Top 5 Common Medicare Mistakes
john • December 19, 2022
There are a few birthdays that are important to people in the USA. Every birthday until the age of ten is significant for a kid and their family. Then, the next big one is usually sixteen, where you finally get your “freedom” and can drive a car. Eighteen is the next big one, where you can officially say you are an adult. After that, turning twenty-one is the last big birthday for most people.
But, after the twenty-first birthday, the rest of your birthdays won’t be the same in terms of gaining new legal privileges like driving a car, or being able to go to a bar. Sure, your car insurance cost will decrease at twenty-five – but most people won’t be celebrating that!
Turning 65 is when most people will have to make a few big decisions that will affect them for years down the road. These are your choices regarding Medicare. As with any big decisions, it is very important to be informed to avoid any mistakes. But getting informed isn’t always easy, especially with everyone's busy schedules these days. So we’ve laid out the top 5 mistakes people make when turning 65, so you can be ready when the time comes. Continue reading below to see them.
This is the first mistake you should watch out for. If you wait too long to learn about Medicare, you can find yourself in a bad place. There are quite a few things to learn about, but the big ones are:
When folks come to us with questions, we recommend they start learning about these things about 3 months before their 65th birthday. By doing this, you make sure you’ll have time to make informed decisions and not be pulling your hair out at the last minute. Or worse, by waiting to learn about your options, you could easily end up on the wrong plan. If you are on a plan that isn’t right for you, it can be expensive down the road while also not providing you with the coverage you need.
Not enrolling in Medicare Part B when you are eligible for it may make sense for a few reasons. Sure, it may save you some money by not having to pay the Part B premiums. But when the time comes and you actually need your Part B coverage, you will have to pay a penalty in addition to your monthly premium, for the rest of your life. It is easy to see how expensive that can be.
Without Part B coverage (or any other health insurance), hospital visits and stays will likely result in very high medical bills. This can be avoided by simply enrolling in Part B when you are eligible.
This may seem like not a real mistake, but it certainly is. When it comes to Medicare plans and coverage, buying the most expensive plan and calling it a day is more than likely one of the worst decisions you can make.
Some plans that cost $150 /month, say a Medicare Supplement Plan F, can cost you $75 /month for the same coverage. In this case, you would be throwing away that extra hundred dollars every month.
Or, there may be a Medicare Advantage plan that costs $100 /month. In some cases, you could have gotten the same coverage for $40 /month, or even free!
This is why it is important to do your research and be informed, so you can get the best plan for your needs! At KEYWAVE DIGITAL , we want to get you the plan that will make sure you have exactly the coverage you need. Everyone’s needs are different, and we always take into consideration what your needs are and what you feel is important.
When it comes to Medicare, there is no one-size-fits-all. Sure, a certain plan may have worked out well for someone you know, but they may not have the same needs as you.
The best plan for is more than likely different than the best plan for your friend/ co-worker/ neighbor/husband. Whether your health needs are more important, or if you are looking for something cost-effective, it is important to make choices that suit you.
While some folks will feel comfortable doing the research themselves and enrolling on their own, most people will end up asking a professional for help.
When you are looking at agents to help you enroll, there are a few types to avoid. The first are lazy agents that only will seek to sign you up when you turn 65. After the helping you with the initial enrollment, they never reach out to contact you or see how things are going.
And then in the future, when your plan changes and you have questions, you will have a hard time getting in contact with them to help you again. At this point, you will probably have to get another agent to help you start over.
At KEYWAVE DIGITAL , we give you all the information and guidance needed to get through your enrollment successfully, with exactly the coverage you want. And if you choose us to help you with your enrollment: we have a dedicated team that ensures that you are satisfied with your coverage, even if your needs change. We are always here to help.
The other types of agents are the kind that can only represent one company. These types of agents are called “Captive Agents.” Because these agents can only represent one company, they won’t be able to help you switch to a different company that may have a better plan when the time comes.
Sure, when you enroll, they may have a plan that fits you. But when it comes time to change your plan because your needs changed, they won’t be able to get you the best plan because they can only represent one company that provides Medicare plans. In other words, you don’t get to “shop around” for the best price if you choose to work with a captive agent for your Medicare.
