The 5 Most Common Medicare Mistakes to Avoid

The 5 Most Common Medicare Mistakes to Avoid

Medicare is a complex health insurance program, and there are many ways to make mistakes that can cost you money or cause problems with your coverage. In this blog post, we’ll discuss the five most common Medicare signup mistakes and how to avoid them.

Mistake #1: Not Signing Up for Medicare at the Right Time

You’re typically first eligible for Medicare at age 65, but if you’re not already receiving Social Security benefits, you’ll need to proactively sign up for Medicare.

If you don’t sign up for Medicare during your initial enrollment period, you may face late penalties. These late penalties are added to your Medicare Part B and Medicare Part D premiums, and they can be quite significant.

Mistake #2: Missing the Special Enrollment Period for Medicare Signup

If you didn’t sign up for Medicare during your initial enrollment period, you may still have a chance to do so during a special enrollment period. A special enrollment period is a time when you can still do your Medicare signup outside of the initial enrollment period.

To qualify for a special enrollment period, you must meet certain criteria, such as losing your job-based health insurance or moving to a new area that offers different Medicare plans.

Mistake #3: Delaying Enrollment for People Whose Job Insurance is Second in Line

If you have job-based health insurance, you may not need to sign up for Medicare right away. In fact, you may be able to delay your Medicare enrollment until your job-based insurance ends.

However, there are some people who should not delay their Medicare enrollment, even if they have job-based health insurance. These people include those who are close to retirement age, those who are losing their job-based health insurance, and those who have Medicare as a secondary payer.

Mistake #4: Misunderstanding Part B and Part D Enrollment Penalties

Medicare Part B and Medicare Part D have late enrollment penalties if you don’t sign up for them when you’re first eligible. However, these penalties are not the same.

The Medicare Part B penalty is a lifelong penalty that is added to your monthly premium. The Medicare Part D penalty is a temporary penalty that is added to your premium for a period of time.

Mistake #5 Failing to Properly Compare Medicare with Medicare Advantage Plans

If you’re looking for an alternative to traditional Medicare, you may be considering a Medicare Advantage plan. Medicare Advantage plans have lower premiums than traditional Medicare.

However, it’s important to compare Medicare Advantage plans carefully before enrolling. You’ll want to consider factors such as the monthly premium, copayments, deductibles, and network of providers.

Let Us Help with Your Health Insurance & Medicare Signup

Avoiding these common mistakes can save you money and help you get the most out of your Medicare coverage. Contact Good and Associates today and start your Medicare signup and get a free quote from our team now!

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