How to Properly Prepare for Medicare With Sexton Advisory Group

SAN DIEGO, December 10, 2020 (Newswire.com) - More than 63 million Americans rely on Medicare for healthcare. However, many people are missing out on valuable tax breaks and are unnecessarily losing money due to improper set-up of their plans. Steve Sexton, financial consultant and CEO of Sexton Advisory Group, is sharing his top tips for ensuring Americans are properly prepared for Medicare.

1. Know your enrollment window and don't miss it. "Beginning three months before your 65th birthday, you have a seven-month window to sign up for Medicare," says Sexton. "During this time, it's a great idea to Google the 'Medicare plan finder' and compare the different policies, costs, and coverages available to you."

1. If you require a supplement plan, enroll within six months of sign up."Many of my clients love having a supplement plan—they get to choose their doctors and have greater flexibility," explains Sexton. "If you are someone interested in the benefits of a supplement plan, I highly recommend you enroll in the first six months, so you are able to be accepted regardless of preexisting conditions."

1. If leaving your employer, make sure to sign up within eight months to avoid a costly penalty. "If you miss the window for signing up on Medicare Advantage, you may have gaps in coverage that can result in a lifelong enrollment penalty of 10%," advises Sexton.

1. Reassess your plan every year. "Open enrollment begins every October for about two months," says Steve. "This is your opportunity to switch out of a plan that is no longer working for you. Coverage and costs vary from year-to-year, so look at your prescriptions, your pharmacies, and your doctor's network to make sure you are still getting the best price."

1. Be aware of any changes in income. "It's important to know that income over a certain tax threshold will make your monthly Medicare premium go up in cost," says Sexton. "Talk to your financial consultant to make sure you are not unnecessarily overspending on Medicare due to capital gains."

To receive more financial tips from Steve, be sure to tune in to his podcast, Saving with Steve.

For more information on Sexton Advisory Group, please visit https://www.sextonadvisorygroup.com/.

Source: Sexton Advisory Group