Motley Fool Money Making the Most of Medicare, and the Bull Turns 3
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Oct 18, 2025 Richard Chan, the Founder and CEO of CoverRight, guides listeners through the ins and outs of Medicare. He emphasizes the complexity retirees face in choosing health insurance and warns about late enrollment penalties that can impact their coverage for life. Richard also discusses the essentials of what Medicare covers and what it does not, including gaps in dental and vision care. Additionally, the conversation touches on practical tips for navigating open enrollment and the importance of understanding changes coming in 2026.
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Medicare Is A Mandatory Federal Program
- Medicare is the federal health insurance program for most people aged 65+ in the U.S..
- Enrollment becomes mandatory at some point and missing windows can create lifelong penalties.
Sign Up On Time To Avoid Lifelong Penalties
- Do sign up within your enrollment window to avoid late enrollment penalties that can add up to 10% per year.
- These penalties are lifelong once they apply.
What Traditional Medicare Covers And Omits
- Original Medicare covers medically necessary services like doctor visits and hospital care.
- It typically excludes routine dental, routine vision, and long-term care.