At KEYWAVE DIGITAL , we are independent. This means we can shop around to multiple carriers and get you the best plan for your needs, at the best price. We represent all of the top plans, and by doing so all of the best plans are available to you.
This also means that when your needs have changed, we can help you shop around for plans and get you on to a new one that you will be happy with.
Or, if you want some questions answered, simply get in contact with us by using the "Contact Us" page and we will reach out to you for a personal Q&A session! You can also use the Chat Function on our website to send messages directly to me
And of course, please share this article with anyone that you think will benefit from it!
But, after the twenty-first birthday, the rest of your birthdays won’t be the same in terms of gaining new legal privileges like driving a car, or being able to go to a bar. Sure, your car insurance cost will decrease at twenty-five – but most people won’t be celebrating that!
Turning 65 is when most people will have to make a few big decisions that will affect them for years down the road. These are your choices regarding Medicare. As with any big decisions, it is very important to be informed to avoid any mistakes. But getting informed isn’t always easy, especially with everyone's busy schedules these days. So we’ve laid out the top 5 mistakes people make when turning 65, so you can be ready when the time comes. Continue reading below to see them.
1. Waiting too long to learn about the Medicare basics
This is the first mistake you should watch out for. If you wait too long to learn about Medicare, you can find yourself in a bad place. There are quite a few things to learn about, but the big ones are:
- Medicare Advantage Plans
- Medicare Supplement Plans
- Medicare Part D Prescription Drug Plan
When folks come to us with questions, we recommend they start learning about these things about 3 months before their 65th birthday. By doing this, you make sure you’ll have time to make informed decisions and not be pulling your hair out at the last minute. Or worse, by waiting to learn about your options, you could easily end up on the wrong plan. If you are on a plan that isn’t right for you, it can be expensive down the road while also not providing you with the coverage you need.
2. Not taking Medicare Part B when you are eligible for it
Not enrolling in Medicare Part B when you are eligible for it may make sense for a few reasons. Sure, it may save you some money by not having to pay the Part B premiums. But when the time comes and you actually need your Part B coverage, you will have to pay a penalty in addition to your monthly premium, for the rest of your life. It is easy to see how expensive that can be.
Without Part B coverage (or any other health insurance), hospital visits and stays will likely result in very high medical bills. This can be avoided by simply enrolling in Part B when you are eligible.
3. Buying the Most Expensive Plan
This may seem like not a real mistake, but it certainly is. When it comes to Medicare plans and coverage, buying the most expensive plan and calling it a day is more than likely one of the worst decisions you can make.
Some plans that cost $150 /month, say a Medicare Supplement Plan F, can cost you $75 /month for the same coverage. In this case, you would be throwing away that extra hundred dollars every month.
Or, there may be a Medicare Advantage plan that costs $100 /month. In some cases, you could have gotten the same coverage for $40 /month, or even free!
This is why it is important to do your research and be informed, so you can get the best plan for your needs! At KEYWAVE DIGITAL , we want to get you the plan that will make sure you have exactly the coverage you need. Everyone’s needs are different, and we always take into consideration what your needs are and what you feel is important.
4. Taking Plan Recommendations from Friends/Family
When it comes to Medicare, there is no one-size-fits-all. Sure, a certain plan may have worked out well for someone you know, but they may not have the same needs as you.
The best plan for is more than likely different than the best plan for your friend/ co-worker/ neighbor/husband. Whether your health needs are more important, or if you are looking for something cost-effective, it is important to make choices that suit you.
5. Choosing the Wrong Type of Agent to Help You Enroll
While some folks will feel comfortable doing the research themselves and enrolling on their own, most people will end up asking a professional for help.
When you are looking at agents to help you enroll, there are a few types to avoid. The first are lazy agents that only will seek to sign you up when you turn 65. After the helping you with the initial enrollment, they never reach out to contact you or see how things are going.
And then in the future, when your plan changes and you have questions, you will have a hard time getting in contact with them to help you again. At this point, you will probably have to get another agent to help you start over.
