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Set Your Expectations: 3 Essential Medicare Basics

Your health insurance coverage and options change over time – specifically when you’re transitioning into Medicare.

As we get older, things change. Whether it’s your work schedule, your family size, or even your priorities, changes can make a big impact. But that shouldn’t always be something that’s looked at with apprehension. The same holds true when it comes to your health insurance.

The bottom line is, this transition is something you should look at with confidence. And we’ve got three essential Medicare basics that will help get you there.

1. Expect more individual responsibility.

Switching from traditional healthcare to Medicare requires a higher level of individual responsibility than you may have experienced before, especially if you received health insurance benefits through the company you worked for. You must now be prepared to understand and manage complicated decisions, including determining what type and amount of coverage suits your medical, financial, and lifestyle needs.

2. There’s an increasing level of need for education.

It’s important for individuals to be educated about Medicare. Being knowledgeable about deadlines, options, and insurance terminology is key to making confident and smart healthcare decisions – which ultimately impacts your potential overall healthcare costs. However, Medicare information can be hard to digest, especially when you don’t know what you should be looking for.

Here’s a tip: If you’re in this boat, start exploring this simple-to-understand Medicare summary to establish a foundation of understanding.

3. You’ll often come across biased information.

Unfortunately, it can be difficult to find impartial information regarding Medicare plans. Sources might disseminate what might be deemed as “educational” information, but with an emphasis on their own plans. For individuals trying to educate themselves about retiree health insurance, it can be challenging to find unbiased information that isn’t slanted in favor of a specific company or type of plan.

At the end of the day, the transition into Medicare is not wildly different from the transition many faced during 401(K) planning. This can be a tricky time – but you may have more experience with this type of adjustment than you even realize. The good news is, follow these steps and you’ll be on your way to understanding the facts and knowing what to expect – which will make the process much easier.

If you’re ready to continue to learning about Medicare, we’d be happy to help. Explore our tool to get personalized recommendations regarding your Medicare options.