1. Missing Your Sign-Up Period
Medicare enrollment periods are unique to each individual, just as different Medicare plans and providers are different. Your initial enrollment period (IEP), AKA your first opportunity to enroll in Medicare, is your birth month and the 3 months before and after it.
Many people will choose to wait to enroll if they are over 65, still working, and receiving health benefits from their place of employment. However, if you work for a company with 20 employees or less, you must enroll when you’re 65 even if you are still in the workforce. Because Medicare is a primary payer for small businesses, your employer could refuse to pay claims in the future.
2. Assuming There Will Be Coverage For Your Spouse
If your spouse is currently covered through your health insurance and you are turning 65 first, you may want to consider the financial pros and cons of enrolling in Medicare or waiting to enroll. Medicare only provides coverage to those ages 65 and above or those with certain special circumstances.
It is also important to remember that your spouse cannot join your Medicare Advantage, Medigap or Part D plan(s) at any point in time, no matter their age. Medicare provides individual plans only and does not offer joint plans for married couples.
3. Selecting the Wrong Plan
There are 2 paths to consider when first choosing your Medicare coverage. The first option is Original Medicare (Part A and Part B) with the possibility of a Medigap plan and Part D as well. The second path is a Medicare Advantage plan with Part D coverage. For more about the differences between these options, watch our short videos. This is a very important choice since the plan can be difficult to change in the future.
It is impossible to foresee what health issues could affect someone in the future, so it is crucial to have the most flexible plan possible from the start. This is one of the many reasons having an agent while choosing your Medicare plan is so helpful. They know the ins and outs of each plan and provider and can make the stressful process of choosing a Medicare plan much easier.
Have a Medicare Expert On Your Side
Senior Financial Group employs insurance advisors who are Medicare experts and eager to help you or your loved ones enroll in Medicare with ease. To get started on your journey to the best-fit Medicare coverage plan, request an appointment in your home, over the phone, or in our office.