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About Medicare
//
Jun 5, 2024

Top 5 Medicare Mistakes…And How to Avoid Them!

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Navigate Medicare enrollment with ease by steering clear of these common errors.

Embarking on your Medicare journey can feel daunting, especially without a seasoned guide by your side. The most common pitfalls in Medicare are often due to a lack of early information on crucial deadlines and regulations. But worry not—we’re here to spotlight the top 5 Medicare mistakes and share tips on how to sidestep them!

1. Missing Enrollment Deadlines

Your Initial Enrollment Period (IEP) is a golden window that opens 3 months before your 65th birthday, spans your birthday month, and closes three months after. Missing this period could result in penalties down the road and delay your enrollment to the General Election Period (GEP), from January 1st to March 31st annually.

Avoidance Tip: Begin exploring Medicare at least 3 months before turning 65. If you’re extending current coverage beyond 65 and deferring Medicare, ensure your plan is recognized as credible to avoid enrollment issues during your IEP.

2. Facing Late Enrollment Penalties

These penalties are tied to missed deadlines for Premium Parts A, B, and D, escalating for each month without credible coverage.

Avoidance Tip: Enroll promptly when eligible. If delaying due to credible coverage, maintain proof of insurance. Should you lose coverage, enroll in Medicare promptly to dodge penalties.

3. Overestimating Your Coverage’s Credibility

Not all plans are equal. Employer coverage might be credible, but COBRA is not deemed a substitute for Medicare. Keeping COBRA and delaying Medicare enrollment can result in penalties and coverage gaps.

Avoidance Tip: Verify your plan’s credibility with your benefits administrator and ensure you receive annual confirmation of your coverage’s status.

4. Skipping Additional Coverage

Medicare was not designed to cover all healthcare expenses. Without additional coverage, you could face unlimited out-of-pocket costs.

Avoidance Tip: Consult with a knowledgeable agent who can guide you through your options and key deadlines.

5. Neglecting Annual Review of Your Plan

Plan benefits and available options in your area change yearly. Failing to reassess your plan could lock you into unsuitable coverage for the next year, especially considering fluctuating doctor networks and drug formularies.

Avoidance Tip: Review your plan’s Annual Notice of Change each September and explore other plans during the Annual Enrollment Period from October 15th to December 7th.

The good news? All these mistakes are avoidable. For Medicare queries, AMAC’s Medicare Advisory Service is your go-to resource. Our agents provide clear, concise guidance to ensure you’re well-informed with just one call.

AMAC makes sense of Medicare! Don’t just take our word for it—reach out today and experience the difference yourself.

 

Contact AMAC’s Medicare Advisory Service at 1-855-611-4856 or request a quote below!


Request a call!

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