Six Most Common Errors Medicare Enrollees

Choosing the right Medicare plan is one of the most important decisions you have to make as a senior. Since there are hundreds of policies to consider when choosing and an overabundance of information to plow through with each one, most people just get frustrated and guess when they choose a policy. 

But by taking that approach they can end up hurting themselves by paying too much for a plan that does not cover their needs. These are the six most common errors to avoid when enrolling in Medicare:

Here are two of the six errors.

Signing up too late or too early 

The initial enrollment period for Medicare is when a person is 65 or nearing that age. Before turning 65, it is important to know what to do and when to enroll. 

Failing to do so will result in long-term penalties. If a person who is nearing the age of 65 is still working or their spouse is still working and personal insurance complies with specific requirements, it makes sense for that individual to put off enrollment in Parts D, B and A. 

Not knowing the difference between a Medicare Advantage plan and a Medicare supplement plan

People who are new to Medicare have an important choice to make when deciding whether to enroll in a Medicare Advantage plan or in original Medicare. 

Before enrolling, it is important to understand the benefits and advantages of each choice. 

Original Medicare involves a fee-for-service structure. Many people supplement their original Medicare plan with an Advantage plan to fill coverage gaps. 

In addition to this, beneficiaries typically choose a Part D plan to cover prescription medications. Parts A and B in original Medicare cover some procedures and treatments, they usually lack coverage for others. 

This is where a supplemental plan is helpful. Advantage plans are considered Part C and are meant to replace Parts A and B but not to be supplemental plans. Medicare Part C plans also include prescription drug coverage.

More errors to come. Make sure to check back!