Thanksgiving week has a way of reminding us just how quickly the year has gone by.
Between family plans, holiday preparations, and everything else on the calendar, reviewing Medicare and financial paperwork may not be at the top of your list.
But before the year ends, there are a few questions worth making time for.
Not because you need to overhaul your financial plan before December 31.
And certainly not because every Medicare decision has to be made at the same time.
It's simply an opportunity to identify what may need attention, understand which deadlines apply, and head into the new year with a clearer picture.
Here are five questions to consider.
1. Does My Medicare Coverage Still Fit My Needs?
Even if you've been satisfied with your Medicare coverage this year, it's worth reviewing what's changing for next year.
Your plan's costs, covered prescriptions, provider network, or benefits may be different.
Consider asking:
Are my doctors and preferred hospitals still covered or in-network?
Have my prescription costs or coverage changed?
What will my premiums, deductibles, and other out-of-pocket costs look like?
Does my current coverage still fit my healthcare needs?
Medicare's annual Open Enrollment Period runs from October 15 through December 7. During that window, eligible beneficiaries can make certain changes to Medicare Advantage and Part D prescription drug coverage for the following year.
That December 7 deadline is approaching.
If you need help comparing coverage options, Medicare, your State Health Insurance Assistance Program (SHIP), or a qualified Medicare coverage professional can help.
2. Do I Understand What I'm Paying for Medicare?
Your Medicare costs may involve more than one premium.
And if you're paying an income-related adjustment called IRMAA, it's important to understand what that additional amount represents.
IRMAA stands for Income-Related Monthly Adjustment Amount. It can increase what certain beneficiaries pay for Medicare Part B and Part D.
Social Security generally uses income information from a federal tax return filed two years earlier to determine whether the adjustment applies.
If you've received an IRMAA notice, take a moment to identify the tax year and income figure used.
Understanding where the number came from can help you determine what questions to ask next.
3. Has My Income Changed Since That Tax Year?
A lot can happen in two years.
You may have retired, reduced your working hours, experienced a change in marital status, or had another significant shift in your financial circumstances.
In certain situations, a qualifying life-changing event may allow you to request a new IRMAA determination from Social Security.
But not every income change qualifies.
For example, a one-time Roth conversion or investment sale may increase the income used for IRMAA without, by itself, qualifying as a life-changing event.
If your circumstances have changed, write down what happened, when it happened, and how your income was affected.
Then ask Social Security whether a new determination or another review process may apply.
4. Could This Year's Financial Decisions Affect Future Medicare Costs?
It's easy to think about financial decisions one at a time.
You consider whether a Roth conversion makes sense.
You decide whether to sell an investment.
You review retirement-account distributions or other income needs.
But those decisions can affect more than your current-year taxes.
Because IRMAA generally uses income information from two years earlier, certain decisions made this year may influence Medicare premiums in a future year.
That doesn't mean you should avoid a Roth conversion or investment sale simply because it might affect IRMAA.
It means the potential Medicare impact deserves consideration alongside taxes, cash flow, investments, and long-term retirement goals.
A good financial plan looks at how the pieces fit together.
5. What Needs My Attention Before the Year Ends?
Not every question needs an immediate answer.
But it helps to know which ones have deadlines and which ones deserve a conversation.
You might need to:
Review your Medicare coverage before the December 7 Open Enrollment deadline.
Locate an IRMAA notice and identify the tax information being used.
Gather documentation related to a significant income change.
Discuss potential tax consequences of financial decisions with your tax professional.
Review retirement income questions with your financial advisor.
Some of these steps may be relatively simple. Others may take additional time or involve more than one professional.
The goal is to know what needs attention and who can help.
A Little Preparation Goes a Long Way
You don't have to become an expert in Medicare or resolve every financial question before the holidays.
Start with what you know.
Review your notices. Gather the relevant documents. Write down anything you don't understand.
Then decide which questions need answers now and which can become part of a broader financial planning conversation.
And if you'd like to talk about how Medicare costs, retirement income, taxes, and other financial decisions fit into your overall plan, we'd welcome a conversation.
As the year winds down, a little clarity about what comes next can be valuable.
And sometimes, that's exactly where good planning begins.
Wisdom Financial is a DBA of John Boyer, Inc. Fee‐based advisory services offered through John Boyer, Inc, a Registered Investment Advisor. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP® in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
