Avoid These Medicare Mistakes

Medicare’s rules are often confusing and mistakes can be costly. Make the wrong choice and you could end up with high premiums and unexpected out-of-pocket costs. Here are a few of the most common pitfalls for you to avoid.

1.    You assume Medicare covers 100% of your medical costs

While Medicare will cover most of your health care expenses, it does not cover 100% of your medical costs. For example, Original Medicare does not cover most vision care, dental care or hearing aids. You should also anticipate paying deductibles, coinsurance and copays in addition to your monthly Medicare premiums for Original Medicare. 

2.    You are not yet collecting Social Security so you don’t think you have to enroll.

Today, many people do not start taking Social Security at age 65. But, just because you are not collecting Social Security does not mean you should not enroll in Medicare. In most cases, it is best to enroll in Medicare during your Initial Enrollment Period, which is the three months prior to your 65th birthday month, the month you turn 65, and the three months after you turn 65. If you do not sign up when you are first eligible, you may have to pay a late enrollment penalty, an increase of 10% of your premium for each full 12 month period that you were eligible and did not enroll.

If you are working and covered by your spouse’s or your employer’s health insurance, you may qualify for a special enrollment period, allowing you to delay your enrollment. It is always best to check with Medicare or Social Security if you plan to enroll outside your Initial Enrollment Period.

3.    You choose an Advantage Plan or Prescription Drug plan because your spouse or best friend likes it.

Just because a Medicare Advantage Plan or Prescription Plan works for your spouse or friend, does not mean it will automatically be good for you. You probably have different doctors or prefer a different hospital. You should choose a plan that fits your health care needs and budget.

You can avoid these and other costly mistakes by learning about Medicare before the time comes to enroll. Join me for my class, Getting Started with Medicare*, where we cover all the basics. You will find a list of upcoming classes at www.MutskoInsurance.com/seminars. To set up an appointment to discuss your insurance needs call me, Laura Mutsko, at 440-255-5700.

*These events are only for educational purposes and no plan specific benefits or details will be shared.