Medicare can be a difficult thing to figure out. How can you be sure you’re getting the best coverage at the best price?
The good news? You can make important steps to lower your costs and improve your experience no matter where you are in the Medicare system. The bad news? You may run into a few hiccups along the way.
But it’s not all bad—making smart, informed choices now can save you a great deal of time and money. To make sure you’re on the right track, here are the top 3 Medicare mistakes you should avoid.
Missing Your Initial Enrollment Period (IEP)
Enrolling in Medicare as soon as you are eligible is the first and easiest way to avoid additional fees and issues later on. Most people purchase Medicare when they first become eligible at age 65 during the Initial Enrollment Period (IEP).
Your IEP begins 3 months before, the month of, and 3 months after your 65th birthday. During this time, you can enroll in any Medicare plan of your choice, including Plans A, B, C (Advantage), D, and/or a supplement plan.
For every month past your IEP that you are not enrolled in Original Medicare (Parts A and B), your monthly premium is increased by a small percentage. You can, however, avoid this if you qualify for a Special Enrollment Period (SEP).
And, if you do not enroll in a supplement plan (Medigap) during the 6 months following your 65th birthday, you may not be accepted. Not everyone chooses a Medicare supplement—if you want one, however, make sure you enroll as soon as you are eligible for Medicare.
Not Comparing Available Options
Medicare offers a variety of different plans, from the basics (Original Medicare) and additional coverage (Part C, D, and supplements). You are responsible for finding and enrolling in any coverage beyond Original Medicare.
So, if you are interested in Part C, D, or a supplement plan, searching for available options in your area can increase your chances of finding better coverage at a better cost. Prices and benefits vary between providers—settling, then, would be a huge mistake.
Choosing the Wrong Advantage or Supplement Plan
If you are interested in additional coverage, be sure to carefully consider all of your plan options. There are 5 types of Advantage plans, and 10 different Medicare Supplements.
Choosing the right plan, then, means that you not only have to look at the available providers in your area, but the different types of plans available to you as well—so research as carefully as possible!
Make an Informed Decision on Your Medicare Coverage
When searching for Medicare coverage, you need advice from people who have your back. Medicare Sharks is a family-owned company with your best interests at heart.
With our trusted, unbiased Medicare advice, you can rest assured that you’re getting the best insurance on the market. If you’re ready to get started, give us a call at 561-225-3022, or at 561-225-3633.