It can be easy to forget your age as the birthdays roll around. However, when you’re about to turn 65 you’ll know. Medicare and all of their relevant service providers won’t let you forget.

You may feel inundated with the amount of mail, emails, and even phone calls and text messages, but rather than ignoring all the excess information, it’s important to dig in and learn so tha you can make the best decision for your healthcare.

To help you avoid potentially expensive and health-altering mistakes, today we’ll review 5 of the biggest Medicare mistakes you can make by reviewing an article by Rick Fine from The Sensible Financial Planning blog.

Outline of This Episode

  • [1:36] The 5 biggest Medicare mistakes
  • [14:05] A rule of 55 question

Don’t forget these things when it’s time to sign up for Medicare

Several issues can arise when it’s time to enroll in Medicare. Make sure to remember these Medicare tips to make the most out of your health insurance.

Medicare isn’t free – Many people are under the impression that Medicare covers all healthcare expenses a little or no cost. It is important to understand that there are several parts to Medicare including A, B, C, D, and supplement plans. Each of these has its own associated costs. There will be premiums, deductibles, copays, and or coinsurance.

Don’t enroll late – Late enrollment can lead to significant permanent penalties that increase premiums. Make sure to watch out for the initial enrollment period, the special enrollment period, and the general enrollment period. Learn the importance and timeframes for each of these by listening to this episode.

Don’t forget Part D – Even if you’re healthy and not taking medications now, that may not always be the case. You’ll still want to sign up for the prescription drug plan when you enroll. There are lifelong penalties that apply when you don’t sign up for Part D during the initial enrollment period. You’ll also want to make sure that you don’t automatically simply sign up for your spouse’s drug plan. Everyone has different needs which could require different plans.

Make sure to review your plan annually – Premiums, deductibles, and coverage can all change each year. So it is important to review the annual notice of change each year.

Pay attention to your preexisting conditions – Even though Medicare will insure you with preexisting conditions, they can affect Medigap coverage. After initially enrolling in Medicare Part B you’ll have a 6-month window that will allow you to enroll in Medigap without a medical review. If you miss this window you could be subject to higher premiums or denial of coverage.

If you are coming up to Medicare age you’ll want to make sure that you understand the enrollment periods, properly budget, and choose a suitable plan that fits your needs. Hopefully, these insights can help guide you to make informed decisions about Medicare, so that you can manage healthcare costs effectively without unexpected financial burdens.

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