medicare experience.