How to Navigate Medicare

Richard Chan, CEO of the NYC-based startup, CoverRight, describes the company as Turbo Tax for Medicare. The goal is to empower older adults to be part of their own Medicare decision. CoverRight aims to bring transparency to the process. They give guidance, education, and advice. Everyone gets a dedicated agent who stays the same throughout the process. 

Richard's thesis is that health is a financial asset as you get older. But, there's a huge market gap for technology going online to choose a plan. 

"We want customers to feel confident. There's a steep learning curve, and we want to break down the info into easily digestible bite-size pieces."

The ideal time to start planning is four to six months before you turn 65, but you can contact them any time. The service is for anyone turning 65 and going through the process for the first time and adult caretakers making decisions for their parents. The service is also for those 70+ who have already gone through the process before but need additional help.

There are several challenges older adults face when planning for Medicare. Different policies cover different drugs. It's crucial to make sure your medication is covered. You also have to make sure your doctor is in-network. And, out-of-pocket expenses must be considered and reassessed every year.

For more information, check out GetSetUp's Medicare Resources.