What is the biggest mistake seniors make when enrolling in Medicare?
Answered by 242 licensed agents
It sounds cliché coming from me, but the biggest mistake seniors make is not having an independent agent acting on their behalf. When calling into insurance companies for help, their sole job is to sell you their product, whether it's the best option for you or not. You want someone who has a financial incentive to assist you in finding the right type of coverage by going over all your options and not leaving anything to chance. Imagine a doctor that only wrote you prescriptions from one pharmaceutical company; you'd have questions about their motives just as I would too.
Not fully understanding their choices. It's very important that if someone is looking into Medicare, they know all the pros and cons. How is their health is now and in the future?
The question should be based on whether one controls one's own healthcare or the insurance company controls one's care. Budget is also important.
NOT DOING AN INDIVIDUAL NEEDS ASSEMENT , TO MAKE SURE YOU ARE ENROLLED IN THE RIGHT PLAN FOR YOU. I ALWAYS DO A NEEDS ASSESMENT BEFORE I EVEN QUOTE ANY PLANS OR RECOMMEND ANY PRODUCTS.
Hi, thanks for watching. So the question is, what's the biggest mistake people make from the enrollment to Medicare? I think one of the biggest mistakes is people are unsure of when to enroll. A lot of people are working past 65, they're on an employer health plan at work. Do they keep it? Do they give it up? There are different scenarios. It's not a one size fits all kind of thing. And not every employer plan is what they call credible coverage in the eyes of Medicare. So if you're on one employer plan with a small company, that's not gonna be seen as credible coverage and you have to enroll into Medicare on your 65th birthday. If you work for a different employer, maybe a larger employer, most likely that's gonna be credible coverage and you can waive off or put off enrolling into Medicare until you leave work. But talk to your advisor, hopefully you pick one that's good, that's very knowledgeable because it's crucial.
In my opinion the biggest mistake new Medicare beneficiaries make is asking their friends and family what plan they recommend. While this sounds like a good idea, it misses the opportunity to make sure the plan you pick is the best for your situation.
A better way to get advice from your friends and family is to ask them if they like the plan they are on and then ask them, "What broker did you use to get that plan and do they still help you?" Whatever their answer is you will know if you should use that person or not. If they like their plan and they know they can go to their broker with questions, start with that person. If they don't like their plan and they can't get help, then avoid that broker.
Your Medicare is just that, your Medicare. Each person's situation is different. Work with someone that can help get you the best plan and coverage for your situation.
The biggest mistake is not sitting down with a Medicare Agent. The Agent has been trained to tell you all of the twist and various plans and how they work.
They under think the future! They aren’t in recognition that their health today is most likely the best health they will have moving forward! Do you think you will be in better health now or in 10 years? - The body doesn’t work like that even if you were the second coming of Jack Lalanne!! And so with NO UNDERWRITING involved, they should invest in THE BEST COVERAGE THEY CAN NOW!!!
Not consulting an agent broker with time in grade. In other words, experience. The other thing would be to select an agent broker with multiple companies.
One of the biggest mistakes I see people make is trusting those constant phone calls from unknown agents. Ever since I turned 65, I’ve been getting weekly calls from strangers claiming to be ‘local’ and promising me something better—it’s overwhelming and often misleading.
Another big issue? Not asking the right questions. It’s so important to find out a company’s rating and how often their premiums go up. Don’t just take their word for it, ask for real documentation.
If you’re approaching Medicare age, give yourself a head start. Don’t wait until the last minute. Start researching a few months early. Attend a seminar, learn about the two different coverage paths Medicare offers, and check in with your current doctors to see what plans they accept.
Find a licensed health agent to maintain ongoing communication with you throughout the year.
The more informed you are, the more confident you’ll feel when it’s time to choose.
