5 Medicare Mistakes

Turning 65 brings some difficult choices concerning your healthcare. Beyond making sure that the coverage you choose works for you, there are a number of rules that must be followed. You have probably received a number of flyers and letters in the mail and that can make the task more confusing. I would like to help you avoid some common Medicare mistakes. 

1. Misunderstanding enrollment periods

    You may have heard the term "Open Enrollment" and believe it is the only time to sign for Medicare. Open Enrollment (October 15th to December 7th) is for those already on Medicare who want to make changes to their coverage or plans for the next year. If you are new to Medicare, your enrollment period is a 7 month window around your 65th birthday. If you miss this window, you could have a late penalty added to your premiums, as well as a delay in coverage.

2. Failing to read your Annual Notice of Change
    If you are enrolled in a Medicare Advantage Plan, every September you will receive an Annual Notice of Change. This document informs you of the changes in coverage and costs for the following year. This is delivered just prior to Open Enrollment, giving you the opportunity to compare your plan with other options. If you fail to read this document, you could be in for bad surprise on January 1.

3. Failing to enroll in Part B when you should
    Signing up for Part B at the correct time is important. Signing up late can result in penalties - surcharges on your premium and also a delay in coverage. If you have employer coverage and that employer has more than 20 employees, you can delay signing up without penalty. The 3 months prior to your 65th birthday month, the month of your birthday, and the 3 months following your birthday month is the enrollment period to sign up for Part B without penalty.

​4. Not signing up for Part D because you don't take any prescription drugs
    Even if you currently have no prescriptions, it is recommended that you sign up for Part D. If you sign up late for a Part D plan, you may be subject to additional penalties in the form of higher premiums. You can avoid the penalty if are currently covered by a policy that Medicare approves as similar to a Part D plan. Some Medicare Advantage plans include a Part D plan which helps keep your costs lower.

​5. Assuming that your medical providers will always be covered by your Medicare Advantage plan

    Sometimes the providers that are part of a network change. Don't make the assumption
that the providers you used this year will be in-network next year. You are informed of
changes every September and provider changes should be included. It is worth your time
and effort to avoid out-of-network charges in the upcoming year.

Signing up for Medicare is no small task and making mistakes along the way can only make the ordeal more difficult. I hope that you find this list helpful and if you have any questions, please reach out to us. We are more than happy to sit down with you and answer your Medicare questions.