7 Common Medicare Mistakes to Avoid
Medicare is a complex program, and it's easy to make mistakes. But by avoiding these seven common mistakes, you can save yourself time, money, and stress.
Not enrolling on time. You can enroll in Medicare Part A (hospital insurance) and Part B (medical insurance) during your Initial Enrollment Period, which is the seven months before and after your 65th birthday. If you miss your Initial Enrollment Period, you may have to pay a late enrollment penalty for the rest of your life.
Not understanding your coverage. Medicare doesn't cover everything, so it's important to understand what is and isn't covered. You may need to purchase supplemental insurance to cover any gaps in coverage.
Not comparing Medicare plans. There are different types of Medicare plans available, and each plan has its own benefits, costs, and restrictions. It's important to compare plans before you choose one to make sure you're getting the best coverage for your needs.
Not using Medicare Advantage. Medicare Advantage plans are offered by private insurance companies and bundle Medicare Part A, Part B, and often Part D (prescription drug coverage) into one plan. Medicare Advantage plans may offer additional benefits, such as dental and vision coverage, but they may also have higher costs and restrictions than traditional Medicare.
Not signing up for Part D. Medicare Part D covers prescription drugs, but you have to enroll in a Part D plan to get coverage. If you don't sign up for Part D when you're first eligible, you may have to pay a late enrollment penalty for the rest of your life.
Not reviewing your coverage every year. Medicare plans can change from year to year, so it's important to review your coverage every year to make sure it still meets your needs.
Not reporting changes in your income. Medicare premiums are based on your income, so it's important to report any changes in your income to Medicare. If you don't report changes in your income, you may have to pay higher premiums or even owe money back to Medicare.
If you're about to turn 65 or you're already on Medicare, it's important to avoid these common mistakes. By following these tips, you can save yourself time, money, and stress.
Here are some additional tips for avoiding Medicare mistakes:
Talk to a Medicare expert. A Medicare expert can help you understand your coverage options and choose the best plan for your needs.
Read your Medicare materials carefully. Medicare sends you a lot of information, but it's important to read it carefully so you understand your coverage.
Ask questions. If you don't understand something about Medicare, don't be afraid to ask questions. You can call Medicare or talk to a Medicare expert.
Stay up-to-date on Medicare changes. Medicare rules change frequently, so it's important to stay up-to-date on the latest changes. You can visit the Medicare website or sign up for Medicare email updates.
By following these tips, you can avoid Medicare mistakes and get the most out of your coverage.
Medicare will never call you to ask for your personal information, such as your Social Security number or Medicare ID number. Read our previous blog post to Prevent Medicare Fraud in Pennsylvania & New Jersey.
Contact Medicare & Money today to schedule a free consultation. We can help you understand your Medicare coverage and choose the best plan for your needs.
