And if you're enrolled in Medicare Advantage, you may be thinking of switching to a new plan for the new year. Changing Medicare Advantage plans could be a smart move. But in the course of exploring your plan choices,

It's common for Medicare Advantage plans to require prior authorizations for tests or procedures that are out of the ordinary. The reason is that these tests tend to cost insurers more to cover, so you may have to jump through some hoops to get them approved.

Medicare Advantage plans appeal to budget-conscious retirees with their low upfront premiums. However, they often entail higher out-of-pocket costs in the event of serious illness. In contrast, traditional Medicare with Medigap offers more predictable expenses.

But unfortunately, because Medicare is a complex program consisting of different parts, a lot of retirees end up unclear about its rules. And that's a problem. If you're approaching retirement, it's important that you understand Medicare's ins and outs.