Upon turning 65, individuals are generally eligible for Medicare, but it requires proactive enrollment to avoid lifelong penalties on Part B premiums. Many retirees only consider their coverage while signing up but should also review their options annually during the Fall open enrollment period. This helps ensure retirees get the best possible coverage suited to their needs, as plans can change, and what worked in the past may no longer be the best option.
If you don't sign up on time, you risk surcharges on your Part B premiums for life, making them that much more expensive.
Each year, Medicare holds its open enrollment period in the fall - specifically, between Oct. 15 and Dec. 7, allowing for plan switches and updates.
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