MEDICARE 2022

It’s almost enrollment time! Here’s what you need to know.

If you’re eligible for Medicare—or have signed up already—you’ve probably read about the legislation that passed this year (the

Inflation Reduction Act)

that will drastically lower costs for the more than

64 million Americans ages

65 or older who rely on this federal health insurance program.

While we’ll have to wait until 2025 to see the majority of the changes, which include $2,000 annual caps on Medicare Part D out-of-pocket prescription drugs, it’s the perfect time for our experts to share four important things you need to know about Medicare right now as you can begin

enrolling for benefits start

ing on Oct. 15. 1. MAKE A PLAN TO SIGN UP (AND DON’T FORGET TO DO IT) It may sound obvious, but not everyone remembers to sign up for Medicare, says

Bobbi Rebell, a certified financial planner and author

of Launching Financial Grownups. “You want to make this a priority,” she says, because there can be penalties if you fail to sign up during the seven-month initial enrollment period.

Before you pick your plan, research what your preferred policy covers (and what it doesn’t) by spending time on medicare.gov and exploring how it might be different coverage from what you once had. “If you were previously on corporate health insurance

or the Affordable Care Act, you may find some surprises since Medicare isn’t the same,” she says.