Medicare is one of the largest public health insurance programs in America. Considering that there are millions of people who make simple mistakes with their benefits each year. This article is intended to help you avoid some of those mistakes.
Here are several common Medicare mistakes you should avoid.
Missing the Initial Enrollment Period
Three months before you turn 65, the initial enrollment period begins. It lasts for about four more months after the start date. If you enroll during this period, you don’t have to worry about waiting for the Open Enrollment Period. Instead, you can enroll in any plan you want and receive benefits without a long waiting period. If you wait, you may not be able to get the coverage you need as soon as you want to.
Choosing Automatic Renewal Options
You never know what the future holds, so it is rarely a good idea to leave your insurance plan on the automatic renewal option. Before renewing, it is important to review any changes to the plan and make adjustments as needed. If you don’t, you could end up locked into coverage that does not provide adequately for your medical needs. If you don’t qualify for a special enrollment period, you could end up stuck for up to a year.
Not Buying Medigap Insurance
Medicare Supplement Insurance is designed to help Medicare enrollees lower out-of-pocket costs via supplemental benefits. If you are enrolled in Medicare and frequently use your benefits, a Medigap plan can save you a substantial amount of money long-term. Yet, many people assume they do not need these additional benefits. This is a mistake because a Medigap plan doesn’t have to be expensive, and the protection they offer can make a huge difference in your overall medical expenses.
Not Signing Up For Part D
Part D prescription drug coverage is essential for most senior citizens. Some people choose not to enroll immediately, but they do so at their own expense. If you wait to enroll in Part D, you could be subject to a 10% fee being applied to all of your future Part D bills. To avoid this, apply for a Part D plan when you are first eligible.
Avoid Mistakes by Speaking With Professionals
Medicare agents are informed about all of the mistakes their clients have made in the past. Trust one to help you get the most out of your Medicare benefits. You can reach an agent today by speaking with Secure Insurance Group via 877-871-7328.
