Medicare Planning: More Than Just Choosing a Plan

Medicare can feel like an alphabet soup of Parts A, B and D, Medicare Advantage plans, Medicare Supplements, enrollment periods and prescription drug formularies. But for retirees and those approaching retirement, Medicare is more than simply a health insurance decision. It can also be an important part of your overall financial plan.

That’s why I’m excited to be joining Firelands Wealth Management as their Medicare Specialist. I’ll be working alongside the FWM advisory team to help clients understand their Medicare options and make informed decisions about their coverage.

Where Medicare and Financial Planning Meet

Some Medicare decisions are relatively straightforward. Others can have surprising connections to the rest of your financial life.

For example, should you enroll in Medicare at age 65 if you or your spouse are still covered by an employer plan? How does Medicare coordinate with that coverage? What happens to an HSA once Medicare begins? And when you're evaluating Original Medicare with a Medicare Supplement versus a Medicare Advantage plan, what should you be considering beyond the monthly premium?

There are tax-planning considerations as well.

Higher-income Medicare beneficiaries may pay additional premiums for Medicare Part B and prescription drug coverage through the Income-Related Monthly Adjustment Amount, or IRMAA. Because Medicare generally uses income from two years earlier to determine these surcharges, a large Roth conversion, capital gain or other taxable-income event today may affect Medicare costs down the road.

That doesn't necessarily mean those financial decisions should be avoided. It simply means Medicare should be part of the conversation.

This is one of the things I’m particularly excited about in working with Firelands Wealth Management. Medicare decisions don't happen in a vacuum. By working alongside your FWM advisor, we can consider your Medicare coverage in the context of the things the FWM team is already helping you manage: retirement income, investments, taxes, Social Security, required minimum distributions, Roth conversions and your broader financial plan.

Open Enrollment Is Almost Here

For those already on Medicare, another important date is approaching.

Each year, from October 15 through December 7, Medicare beneficiaries have an opportunity to review and make changes to their Medicare health and prescription drug coverage for the following year.

And every fall, a few things seem to increase at roughly the same time: Medicare commercials, spam calls, junk mail and, perhaps most of all, anxiety about Medicare.

There's a better approach.

Your existing plan may still be an excellent fit. But plans and circumstances change. Prescription drug costs and formularies can change. Medicare Advantage provider networks and benefits can change. Premiums and out-of-pocket costs can change. And, of course, your own healthcare needs can change as well.

This year, I'd encourage you to take some of the uncertainty out of the process with a complimentary Medicare review at Firelands Wealth Management.

I can help review your current coverage, compare your options for 2027 and determine whether any changes may be appropriate. For those approaching Medicare for the first time, I can also help with enrollment timelines, employer coverage considerations, prescription drug coverage, Medicare Supplements and Medicare Advantage options.

Sometimes the best outcome of a review will be a change. Other times, it may simply confirm that the coverage you already have remains the right fit. Either way, my goal is the same: to help you head into 2027 understanding your coverage and feeling confident about the decisions you've made.

If you have Medicare questions or would like to schedule a review, please don't hesitate to reach out to me or your Firelands Wealth Management advisor.

Joshua Vina

Medicare Specialist

419-469-2720