The first mistake is to go into a Medicare Advantage plan without doing the proper research and not looking at what doctors you can go with your plan and the drugs that are available with your plan. The second mistake and probably the biggest mistake is not realizing that when you first go on Medicare you have open enrollment for 6 months, so you can go on any Medicare supplement plan without going through underwriting, without realizing that once you go in a Medicare advantage plan and you are in it for 1 year, you cannot switch back to a supplement without medical underwriting, and if your health takes a toll for the worst and you have any kind of serious illness, you will not be able to pass underwriting and switch to a Medicare supplement plan and you will be stuck with the Medicare advantage plan forever.
For more information on Medicare supplement plans, contact George.
One of the biggest mistakes seniors make is focusing only on the monthly premium instead of total out-of-pocket costs. Many people also miss important enrollment deadlines, which can lead to lifelong penalties or gaps in coverage. Another common mistake is not checking whether their doctors and medications are covered under the plan they choose. Taking time to compare options and understand how coverage actually works can prevent costly surprises later.
The biggest mistake in my opinion is not really understanding their options, benefits and costs. Find someone that can help you navigate either original Medicare, Medicare advantage plans or Medicare supplements.
In my experience working with Seniors and helping them with the Medicare "alphabet soup" what I often see is that they have not looked into either a Medicare Advantage or Medicare Supplement/Medigap Plan to offset the OUT OF POCKET expenses they WILL have with just enrolling in Medicare Part A and B ! There are Deductibles for Both Part A and B and Part B will ONLY cover 80% of the costs and YOU will be responsible for the other 20% with NO Maximum out of pocket! WOW! Work with someone who can show you both Medicare Advantage and Medicare Supplement/Medigap options then make the best decision for YOU!
The biggest mistake you can make is not being educated on your options. In most areas you have dozens of supplement companies and possibly up to 10 Medicare advantage companies. Evaluating those companies with the medicare and you handbook or going online is cumbersome because of all the options you have. A good agent will be able to narrow the options down to just a couple and make the decision much easier.
One of the biggest mistakes we see are clients not filling the gaps in their two Medicare options. Just like traditional health insurance through a job Medicare has gaps that need filled to be in a better financial position.
Not understanding the options and how their choices will affect their healthcare for the rest of their lives. By passing up the opportunities to enroll during guaranteed enrollment periods, they could cost themselves significantly financially over the years.
The biggest mistake seniors make when enrolling in Medicare is trying to do-it-themselves. I think it's a bad idea, especially considering that a knowledgeable, experienced, independent, licensed Medicare agent is most likely provide Medicare enrollment assistance at no cost or obligation. The technical term we use here is, "no brainer" to talk with an agent.
There are many mistakes that can be made, but I think the biggest mistake that I see people make is not enrolling a couple months ahead of when they need coverage. Sometimes, it can take 60+ days to get your Part B in place.
Not exploring their options enough And enrolling into the lowest premium plan is a mistake that seniors often make when enrolling into Medicare. It’s never a bad idea to educate yourself on your options. Sometimes it’s easy to take the “ Out of sight out of mind” Approach, but that usually ends in a penalty from Medicare.
The biggest mistake seniors make when enrolling in Medicare is missing the Initial Enrollment Period (IEP) or failing to understand the timing of their enrollment. This period, which starts three months before a person's 65th birthday and ends three months after, is crucial for avoiding late enrollment penalties. Missing the IEP can result in a 10% increase in the Part B premium for every 12-month period of non-enrollment.
Personally, I think the biggest mistake seniors make is trying to tackle the process on their own, or rely on advice from government agencies that are staffed by uncertified volunteers. I truly appreciate that these programs exist and I know the volunteers mean well. However, I have seen so many situations where they provided advice based on their own misunderstandings about how the different plans work. Generally, they are not licenses, certified, or even trained in the most expensive risks associated with coverage options. Not every licensed agent is a good option either. However, if you do some research and talk to other seniors you know, you can usually find a good agent to help point you in the right direction without trying to sell you the plans that pay him the most commission.
Seniors entering Medicare have many options that can save money immediately and going forward. You should know all the ins and outs during your IEP (initial enrollment period) work with an expert to guide and educate you, that's your best bet.
Getting information from Friends and Family and not an expert in the field.
Your friends and family understand what they have but they don't see the whole picture and how it works as a whole. Get advice from a true broker who has access to All or a majority of the plans. Not an agent who is selling only one or two products.
