Wallet Watch newsletter: It's open season (to enroll in Medicare)
With flu and cold season in full swing, health insurance feels more relevant than ever. And now that open enrollment is underway, it might be time to think about your plans for next year.
That's certainly the case for roughly 33,000 Long Island seniors with Medicare Advantage plans, whose policies will be discontinued in 2027, my colleague Matt Hooke recently reported for Wallet Watch.
The end of Medicare's open enrollment period is Dec. 7. For those with discontinued Advantage plans, there is an extended enrollment period until Feb. 28.
Source: Centers for Medicare & Medicaid Services
Even if your plan isn't ending, you should still sit down to compare your options. The cheapest plan isn't always the least expensive, and there can be a significant range in factors like monthly premiums, deductibles, prescription coverage and access to doctors.
When choosing health coverage, make sure your preferred doctors and hospitals accept the plan you're considering. Also check that the policy covers your prescriptions.
Experts also warn insurance shoppers to be wary of scams. Protect your Medicare numbers and do not share them with unsolicited callers. You should also review your claims at Medicare.gov to make sure there aren't any services or equipment you never received. Suspected fraud can be reported to 1-800-MEDICARE.
Read more tips and tricks on navigating Medicare here.
From our readers
Tina Stoebe asks:
Hi! This is not about a bill or work-related concern but just as important. Seniors over the age of 70 should not have to be paying 70% of their home tax bill to fund schools. No issue paying a fair share of taxes other than school tax portion of the bill. How can this be addressed? Thanks for your time and have a great day!
I'm glad you asked! It's no secret that Long Islanders pay some of the highest property taxes in the country. For seniors on a fixed income, a property tax bill that goes up each year can be a real problem.
New York's School Tax Relief program specifically helps homeowners with school taxes. This year, more than half a million Long Islanders will receive $659.2 million in tax relief through STAR.
More broadly, many Long Island municipalities offer tax exemptions for seniors, veterans, first responders and those with disabilities.
In December, Gov. Kathy Hochul signed legislation to allow local governments to offer up to 65% in real property tax exemptions to seniors who live below a maximum income set by the locality. The change could save the average senior up to $300 annually, the state said. You can check with your town to see if it's opted into the legislation, and for other town-specific tax exemptions.
At the federal level, the "One Big Beautiful Bill" signed into law last summer included a tax deduction for seniors through the 2028 tax year. Seniors 65 or older may qualify for a deduction worth up to $6,000. That's on top of the standard federal deduction, which allows seniors 65 or older to claim a deduction up to $2,000 if they're single or up to $1,600 if they're married.
Have a question you'd like to submit? Confused by a bill? Spotted a price hike? Ask our team and we might answer it in the next edition. Email walletwatch@newsday.com or click here.
Brianne Ledda covers personal finance and affordability for Newsday. She previously covered Southold and Greenport for The Suffolk Times and is a graduate of Stony Brook University.
