By Lisa Hostetler Brown, Managing Attorney, LawyerLisa
Expert Answer: As we approach Medicare’s annual open enrollment period, it’s worth remembering that reviewing your Medicare coverage is more than just a health care task—it’s also an important part of your overall estate planning strategy.
Your estate plan isn’t just about what happens after you’re gone. It’s about protecting your well-being, your assets, and your loved ones throughout your lifetime. Health care costs can quickly derail even the most carefully crafted financial or estate plan if coverage gaps or unexpected out-of-pocket expenses arise. That’s why an annual Medicare review deserves a place on your planning checklist.
Health coverage affects financial stability.
Choosing the right Medicare plan—or failing to adjust an outdated one—can make a significant difference in your long-term finances. Prescription drug costs, copays, and coverage limitations can add up quickly. Reviewing your plan ensures you’re not paying for coverage you don’t need or missing benefits that could save you money. Those savings can be redirected to preserve your retirement income or strengthen your legacy goals.
Plans change—and so do your needs.
Each year, Medicare Advantage and prescription drug plans update their formularies, provider networks, and premiums. Meanwhile, your personal health or financial situation may have shifted. A new diagnosis, a move, or changes in income can all impact which plan best fits your needs. Regular reviews help ensure your coverage continues to support your broader estate plan, especially when medical expenses or long-term care costs are part of the picture.
Estate planning is about control.
The goal of estate planning is to make sure your wishes are followed and your loved ones are protected. A Medicare review aligns with that same principle of control—by ensuring your health care decisions are intentional, informed, and well-coordinated with your legal documents, such as powers of attorney and health care directives.
In short, Medicare reviews and estate planning go hand in hand. Together, they provide a proactive approach to maintaining both your health and your financial security. Check with your elder law attorney to see what Medicare resources they have. As open enrollment approaches, take time to sit down with your insurance provider to make sure your Medicare choices support your long-term plan—so you can focus on living well today and protecting your legacy for tomorrow.