One important tip is to enroll in Medicare at the right time. There are specific enrollment periods, and missing them can result in penalties and delayed coverage. For example, if you're turning 65 and eligible for Medicare, you generally have a 7-month initial enrollment period. It's crucial to mark these dates on your calendar and take action during this time to avoid any issues down the line.

When it comes to choosing a Medicare Part D plan for prescription drugs, do your research. Look at the formulary of each plan, which lists the drugs it covers. Make sure the medications you take regularly are included. Also, consider the cost-sharing arrangements, such as copayments and deductibles. Some plans may have lower premiums but higher out-of-pocket costs for certain drugs, so it's important to weigh all the factors.

If you're considering a Medicare Advantage plan, compare the benefits carefully. While these plans may offer extra perks like dental and vision care, they also have different network restrictions. Make sure your preferred doctors and hospitals are in the plan's network. Also, understand the rules for referrals and out-of-network care, as these can vary from plan to plan.

Another aspect to keep in mind is Medicare supplement insurance, also known as Medigap. These policies are designed to fill in the gaps left by traditional Medicare. For example, if Medicare doesn't cover 100% of a hospital bill, a Medigap policy can help pay the remaining amount. However, you can't have both a Medicare Advantage plan and Medigap insurance at the same time, so you need to choose the option that suits you best.