Your Guide to Medicare Planning for a Thriving Retirement

By Chad Chase, JD, CTFA

Medicare is a health insurance program provided by the federal government for people aged 65 and older. It’s a crucial component of retirement planning in the United States, but it’s not intended to cover everything. Understanding its coverage and its limitations can significantly impact your healthcare costs and quality of life during your golden years.

This article shares important considerations for Medicare planning, including an explanation of its different parts, signup details, and enrollment period options. Our goal is for you to have a solid understanding of Medicare’s guidelines by the time you finish reading—so you can enjoy a thriving retirement.

Understanding Medigap and Medicare Advantage

The four parts of Medicare are Part A, Part B, Part C (Medicare Advantage), and Part D. To cover any gaps not addressed in the four main parts, there are additional coverages to consider. As you get closer to retirement, think about the following summary of your options:

• Part A: Part A covers hospital services. It’s free if you or your spouse paid Medicare payroll taxes for at least 10 years. If you didn’t, you can pay a monthly premium to get Part A coverage. 
• Part B: Part B covers doctor visits and other outpatient services. This part of Medicare has a monthly premium regardless of your payroll contributions.
• Part D: Part D is optional. It covers prescription drugs and comes with a monthly premium. As of 2025, your annual out-of-pocket responsibilities (co-pays, deductibles, and coinsurance) are capped at $2,000. You also have the option of spreading your drug costs across monthly payments throughout the year.

Let’s look at some equally important components of Medicare coverage:

• Medicare Advantage: Also known as Part C, Medicare Advantage is an alternative to Original Medicare (Parts A, B, and (optional) Part D). It’s offered through Medicare-approved private companies and usually bundles Parts A and B (and sometimes Part D). It may cover extra services like dental, vision, and hearing exams, but it depends on the specifics of each plan, so thoroughly review the facts of each coverage.
• Medigap: Many retirees supplement their Original Medicare plan with Medigap insurance from private insurance firms to help with Medicare out-of-pocket costs (copayments, coinsurance, and deductibles). Certain treatments not covered by Part A or Part B are also covered by some Medigap policies, but these plans typically don’t include services like dental, vision, and hearing visits.
• IRMAA (Income Related Monthly Adjustment Amount): Regardless of whether you have Original Medicare or Medicare Advantage, you may be required to pay an extra charge that’s added to your Part B premium. Essentially, you pay the usual premium amount plus an IRMAA charge if your modified adjusted gross income as reported on your IRS tax return from two years ago exceeds a certain threshold.  

Medicare Sign-Up Details

Medicare sign-up details hinge on where you are in the Medicare planning process.

To enroll in Medicare, anticipate signing up during the three months before or three months after your 65th birthday. If you’re already receiving Social Security, you are automatically enrolled in Medicare Parts A and B. 

Medicare Part D, Medigap, and Medicare Advantage are optional and you sign up for them separately. 

Open Enrollment Options & Deadlines

Every year, Medicare open enrollment runs from October 15th to December 7th. If you’re already enrolled in Medicare, these are the changes you can make to your coverage during open enrollment:

• Parts A & B enrollees can switch to Part C.
• Part C (Medicare Advantage) enrollees can switch back to Original Medicare or change to a different Medicare Advantage Plan. Heads-up! Once you are past your one-time Medigap open enrollment period and you want to switch back to Original Medicare, you may not be able to qualify for an affordably priced Medigap plan.
• Part D enrollees can switch to a different Part D plan or drop their prescription drug plan altogether.

Keep in mind that Medicare costs and coverage levels change annually, so it’s important to stay up to date and make any necessary changes during open enrollment. Any changes you make during open enrollment begin on January 1st of the following year.

Reach Out for Help

Interested in understanding how Medicare fits into your overall retirement plan? Contact our team at CGN Advisors today to discuss how we can help you navigate your Medicare options.

To schedule a meeting, call our Manhattan, KS, office at (785) 340-3434 or our Rogers, AR, office at (479) 335-1034.

About Chad 

Chad Chase, JD, CTFA is a Managing Principal - Senior Financial Advisor at CGN Advisors, a Fee-Only, financial advisory firm based in Manhattan, Kansas. CGN’s team of financial advisors is made up of native Midwesterners who are passionate about helping clients plan for the future. While prioritizing personal relationships with clients, Chad has a passion for financial education, helping them better understand their situation and why certain recommendations are made. He enjoys getting to know clients and their families and seeing how their partnership helps them realize their goals. To some extent, he’s also a nerd who really enjoys numbers and problem-solving.

Chad obtained an associate’s degree from Butler Community College, a finance degree from Kansas State University, and a Juris Doctor from University of Nebraska College of Law. He is also a graduate of the American Bankers Association Graduate Trust School and has obtained the Certified Trust & Financial Advisor certification from the Institute of Certified Bankers. Prior to entering the wealth management industry, Chad worked in commercial banking for four years in Kansas City and Derby, Kansas, and practiced law in Manhattan. Before co-founding CGN Advisors with his business partners, he served as Vice President & Trust Officer at The Trust Company of Manhattan, Kansas, providing his clients with financial advice, investment management, and trust administration services. 

Chad grew up on a 100-year old ranch in Butler County, KS, which he still helps manage and operate. His wife, Segen, is a Manhattan native, a fellow KSU graduate, and a local physician practicing in internal medicine. They have two children, Solveig and Gantt. Both Chad and Segen are accomplished musicians and very active in the local music and art scene. In addition to music, he enjoys golf, basketball, KSU athletics, and traveling. To learn more about Chad, connect with him on LinkedIn.

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