The biggest mistake seniors make when enrolling in Medicare is relying on advice from neighbors, friends, or family who think they understand the program’s details. Medicare’s ins and outs are complex, and misinformation can lead to costly errors. Seeking professional consultation is always the smartest move to get it right.
Not being educated on the many different plans/ benefits/ physician networks/ HMO vs PPO/ additional benefits/ co pays/ Medicare start ratings for Medicare Advantage/ not knowing you must have PArt D/ ...
The biggest mistake that seniors make is enrolling in a plan that is not explained to them and also not understanding how Medicare works and options they may have to better suit their needs.
The biggest mistake I've seen is a beneficiary applying for part B retiring after 65 without submitting the correct forms that will prevent late enrollment penalties. It is important to begin the application process with social security 3 months prior to needing your part B to start.
There are several major mistakes that Seniors or Medicare beneficiaries make when enrolling in Medicare, but the biggest mistake is missing the initial enrollment period or guaranteed issue period when it first becomes available. If you have health concerns and miss your enrollment period, you could be subject to health underwriting if you miss the initial enrollment period or guaranteed issue period.
Some Medicare beneficiaries assume that Medicare is free. Most Medicare beneficiaries do not have to pay Part A (Hospital) if they or a spouse or former spouse worked at least 10 years or 40 quarters and paid Medicare taxes. Most people have to pay a premium for Part B (Medical).
Another mistake Medicare beneficiaries is not taking the time to understand their options. If an option is not affordable, it is important to look at what makes sense to according to finances and looking at ways to receive "Extra Help" to address the financial concerns.
Even if you are healthy or do not take any prescriptions, it is important to make sure that you have coverage. A person's health can change at any time. If you miss an election period, then you can face lifetime penalties on both Part B (Medical) and Part D (Prescription Drug Coverage). Also, you may have to wait until those timeframes become available.
It is a good idea to get Medicare through a licensed agent you can trust. They can be an advocate for you in the event you experiences any challenges with Medicare or with your plan to include claim issues. If you enroll directly with the plan itself, you may not have that free benefit that is available to you.
Many seniors do not understand the puzzle, it's very difficult to navigate if you do not understand how all the parts of Medicare differ. Many people don't realize in the beginning Medicare is an individual plan not a group plan.
Researching by themselves without a qualified and trusted representative for that local area. Plans are different in states, county, and coverage. Choosing wisely is being well informed.
What is the biggest mistake seniors make when they enroll in Medicare? I think a number of mistakes folks make. They listen to their friends and family, and our friends and family are well-intentioned, but we don't know what we don't know. So along that line, listening to our friends and family about what is the best plan for them may not be the most suitable plan for you. I think one of the biggest mistakes seniors make when transitioning to Medicare is treating the decision just like you've treated your healthcare decisions all of your life.
Now, I believe Medicare is the intersection of your health coverage and financial wellness. So it's important to understand what your financial risk is under any option of Medicare, what your appetite for that risk is, and what your propensity for care is. Treating the decision the same way you have for the first 65 years of your life is not necessarily the best way to transition into Medicare. It truly is a financial decision coupled with what your healthcare needs look like and what coverage is available in your area. I hope that provides some clarity. Until next time, be healthy and be well.
The biggest mistake I find is that they choose the same policy their friend purchased. What is good for someone else may not be good for you. This goes with Part D drug plans also. I’ve seen a lot of people cost themselves a lot of extra out of pocket expenses because they didn’t sit down with a broker. Brokers should have your best interest at heart. Personally, I don’t represent the insurance carriers, I represent you. If I represent you then you’ll more than likely stay a loyal client and will tell all your friends about me. You don’t pay me for my services, the carriers do, so take advantage of my assistance.
Nor asking enough questions! Never assume what works for a friend or neighbor will work for you. While you may get a good idea if your friends are satisfied with their healthcare plan, by working with an agent, you'll be able to compare all your options and find the plan that is best suited to your needs and budget.
