Medicare: Planning Ahead With Confidence

Medicare is one of the biggest decisions you'll make as you approach retirement. The choices you make at enrollment affect your costs, your access to doctors and your coverage for years. Hampton Square doesn't sell Medicare plans. We do help our clients plan for healthcare costs, and we can connect you with trusted Medicare specialists and reliable resources.

Most people first become eligible at 65. Your sign-up window is called the Initial Enrollment Period. It lasts 7 months, starting 3 months before the month you turn 65 and ending 3 months after it. If you miss it, you may have to pay a Part B late enrollment penalty every month for as long as you have Part B, and the penalty grows the longer you wait.

Starting at 64 gives you time to compare options before the window opens. Plan early even if you'll keep working past 65. If you have qualifying coverage through your own or your spouse's current employer, you may be able to delay parts of Medicare without a penalty, but the rules are specific. Contributions to a Health Savings Account (HSA) also need to be coordinated with Medicare enrollment.

Already on Medicare? You can review and change your coverage every year during Open Enrollment, which runs from October 15 to December 7.

Start with these official, unbiased sources:

• Medicare.gov – Official plan comparisons, coverage details and the annual Medicare & You handbook. Phone: 1-800-MEDICARE (1-800-633-4227).
• Social Security (SSA.gov) – Where most people actually sign up for Parts A and B. Phone: 1-800-772-1213.
• New Jersey SHIP (State Health Insurance Assistance Program) – Free, one-on-one counseling from trained volunteers who don't sell or recommend any specific plan. Phone: 1-800-792-8820.

A word of caution: Medicare won't call you to sell you a plan. Never give your Medicare number or personal information to someone who contacts you without being asked, and be skeptical of TV ads promising "extra benefits."

A good Medicare specialist can make a confusing process much simpler. Look for someone who:

• Is licensed to sell health insurance in New Jersey. You can verify a license with the NJ Department of Banking and Insurance.
• Is independent and represents several insurance companies, not just one.
• Explains your options clearly, including Original Medicare with a supplement (Medigap) versus a Medicare Advantage plan, and the trade-offs of each.
• Reviews your coverage every year as your health, prescriptions and plan options change.

We can help. Hampton Square has relationships with established Medicare specialists we trust. Contact us and we'll be glad to introduce you.

Medicare decisions are tied to your broader retirement picture. For example, your Part B and Part D premiums can be higher if your income is above certain levels. These income-related surcharges are based on your tax return from two years earlier. That means retirement account withdrawals, Roth conversions and asset sales can all affect what you pay. Our advisors can help you plan for these costs as part of your overall strategy.

Hampton Square Wealth Management does not sell Medicare or health insurance products and is not affiliated with or endorsed by Medicare or any government agency. Referrals to third-party specialists are provided as a courtesy; we encourage you to evaluate any provider independently. OneAscent Financial Services, LLC, d/b/a Hampton Square Wealth Management, is a Registered Investment Adviser with the U.S. Securities and Exchange Commission.

Sources

• Medicare.gov: When does Medicare coverage start?
• NJ Division of Aging Services: SHIP
• AARP: Medicare enrollment windows