MFG’s Key Takeaways for Medicare Planning
Let’s Simplify Medicare Together
Medicare is a vital part of your retirement strategy, but navigating its complexities can be overwhelming. With the right information and guidance, you can make confident decisions about your healthcare coverage. Here are five essential takeaways to help you understand Medicare planning and how Makeba Financial Group (MFG) can guide you every step of the way.
1. Key Enrollment Periods for 2024 and 2025
The 2024 Medicare Open Enrollment Period (OEP) runs through December 7, 2024, allowing you to switch plans, add prescription drug coverage, or make other adjustments to your Medicare coverage. Don’t wait—enrollment opportunities close quickly!
Looking ahead to 2025, the Medicare Advantage Open Enrollment Period (MA-OEP) will occur from January 1 to March 31, 2025. During this time, beneficiaries already enrolled in a Medicare Advantage plan can make one plan change or switch back to Original Medicare.
MFG simplifies these timelines for you, ensuring you never miss an important deadline.
2. Eligibility Basics
Medicare eligibility typically begins at age 65, but younger individuals may qualify if they’ve been receiving disability benefits for at least 24 months or have certain medical conditions like end-stage renal disease (ESRD).
To avoid confusion, MFG provides personalized consultations to help determine your eligibility and guide you through the application process.
3. Avoiding Penalties
Delaying enrollment can lead to lifetime penalties. For example, if you don’t sign up for Part B when first eligible, you could face a penalty of 10% for each 12-month period you were without coverage. Similarly, failing to enroll in a Part D prescription drug plan may result in a penalty based on the number of months you go without creditable drug coverage.
MFG helps you stay ahead of deadlines, avoiding unnecessary penalties and protecting your long-term financial security.
4. Understanding Medicare Parts and Plans
Medicare consists of several parts:
Part A: Hospital Insurance (typically premium-free for most beneficiaries)
Part B: Medical Insurance (monthly premium required)
Part C: Medicare Advantage Plans (bundled alternative to Parts A, B, and often D)
Part D: Prescription Drug Coverage
Makeba Financial Group specializes in educating clients on plan options, prescription needs, and cost comparisons to ensure your coverage fits your unique health and financial goals.
5. Medicare Is Not One-Size-Fits-All
Every individual’s healthcare needs are different. Factors like chronic conditions, preferred doctors, and prescription drugs play a huge role in choosing the right plan. What works for a family member or friend may not be suitable for you.
At MFG, we take the time to understand your personal healthcare needs and financial situation, providing tailored recommendations that give you peace of mind. Our goal is to empower you to make confident Medicare decisions.
Stay Informed. Stay Empowered.
Medicare doesn’t have to be complicated. We encourage you to lean on your team at MFG for value-driven guidance, ensuring you understand your options and feel confident in your decisions. Schedule a complimentary consultation today and take control of your Medicare planning.