The biggest mistake I see is people just picking a plan based on the lowest premium without checking doctors, hospitals, and drug coverage. Medicare decisions are very personal — what works great for your neighbor might be completely wrong for you. Another common issue is missing key enrollment deadlines, which can lead to lifelong penalties or limited plan choices. Taking a little time to compare options upfront can save a lot of money and frustration later.
Thinking they don't need part D (drug plan) because they don't take anything. There will be penalties when you eventually sign up. Fortunately, there are plans that cost $0 in most areas. They are basic plans, but do fill the need.
The other is enrolling in Part B when you still have employer health benefits. You only need one or the other never both.
The biggest mistake I see seniors make when enrolling in Medicare is listening to friends or going directly to the insurance companies. Everyone’s situation is different — what worked for your neighbor or coworker might not be right for you. Medicare isn’t one-size-fits-all, and making decisions without personalized guidance can lead to unexpected costs or gaps in coverage.
Enrolling in Medicare for the first time can be a daunting task. For seniors, taking the time to fully understand what options are available should be a priority ahead of your Initial Enrollment period. Working with a licensed professional that is local, is a great way to solid guidance. At Living Well Benefit Advisors, our goal is to educate the client and let them decide what plan will work best for their personal needs.
Many seniors do not get proper advice from a trusted advisor and end up on insurance that is not a good fit for their need. Also, most seniors are not experts at understanding medicare yeare after year, thus again, the beneift of having a trusted advisor. Most seniors do not know aobut the 'Trial Right' when it comes to Medicare Advantage and thus use up their once in a lifetime benefit when they first become Medicare Eligible. Talk with a trusted Advisor to learn all the 'fine details' of making a proper Medicare decision.
The biggest mistake I see is waiting too long or making a rushed decision without understanding how all the parts of Medicare work together. Many people enroll based on what a friend chose or what sounds cheapest, only to find out later their doctors or medications aren’t covered. Taking a little extra time upfront, and working with an experienced agent, can save a lot of stress and money down the road.
Not considering all of the options available. Many seniors call a carrier directly, not realizing that a carrier can only speak about their own plans. No comparisons can be made with other carriers plans available in the area. So, they will make you "fit" into one of their plans. Working with an independent agent, who represents multiple carriers, can answer all of your questions regarding multiple carriers and plans.
The biggest mistake that someone would make when enrolling in Medicare would be not talking to an independent licensed insurance agent and getting an unbiased education on their options, timeline, and coverage expectations.
One of the biggest mistakes that people make when obtaining Medicare is listening to friend's or neighbor's advice regarding the plan they should choose. Each person is an individual with different needs and the plan that is chosen should reflect that whether it's a Medicare supplement or Medicare advantage plan.
The biggest mistake seniors make when enrolling in Medicare is assuming all plans work the same or that they’ll be automatically covered the way they expect. Many choose a plan based on a friend’s recommendation or a TV ad without checking if their doctors, prescriptions, or hospitals are actually in-network. Others miss key enrollment deadlines, which can lead to lifelong penalties or gaps in coverage. Some don’t realize that Medicare doesn’t cover long-term care or dental, vision, and hearing without additional coverage. It’s a complex system, and one-size-fits-all doesn’t work. That’s why working with a local, experienced agent who understands your specific needs can save you time, money, and a lot of headaches.
Seniors usualy do not explore all of the options available and aplicable to them. Commonly they have recommendations by friends or spouse and go with it. Very important moment is knowing what could cause certain penalties and declines in the future.
The biggest mistake I see seniors make when enrolling in Medicare is listening to friends. Everyone’s situation is different — what worked for your neighbor or coworker might not be right for you. Medicare isn’t one-size-fits-all, and making decisions without personalized guidance can lead to unexpected costs or gaps in coverage.
The biggest mistake seniors make is not knowing all of their options that go with Medicare. Understanding the differences in Part A, Part B, and the additional Part C and Part D.
Medicare plans can change yearly. Not reviewing coverage during the Annual Enrollment Period (Oct 15–Dec 7) can mean staying in a plan that no longer fits your needs or budget. Some people who continue to work past 65 assume their employer coverage is sufficient and delay Medicare enrollment, not realizing this could lead to penalties or coordination of benefits issues.
