Medicare Open Enrollment and Social Security Benefits You May Be Missing | Money Monday

• Medicare open enrollment takes place from October 15 through December 7, and Medicare.gov can help you compare plans for more than just the monthly premium.
• SSA.gov lets you review estimated Social Security benefits at different claiming ages, such as 62, 67, and 70.
• Some people may also qualify for divorced-spouse or survivor benefits that could be higher than their own work record benefit.

Preparing for retirement is about more than waiting for a monthly check. Choosing the right health coverage and understanding every benefit available can have a major impact on an older adult’s finances.

On a recent Money Monday segment on Get Up Mornings with Erica Campbell, financial expert Jini Thornton walked through several items retirees and their families should examine, beginning with Medicare open enrollment.

Thornton said the annual enrollment window runs from October 15 through December 7. Even though current Medicare coverage usually renews automatically, she urged beneficiaries to review their plans before the deadline to see whether coverage or costs have changed.

For those helping older parents or other loved ones, Thornton suggested using the plan comparison tool at Medicare.gov/plancompare. She noted that monthly premiums by themselves do not tell the full story when trying to choose the most cost-effective plan.

Families should also consider which prescription drugs a loved one takes and which doctors they regularly see. Those details can help estimate total yearly healthcare costs instead of focusing only on the premium.

Thornton also encouraged people nearing retirement to learn how much they may receive in Social Security benefits. Through SSA.gov, workers can view estimated payments based on their earnings history and the age they choose to start collecting.

She explained that estimates are available for different claiming ages, including 62, 67, and 70. Looking at those numbers can help people make better decisions about when to retire and when to begin benefits.

Another reminder centered on benefits that are often overlooked, especially after a divorce or the death of a spouse.

Thornton said some people may qualify for divorced-spouse or survivor benefits that could pay more each month than the benefit based on their own work record.

The idea surprised Campbell and another person on the show, who asked whether benefits through a former spouse had anything to do with a divorce settlement.

Thornton clarified that Social Security benefits are separate from any divorce settlement and urged listeners to contact the agency to see whether they qualify.

People can visit SSA.gov, make an in-person appointment, or call Social Security at 1-800-772-1213 for help.

Throughout the discussion, Thornton emphasized the importance of taking time to review these decisions instead of rushing through them. She encouraged listeners to ask questions, compare options, and make sure they are not leaving any eligible benefits unclaimed.

Listeners who want more guidance can find Thornton on her social media platforms and website under the name Jani Thornton.