Medicare Planning Guide
Medicare Planning in Harford County, Maryland
Medicare decisions made at enrollment are often permanent. Our guides walk through Part B timing, Medicare Advantage versus Medigap, IRMAA surcharges, and healthcare cost planning in retirement, written by a CFP professional serving Forest Hill and the Baltimore metro area.
How does Medicare work, and what decisions do you need to make when enrolling to avoid costly mistakes?
Medicare is the federal health insurance program for people 65 and older. Planning for Medicare means understanding when to enroll to avoid permanent late-enrollment penalties, choosing between Original Medicare and Medicare Advantage, selecting the right Part D drug plan, deciding whether a Medigap supplement policy makes sense, and projecting how income affects IRMAA surcharges on Part B and Part D premiums.
Start here Cornerstone
Healthcare Costs in Retirement: What to Expect
A 65-year-old couple retiring today needs roughly $345,000 for healthcare, and that excludes long-term care. This guide breaks down Medicare gaps, Medigap versus Medicare Advantage, the pre-65 coverage gap, long-term care, and how IRMAA quietly raises your bill.
Frequently asked questions
When should I sign up for Medicare?
Most people should enroll in Medicare at 65 even if still working, unless they have active employer coverage from a current employer with 20 or more employees. Delaying Medicare Part B without qualifying coverage results in a permanent 10% penalty for each 12-month period you were eligible but did not enroll.
What is the difference between Original Medicare and Medicare Advantage?
Original Medicare covers hospital stays under Part A and outpatient care under Part B but leaves significant gaps. Medicare Advantage is a private plan that replaces Original Medicare, typically includes Part D drug coverage and extra benefits, but restricts you to a network.
What is IRMAA and how does it affect my Medicare premiums?
IRMAA is a surcharge added to Medicare Part B and Part D premiums for higher-income beneficiaries. In 2026, single filers with modified adjusted gross income above $106,000 pay more than the standard premium. The surcharge uses income from two years prior.
What is Medigap and do I need it?
Medigap is private supplemental insurance that works alongside Original Medicare to cover costs like copays, coinsurance, and deductibles. It cannot be used with Medicare Advantage. Plan G is currently the most comprehensive plan available to new enrollees.
How do I cover healthcare if I retire before 65?
Options include COBRA continuation for up to 18 months, marketplace coverage through the ACA with potential premium tax credits, a spouse's employer plan, or short-term coverage as a bridge.
Can I contribute to an HSA after enrolling in Medicare?
Once enrolled in Medicare, you generally cannot contribute to a Health Savings Account. To preserve HSA contribution eligibility, you can delay Medicare enrollment past 65 only if you have active coverage through a current employer.
Managing Partner of Chesapeake Financial Planners in Forest Hill, Maryland, serving families and business owners across Harford County and the Baltimore metro area.
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