Navigating Medicare for the first time can be challenging. The system has many moving parts, and making a misstep—even unintentionally—can cost you time, money, and peace of mind. Below are five of the most common Medicare mistakes people make and, more importantly, how to avoid them.
1. Missing Your Enrollment Window
Your Initial Enrollment Period (IEP) is your first opportunity to enroll in Medicare. It begins three months before you turn 65, includes your birthday month, and ends three months after.
If you miss this window and don’t have employer coverage, you may face:
– A late enrollment penalty that you will pay as long as you are enrolled in Medicare
– Delays in coverage
2. Not Understanding the Difference Between Medicare Plans
Too often, people assume all Medicare plans are the same. Not true.
Original Medicare covers hospital and medical services but doesn’t include prescriptions or cap your out-of-pocket expenses. You’ll likely need a Part D drug plan and possibly a Supplement (Medigap) policy.
Medicare Advantage (Part C) plans roll into one but often have significant co-pays and deductibles and networds that can significantly limit your choice of affordable providers.
3. Not choosing the most cost effective Drug Plan
Several considerations go into that decision:
– Monthly cost of drug plan
– For each of 10 or more drug plans available, how much of the cost of your meds will you have to pay?
– Which pharmacy gives you the best deal through each of the drug plans?
4. Ignoring Out-of-Network Coverage When Traveling
Medicare Advantage plans often have limited networks. If you travel frequently—or plan to move seasonally—this could be a big deal.
Original Medicare + Medigap gives you more flexibility if you want nationwide coverage.
5. Going It Alone
Medicare is complicated. Trying to navigate it by yourself could result in:
– Choosing the wrong plan
– Missing enrollment dates
– Paying more than necessary
Working with an independent Medicare advisor gives you peace of mind and ensures you get the coverage that’s right for you.
Did You Know?
Once you select a Medigap plan, switching later may require medical underwriting—meaning you could be denied based on your health history.
Call to Action
Call us at (201) 637-5274 for a free consultation. We’ll help you avoid costly Medicare mistakes and get it right the first time.
