5 Things to Know Before Enrolling in Medicare in New York

New Yorkers turning 65 are inundated with mailers from insurance companies and Medicare. Each one reminding them of a looming Medicare enrollment deadline. It's overwhelming, and decisions about Medicare choices aren't easy.

But Medicare choices matter, and there may be consequences for those who postpone their decision-making. There could be financial penalties if you don't enroll in Medicare Part B within a set timeframe, and there may be long-term implications if you make the wrong choice about a plan.

With more than 10,000 people enrolling in Medicare every day over the next 10 years nationally, there are a lot of Baby Boomers seeking help with their choices in New York.

Meir Horowitz, a licensed insurance agent in Downstate New York, offers 5 tips for those looking ahead to Medicare enrollment:

1. Reflect about your work life and retirement plans: Make decisions about whether you will continue working beyond 65. This will have an impact on many decisions, including your Medicare choices.

2. Do your research about Medicare enrollment: It is *not* automatic when you hit 65. You have a seven-month window around your 65th birthday to enroll. If you miss this Initial Enrollment Period, you would need to wait for a designated general enrollment period. Also, you will face a 10% increase in your Part B premiums for every year you do not enroll after age 65.

3. Understand the costs of Medicare: After paying into Medicare through payroll withholding for many years, you might think your coverage will be free once you turn 65. Not necessarily. There are premiums, deductibles and co-pays for many Medicare plans. It's best to understand the various plans and costs involved with all of them – and to be aware of the Medicare Advantage plans that offer zero premium plans.

4. Seek advice from a licensed agent: Just as you wouldn't want to make financial decisions without consulting a trusted advisor, you don't want to make Medicare choices without consulting an expert before your 65th birthday.

5. Understand your plan: Once you have made your Medicare plan decision and you enroll, make sure you use it to the fullest. Your agent can help you make sure you are getting the most from your plan by making you aware of some of the services available.

~ Visit Meir Horowitz on Facebook: MainlyMedicare or call (845) 428-5101 to discuss your options.