Five Common Medicare Mistakes to Avoid

Five Common Medicare Mistakes to Avoid

We’ve always stressed that Medicare can be pretty confusing at times. Here at Senior Financial Group, we do our best to help our clients feel more informed and comfortable when it comes to their healthcare decision making despite the overwhelming number of options. Our goal is to simplify and specialize each customer’s situation in order to get them the best plan for their individual needs.

Below we have listed some common mistakes to avoid when dealing with Medicare:

• Don’t Fail to Sign Up for Medicare:

If you are already receiving Social Security benefits, you will be automatically enrolled in Medicare Part A and B upon turning 65. However, if you have decided to postpone filing for Social Security until full retirement age or later, you will need to sign up for Medicare. You have seven months (three months before your 65^th birthday, to three months after) to sign up, and Part A is free so there is no reason to wait.

• Don’t Miss the Deadline to Sign Up After Your Leave Your Job:

If you’re 65 and working and have health insurance through your employer, you probably don’t have to sign up for Medicare (this also allows you to avoid Part B premiums). However, if you leave your job, you have eight months to enroll in order to get coverage in time. If you fail to do so, you’ll have to wait until the next enrollment period, more than likely go without coverage, and possibly get hit with a 10% lifetime late-enrollment penalty.

• Don’t Choose the Wrong Medigap (Medicare Supplement Insurance) Policy:

It’s very important to choose the right Medigap policy based off your individual needs. This is where our SFG Benefit Specialists can really come in handy. If you choose a plan, but then try to switch plans after that, insurers can charge more or even reject you based off your health. Our experienced staff can help you avoid errors when going through this process.

• Don’t Assume Your Medical Providers Will Always be Covered by Your Med Advantage Plan:

This is another area where our agents can be extremely beneficial for you. Typically when you get your coverage through a private Medicare Advantage plan, you will need to use that plan’s network of doctors and hospitals in order to get the lowest co-pays. Therefore, it’s very important to make sure beforehand that you check to make sure your doctor(s) is in network. Our Benefit Specialists will take the time to sit down and check to see however many doctors you may need are in network.

• Don’t Lose Track of Your Part D

Open Enrollment Period is from October 15^th to December 7^th. This is a great time for you review all your options, as well as make sure there are no significant, unexpected premium increases. Also, if you have been prescribed any new medications throughout the year, it would be a good idea to check if any generic options for your drugs are available or just make sure your plan is still the best fit for your needs. All of these tasks are what our SFG Benefit Specialists are here for.

Don’t let the multitude of options and responsibilities involving your Medicare overwhelm you. Call our staff at Senior Financial Group to sit down with one of our knowledgeable Benefit Specialists. Let us help you avoid these common Medicare mistakes. Call us at 865-777-0153 or toll free 1-800-677-0153.