Tips to help you review your Medicare plan during open enrollment

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

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

She said there are some things you can do to take the worry out of Medicare, and the number one thing you can control is how much you save towards health care expenses.

“Some things that people may consider doing is firstly strategizing with a CFP or a finance expert to plan out how you’re going to basically finance your health care during retirement,” Ayoola suggested. “But some DIY things you can do is consider opening up 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 towards health care expenses.”

She said people could also consider padding their existing retirement accounts, setting aside the maximum in their later years of working.

“Medicare.gov actually has lots of resources on there, she shared. “Also, they have you can call, so you can call and speak to an adviser or somebody who works on their team to get advice in terms of what to do with your health care plan. For people who are more hands on, you may consider just doing research. We have tons 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 go into effect January, 1 2025.

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