5 Common Mistakes to Avoid in Your First Year of Medicare Coverage
Medicare has many guidelines and rules that can get you off-guard most times. More so to the first timer in their first year as a beneficiary, as many people make mistakes a lot. Although you have heard of mistakes that people say they have made, some are common, and you must be aware of some of the Medicare rules to avoid these common errors altogether. In this article, you will learn of the common mistakes that you should avoid in your first year of Medicare coverage.
Waiting to be auto-enrolled
Having the assumption, you will be auto-enrolled into Medicare is a mistake many people make. Although some do, not all people have this convenience. The only way you are auto-enrolled is when you are taking the social security benefits at least 4-6 months to your 65th birthday. So assuming you will be auto-enrolled in Parts A and Parts B of Medicare because you are almost celebrating your 65th birthday is a mistake. In making this mistake, it can lead to another one where you will enroll late, and it also has its consequences.
Not enrolling in a cost-effective plan
Among the plans that Medicare has to offer, ensure that you enroll in the most cost-effective plan for your health needs. In addition to Part A and Part B, you can also enroll in two other main types of plans. The Medicare advantage plans 2021 and the Medicare supplement. Research the two plans to know how they work before you choose one of them as they vary a lot from one another. In this way, you can make an informed decision when it is time to enroll. Notably, consider factors like how much you travel, medical conditions you have, how often you go to the doctor, among others.
Not enrolling in Part D at age 65
If you enroll in Part D late, you will pay a penalty fee unless you had a creditable drug coverage plan. Also, others make a mistake of not enrolling in Part D for they have no medications that they are using and so they think they do not need Part D. Yet, this has cost a lot of people who are in the Medicare program as when they need the prescription medication they have to pay out of pocket. Hence, it is important to enroll in Part D when you are at 65years instead of postponing to think about it until the next enrollment. Also, it is better to choose the low-cost Part D plan and be safe than to be sorry later.
Missing the open enrollment of Medicare supplement
Since there is only one Medicare supplement open enrollment period, it is the best time to apply for this plan as it is the only time you are guaranteed enrollment. During this period, the carrier will not ask you any health questions during your application process. Plus, your enrollment period will start the day your Part B is effective, and it goes on for the next six months. For instance, if your part B starts on May 2nd, the open enrollment period will end on November 1st.