One of the biggest mistakes when enrolling in Medicare is when a Medicare recipient assumes they’ll be automatically enrolled in Medicare when they turn 65, but that’s not always the case. If they don’t sign up during their 7 month Initial Enrollment Period (IEP), which starts three months before their 65th birthday and ends three months after, they could face permanent late enrollment penalties and delays in coverage.
The biggest mistake that seniors make is not enrolling in Medicare during the proper time frame. Your Initial Enrollment Period (IEP) lasts 7 months long, 3 months prior to your 65th birthday, your birth month, and 3 months after your 65th birthday. If Medicare is not taken during this time frame, you will end up incurring penalties.
The biggest mistake seniors make when enrolling in Medicare is missing their Initial Enrollment Period (IEP), a 7-month window (three months before, the month of, and three months after turning 65). Missing this deadline can lead to permanent late-enrollment penalties for Part B and D, and gaps in health coverage.
The next biggest mistake is not calling a Medicare Broker/Agent and getting no-cost expertise to understand how Medicare works and find the right plan for their needs.
Usually, the biggest mistake I see seniors make when enrolling into Medicare is not working with a professional, such as an agent or broker. With the vast amount of choices out there, seniors should be getting a full education about their options before making any decisions.
An agent/broker is someone who can lay your options out for you, explain the differences and answer your questions… for as long as you remain their client AND at no cost to you.
When enrolling with a call center, unfortunately, there are no guarantees you will be speaking to the same person each time. If you are only speaking with one carrier, you are only learning about that carrier’s product.
Not taking time to fully understand the Medicare Advantage plan they enrolled in. These plans have many preventive services covered at no charge. Additionally, they offer many ancillary services like dental, vision, hearing, gym memberships and OTC credits which go unused.
One of the biggest mistakes made is waiting too long and not signing up on time, which could lead to penalties. Another mistake made is not doing enough research before choosing a plan that best fits your needs.
Many people think they can handle Medicare on their own, but the rules and options can be overwhelming. By working with an expert agent, you get clear guidance and support—at absolutely no cost to you.
The Biggest mistake Seniors can make when enrolling into Medicare is not understanding how the plans, they selected work and affordability of that plan not in immediate but also in the future.
Questions to ask yourself:
1) Medicare Supplements: It's human nature to gravitate towards the lowest cost premium, but can that company handle the medical loss Ratios down the road? Does it have that history to do so? Can I pay for much higher premiums as I become older? You have to be your own financial steward with healthcare because it will be the most expensive financial expense during retirement.
2) When selecting a Medicare Prescription drug plan- many are influenced by premium cost and not looking at the details of the plan drug formulary or when will you be charges the Medicare Prescription drug deductible.
3) Medicare Advantage Plans- Continuity of Care: Are my doctors in that plans network? Am I willing to switch plans if they are not? Are my medications on this plan's formulary?
The biggest mistake seniors make when enrolling in Medicare is missing their initial enrollment window and not signing up on time. This can lead to late enrollment penalties that last for life and costly gaps in coverage when they need care most. Using an experienced broker can help you navigate the process correctly and make sure you enroll on time to avoid these serious problems.
Enrolling without an agent or with a telemarketer. I see it all the time but it's nice when I find them because once they figure out, I will meet with them face to face and don't charge for my services, they will usually let me help in the future.
The biggest mistake I see seniors make when enrolling in Medicare? Pretty simple. They listen to commercials with retired athletes or actors instead of getting real advice from someone they actually trust.
They pick a plan because it says “$0 premium” or “extra benefits,” but don’t realize what they’re giving up until it’s too late like higher out-of-pocket costs, network restrictions, or a drug plan that doesn’t even cover their meds.
Medicare isn’t hard when you’ve got someone who sees you as a person, not a policy number or commission check. It feels like a pain because it’s designed that way so you’ll make a fast decision and never look back.
