5 Medicare Mistakes You Don't Want to Make

Medicare can feel confusing, especially when you’re approaching 65 and suddenly have a lot of decisions to make. The good news? A little preparation can help you avoid some common mistakes.

Whether you’re turning 65 or already enrolled in Medicare, here are 5 Medicare mistakes you don’t want to make.

1. Waiting Too Long to Enroll

One of the biggest Medicare mistakes is missing your enrollment window.

When you first become eligible for Medicare, there are specific enrollment periods. For many people, their Initial Enrollment Period begins three months before the month they turn 65 and ends three months after their birthday month.

If you delay enrollment without qualifying for a special enrollment period, you could potentially face penalties or gaps in coverage.

Tip: Don’t wait until your 65th birthday to start learning about Medicare. Start several months ahead of time.

2. Assuming Medicare Pays for Everything

Medicare is valuable coverage, but it doesn’t pay 100% of every healthcare expense.

Depending on your coverage, you may still have:

• Deductibles

• Copayments

• Coinsurance

• Prescription drug costs

• Certain services Medicare doesn’t cover

Medicare also generally doesn’t cover routine dental, vision, or hearing services in the same way people often expect.

That’s why it’s important to understand what your Medicare coverage does—and doesn’t—include.

3. Choosing a Plan Based Only on the Monthly Premium

A plan with a low or even $0 monthly premium can sound attractive, but the premium is only one piece of the puzzle.

Before choosing a plan, look at:

• Doctor and hospital networks

• Prescription drug coverage

• Copays and coinsurance

• Deductibles

• Maximum out-of-pocket costs

• Additional benefits

• Your expected healthcare needs

The cheapest monthly premium isn’t necessarily the plan with the lowest overall cost for you.

4. Forgetting to Check Your Prescription Coverage

If you take medications regularly, don’t assume they’re covered just because you have Medicare.

Prescription plans can differ in:

• Covered medications

• Drug tiers

• Copays

• Pharmacies

• Formulary requirements

A plan that works well for your neighbor may not be the best fit for you if your medications are different.

Tip: Make a list of your current prescriptions, including dosage and frequency, before comparing plans.

5. Not Reviewing Your Medicare Coverage Each Year

Your healthcare needs can change—and so can Medicare plans.

Premiums, benefits, provider networks, prescription formularies, and plan offerings can change from year to year.

During Medicare’s annual enrollment opportunities, it’s smart to review your current coverage and ask:

“Is this still the best plan for me?”

Even if you’re happy with your current plan, a yearly review can help you make sure it still fits your needs.

The Bottom Line

Medicare doesn’t have to be overwhelming.

The biggest mistake is often waiting until the last minute to understand your options.

Take the time to review your coverage, understand your costs, check your doctors and prescriptions, and make sure your plan fits your healthcare needs.

Need Help Understanding Your Medicare Options?

I’m Tina Beck, an independent Medicare insurance broker, and I help Medicare beneficiaries understand their options and compare available coverage.

If you’re turning 65, reviewing your current Medicare coverage, or simply have questions, I’m happy to help make Medicare easier to understand.

Schedule a Medicare review with Tina Beck Insurance today.

Disclaimer: This information is for educational purposes only and is not a complete description of Medicare benefits, coverage, or eligibility rules. Medicare rules, costs, benefits, and plan availability can change. Contact Medicare or a licensed insurance professional for information specific to your situation.