At KEYWAVE DIGITAL , we give you all the information and guidance needed to get through your enrollment successfully, with exactly the coverage you want. And if you choose us to help you with your enrollment: we have a dedicated team that ensures that you are satisfied with your coverage, even if your needs change. We are always here to help.
The other types of agents are the kind that can only represent one company. These types of agents are called “Captive Agents.” Because these agents can only represent one company, they won’t be able to help you switch to a different company that may have a better plan when the time comes.
Sure, when you enroll, they may have a plan that fits you. But when it comes time to change your plan because your needs changed, they won’t be able to get you the best plan because they can only represent one company that provides Medicare plans. In other words, you don’t get to “shop around” for the best price if you choose to work with a captive agent for your Medicare.
Why Choose John Ellis in Carlisle, PA for Medicare help?
At KEYWAVE DIGITAL , we are independent. This means we can shop around to multiple carriers and get you the best plan for your needs, at the best price. We represent all of the top plans, and by doing so all of the best plans are available to you.
This also means that when your needs have changed, we can help you shop around for plans and get you on to a new one that you will be happy with.
Or, if you want some questions answered, simply get in contact with us by using the "Contact Us" page and we will reach out to you for a personal Q&A session! You can also use the Chat Function on our website to send messages directly to me
And of course, please share this article with anyone that you think will benefit from it!
Are you curious about how your current Medicare plan may change next year? This blog post will provide you with important information about potential changes and how to prepare for them. Learn about the different factors that can affect your plan, as well as tips on how to make sure you are covered in the event of any changes. Keep up to date with the latest developments in Medicare and make sure you are prepared for any changes that may come.
Confused about how to compare Medicare Advantage plans? This blog post will guide you through the process of researching and comparing plan options. Learn about the different types of Advantage plans available, as well as some key criteria to consider when making your decision. Find out how to compare plan costs, coverage, and other important factors to make sure you choose the right plan for you.
Original Medicare provides important coverage for medical services and supplies, but it does come with some gaps in coverage. This blog post will provide an overview of the gaps in coverage and how to bridge them. Learn about the various cost-sharing requirements and supplemental insurance plans that can help to fill any coverage gaps. Find out how to make sure you have the coverage you need and make informed decisions about Original Medicare.
Medicare is an important source of health insurance coverage for many people in the United States, but it can be confusing to understand the various costs associated with it. This blog post provides an overview of the costs and fees associated with Medicare, Part 1. Learn about the premiums and deductibles you'll need to pay, as well as the types of cost-sharing you may be responsible for with Original Medicare. Discover how to save money by supplementing your Medicare coverage with a Medicare Advantage plan.
In part two of this blog series, we'll provide an in-depth look at the costs associated with Medicare. Learn about the different types of out-of-pocket expenses, such as copayments, coinsurance, and deductible amounts that you may be responsible for when using Original Medicare. Discover how to supplement your coverage with a Medicare Advantage plan and how to find cost-saving strategies. Find a comprehensive overview of the various costs associated with Medicare and how to make informed decisions about your coverage.
Joining Medicare when you reach the age of 65 is a big decision. There are many factors to consider, such as when you should sign up for Parts A and B, how to supplement your coverage with a Medicare Advantage plan, and how to save money on costs. This blog post provides an overview of when you should join Medicare and how to make an educated decision about your coverage. Learn about the different parts of Medicare, the enrollment process, and the costs associated with the program.
Discover how to get help with Medicare costs. This blog post provides information on insurance programs such as Medicaid and Medicare Savings Programs that may be able to provide financial assistance. We will also cover tips on how to save money on prescription drugs and other costs associated with Medicare. Get a comprehensive overview on the various options available to help reduce your out-of-pocket costs for Medicare.
Learn how to get the most out of your Medicare drug plan with our comprehensive guide on using it for the first time. Maximize your benefits and reduce costs today.
Discover everything you need to know about the Medicare Annual Election Period (AEP) and how it affects your Medicare coverage options. Learn how to make informed decisions during AEP.
Explore the world of Medicare Supplements and understand what they can offer you. Find out what you need to know to make an informed decision on your Medicare coverage.