The key? Honest, no-pressure guidance from someone who knows the system and gives a damn. Not the people on TV reading a script about a “great” Medicare plan he probably doesn’t even use because, let’s be real, they’re either not on Medicare or have a low-cost group plan.
1. Not working with a well connected Medicare broker.
2. Not taking the time to get educated on Medicare as a whole.
3. Continuing to contribute to an HSA within the 6 month period prior to starting Part A (which can be retroactive)
4. Not learning about the 6 month guaranteed issue period regarding Medicare Supplements.
5. Thinking that once their enrolled they don't need to continue to review their plan each year. (Medicare plans change each year in either price, benefits, formularies or network)
I think the biggest mistake seniors make when enrolling in Medicare is to not have an agent who knows and understands the plans in their area that the senior resides. The other mistake is for a senior to not have an agent who they can work with and will guide them through the process.
Well, first we have to look at your Social Security—just to make sure you’re at the right time to start your Medicare.
We want to find out what your full retirement age is. We want to find out what your health history is, and what your partner’s health history is.
There are a lot of loaded questions here, and it’s very individualized based on your finances. Whether you’re divorced or remarried, there’s a whole lot to consider, so it’s really hard to narrow this question down.
It is case-by-case, and there’s very little generic information that applies.
This is where it’s a good idea to sit down with me, to go over many questions that will help guide us to the right decision, whether we move forward in putting you into a Medicare plan, or we tell you to hold off.
I had a phone call this morning from a client who said her husband is seven years younger than her, and she’s going to be 65 in six months. His company will pay for her insurance until he retires.
So if he’s seven years younger, he’s got more years to work before he retires. But the insurance she’d be paying for is a lot of money.
We did the calculations, and we figured it’s probably a good idea for her to go ahead and take her Medicare.
She’s also not healthy, she’s very stressed, and she doesn’t know if it’s worth it for her to stay working, so we came up with a plan.
I also asked many questions, and that’s how we were able to come up with that solution.
If you are under 65, you can get on disability if deemed by a medical professional and by Social Security. It starts as permanent coverage after your 24th month.
The biggest mistake that I see seniors make when enrolling in Medicare is choosing a plan based only on the monthly premium and not on their doctors, medications, and total out-of-pocket costs.
A low premium can end up being expensive if your prescriptions aren’t covered or your providers are out of network, or the plan has high copays and deductibles.
Also missing your Medigap open enrollment window can be permanent, which is why getting personalized guidance before enrolling is so important.
Trying to do it on their own and not knowing what they need to do to avoid penalties or late enrollment fees. Also, sometimes people set up their Part A & B, and they may not need to pay for Part B yet if they are still working and covered by a plan that is considered "creditable coverage."
The 3 most common mistakes I encounter with Medicare are:
Mistake # 1: Improper Enrollment (Messing up your Initial, Special, or General Enrollment can result in unnecessary penalties for the rest of your life. Don't do it!)
Mistake # 2: Bad Plan Selection (You need to understand the difference between Original Medicare and Medicare Advantage then comparison shop multiple plans available to you in your area.)
Mistake # 3: Not Doing Periodic Reviews (Plans change annually and your circumstances change constantly. It is important to review your coverage regularly to ensure that you are on the correct plan.)
Seniors can enroll them selfs and think they are saving. A agent that does the every day can help with choices at no cost. Its like getting a second option at no cost.
One of the most common mistakes people make when aging into Medicare is not understanding their enrollment periods and deadlines. Many assume they’re automatically enrolled when they turn 65, but that’s only true if they’re already receiving Social Security benefits. If not, they need to actively sign up during their Initial Enrollment Period (IEP), which spans the three months before, the month of, and the three months after their 65th birthday. Missing this window can lead to late enrollment penalties—such as a permanent increase in Part B premiums—or gaps in coverage.
The people who get frustrated the most are the ones that listen to too many friends and family and get overwhelmed with the direction they should go. We ask questions and listen... and support your decision to follow a path that you comfortable with.
