9 Important Medicare Mistakes to Avoid
9
Important Medicare
Mistakes to Avoid
Medicare is complicated. This is the major criticism against
it. Many
Medicare mistakes occur on a regular basis. Avoiding these mistakes
ensures that you’ll have far fewer challenges in getting the care you require.
If you haven’t enrolled in Medicare yet, you’ll be well
ahead of the game by keeping these mistakes in mind. Prevention is the best
medicine.
If you’re currently enrolled, you can save yourself a lot of
money and grief by determining that you’re not committing any of these common
mistakes.
Avoid these common
Medicare mistakes:
1.
Assuming that
the best Part D Plan is the same as that of your spouse. Consider your
prescription needs. They may not be the same as your spouse’s needs. Be sure to
determine the coverage for the specific medications you take on a regular
basis.
·
Determine your out-of-pocket expenses
separately for yourself and your spouse. Ensure that you’re both on the
best plan for your individual situations.
2.
Assuming you
haven’t worked enough to qualify for Medicare. It’s only necessary to work
for 40 quarters, or 10 years, in order to avoid paying the dreaded Part A
premiums. Part A covers hospital expenses. Be certain that you don’t qualify instead
of making assumptions.
3.
Believing that
open enrollment is the only time you can make a change. There are qualifying
circumstances that will allow you to change your plan outside of the usual
October 15th through December 7th window. Do your
research to see if any apply to you.
4.
Not realizing
that you can sign up for Medicare when you turn 65:
·
If you’re not
receiving social security benefits, you’ll have to sign up for Medicare
manually. It’s possible to sign up online.
·
If you are
receiving social security benefits, you’re automatically enrolled in Medicare.
5.
Paying
significantly more in premiums due to a slight increase in income. Earning
more than $85,000 per year can increase your premiums significantly. If
you’re close to the limit, it’s worthwhile to make a few adjustments to stay
below the $85,000 ceiling.
6.
Attempting to
combine a health savings account and Medicare Part A. You can’t do both.
You can continue contributing to your HSA after the age of 65, but you can’t
enroll for Part A coverage. Determine which is more valuable for you.
7.
Failing to get
expert advice. Given how complicated Medicare can be, one of the worst
things you can do is to trust the advice of a friend.
·
Your unique financial and health situations are
important factors to consider when making Medicare decisions. Your friend’s
advice is influenced by his own situation. If you have questions, find a true expert.
8.
Failing to sign
up because you’re still employed. Depending on the quality of your
employer’s insurance plan, it can be very advantageous to sign up for Medicare
when you reach 65.
9.
Assuming your
healthcare providers will still be part of your Medicare Advantage plan.
Advantage plans require that your hospital and healthcare providers be part of
the plan. Otherwise, you’ll pay more in co-payments.
·
You can even be denied full coverage for a
medical emergency. Choose a plan that includes your doctor or find
another doctor.
By avoiding these common Medicare mistakes, you can ensure
that you have the most economical coverage for your situation. For financial
benefits and your own peace of mind, take the time to examine your current coverage.
