Medicare, our federal health insurance program, plays an important role in retirement planning for most Americans age 65 and older. While Medicare provides valuable coverage, the choices can be complicated, and making the right decisions at the right time is important. If you are already enrolled, the annual Open Enrollment Period is your main opportunity to review your coverage and make changes for the coming year. This year, Open Enrollment runs from October 15 through December 7. As that window approaches, it’s a good time to take another look at how Medicare works and some of the key decisions that can affect both your coverage and your costs.

The first quarter of the year is an ideal time to get your finances in order. Whether because it made your New Year’s resolution list or because financial tasks got pushed aside last year, this is a natural time to take stock. If you’ve never created a financial plan, now is an excellent time to start. And if you already have one in place, it’s a good opportunity to update it and see where things stand.