The biggest mistake seniors make is not picking up drug coverage immediately. Even if you have no medications or very little drug costs, you still need to pick up coverage or you will accrue a life time penalty when you do enroll. There are very affordable options and we can make sure you're not over insured.
Not knowing about the fee for Medicare Part B or the potential of paying for IRMAA. I feel the public is not informed about this topic, and it becomes a big surprise when they receive the statement in the mail.
The Biggest Mistake Seniors make is not sitting down with a qualified agent and explaining all their options. I bring 14 years of experience and over 2,000 current customers, I explain Medicare Supplements and Medicare Advantage plans. The pros the cons the insides the outs. The Food Card Commercials all the little things that just make you pull your hair out. When my clients leave, they are educated and are ready to enjoy retirement and not worry about HealthCare.
The mistake that we see most often is not being fully aware of all the options that are available to them. There are many options available to folks enrolling in Medicare, and it is important to discuss and assess there options so that there needs are addressed, and that their coverage compliments their lifestyle.
Failure to compare the costs with Medicare to their employer health coverage. Sometimes it makes sense to stay on employer coverage and other times it doesn't.
Simply choosing a plan based on their spouse or friend or what they used for work. Give yourself an opportunity to be educated on the options and what works best specifically for your situation.
The biggest mistake seniors make when enrolling into Medicare is they don't get a personal broker. A personal broker looks at plan changes that happen every year to make sure prescriptions are still covered at a reasonable cost and that the client's doctors are still in network. Medicare can be very confusing and a broker simplifies the process and becomes your advocate.
Not getting all the facts about the plan. Make sure your agent goes into details about co-pays, network, difference between HMO and PPO, extra benefits and more.
Oftentimes I find that new Medicare enrollees do not have an understanding of how Medicare works to offer health benefits. Before one can make a choice of Medicare options, one must know the differences. Using an informed and trusted professional agent is the best approach to making the best decisions for oneself.
Not properly understanding the enrollment periods and when you can and cannot sign up for original Medicare. This can lead to many issues, some of which include having a gap in health insurance coverage and having to pay late enrollment penalties.
The mistake many Medicare beneficiaries make regarding enrolling into Medicare is to begin Medicare Part B too early. Many people do not realize that they do not need Medicare Part B to begin if receiving health insurance through a large employer. A large employer is classified as 20 or more employees (100+ employees if qualifying for Medicare due to disability). If one likes one's insurance through the employer, the plan is affordable and coverage out-of-pocket affordable, then deferring Part B is penalty-free. When the time comes to retire, reduce work hours or lose one's insurance from the employer, then one can enroll into Part B and the coordinating insurance plans. All one's guaranteed rights to choose a Medicare supplement, Advantage Plan and/or Part D plan remain intact.
If you're still working at 65, and your employer has less than 20 employees, you must sign up for Medicare at 65 even if you're on the employer's group health plan. Medicare must be primary coverage for age 65 or older individuals, or employees of any company having less than 20 employees. When you do eventually sign up late for Medicare, you may pay premium penalties every month for as long as you have Medicare.
The biggest mistake seniors make when enrolling in Medicare is not talking to an agent who can make sense of the confusing info that is available. Making sure you know exactly what you need and how to get it at the lowest cost is very important!
Not realizing there is paperwork to fill out if you continue working past age 65 and then go on Medicare once you retire. No paperwork = a penalty the rest of your life!!
Most commonly I see seniors enroll in Medicare and then have no idea what to do next! That s where I come in! Education, education!!! Help them understand how to wrap it all up!!
Thinking that their drug costs before Medicare will resemble those same costs when joining Medicare. It is imperative to realize that Medicare drugs are priced much differently than those you enjoyed as part of an employer's healthcare plan. Brand Name drugs will be a greater challenge especially any drug in Tiers 3, 4 and 5.
Not reading the Insurance material could be it or taking the time to meet with a Broker to get informed. You should use a Broker & meet & ask questions. If you are unclear ask more questions. Take notes. You can meet again to discuss Medicare. Thank you.
Not making informed choices and many times listening to someone that doesn't actually know what they are talking about and giving bad advice. It’s important to understand all your options and choices
