Common Medicare Mistakes &
How to Avoid Them

You’ve probably heard a lot about Medicare by way of personal experiences (good and bad), advice (solicited or not), media (we’ve all seen the commercials), and more. It’s a lot to take in and it can be hard to separate fact from fiction. As experts in the field advocating for you, we wanted to break down some of the biggest mistakes we see and offer some solid advice on how to avoid them.

1. Missing Enrollment Deadlines

-Medicare has strict enrollment periods, and missing them can result in penalties or delays in coverage.

-The government assigns a penalty for late enrollment in Part B and D. Once that penalty is assigned, you will pay it monthly for as long as you are enrolled.

HOW TO AVOID:

-Sign up for Medicare during your Initial Enrollment Period (IEP), which begins three months before you turn 65 and ends three months after.

-If you’re still working and have employer coverage, confirm whether you need to enroll in Medicare Part B to avoid penalties.

-Contact us so we can help make sure you’re on track with enrollment and do not receive any penalties.

2. Assuming Medicare Covers Everything

-Original Medicare (Part A and B)  has many gaps! It does not include prescription drug coverage, Long Term Care insurance, international travel insurance, dental, vision, or hearing.

HOW TO AVOID:

-Add supplemental coverage to fill in the gaps such as a Medigap or Medicare Advantage plan

-Think about your specific healthcare and lifestyle needs, and let’s discuss so we can help ensure you are universally protected

3. Ignoring Medigap (Medicare Supplement Insurance) When You First Enroll

-If you want a Medigap plan, the best time to enroll is when you first join Medicare Part B. After that, you may be subject to medical underwriting and could be denied coverage or charged higher rates.

HOW TO AVOID:

-Enroll in a Medigap plan within six months of signing up for Part B to get the best rates and guaranteed acceptance.

4. Not Reviewing Your Plan Annually

-Certain Medicare plans are subject to change and possible termination every year. These plans include Medicare Advantage plans and stand-alone prescription drug plans. It is important to review these plans every year to ensure you are in a plan with the best benefits and lowest costs.

HOW TO AVOID

-Medicare Advantage Plan: Review your plan for price and benefit changes annually during Annual Enrollment Period (Oct 15-Dec 7) to ensure you’re in the best plan.

-Prescription drug plan: you should review this coverage yearly during Annual Enrollment period (Oct 15-Dec 7). It’s important to update your current prescriptions, ensure they are all on formulary with the plan, and review coverage.

-You should re-shop your Medicare Supplement coverage for lower rates with IDENTICAL benefits and coverage every 3-5 years OR if you see a large rate increase. Your eligibility to re-shop is based on your SOMETHING IS MISSING HERE (health?)

6. Not Asking for Help

Medicare is complicated, and trying to figure it all out on your own can lead to costly mistakes.

HOW TO AVOID:

-You don’t need to navigate this all on your own! Work with an expert independent Medicare Broker.

Remember, you can avoid gaps in coverage, unnecessary costs, and other common mistakes by staying informed, reviewing your coverage regularly, and seeking professional advice.  Having an independent licensed broker on your side is a great way to feel confident in your choices and know you’re on top of your health coverage all year long. Looking for free expert guidance and personalized support!? Call us: 732-708-6506