Anybody who is above the age of 60 knows just how important Medicare is. Even with it is significance, the rules and requirements can be very confusing which is not ideal for senior citizens. Small mistakes could lead to costly premiums and you may end up paying out-of-pocket for some services. There could also be a gap in coverage if you don’t sign up for Medicare in time. Here are some of the mistakes you should avoid making when you’re on a Medicare Cover.
Having Your Part D On Auto Pilot
The enrollment for Medicare Advantage and Part D usually runs from October 15 to December 7. This could be seen as the best time to review the options as far as Medicare is concerned. There are plans that could boost your premium while others might work to your disadvantage. A different plan could be ideal if you’ve been prescribed new medication or treatment that is challenging to get with your current plan. The open enrollment gives you the opportunity to compare the options available in your area. You can go to the Medicare website to find out which dosages that you require for your treatment. You may require Mutual of Omaha Medicare Supplement Plan G which is not available in your current plan.
Getting the Same Part D as Your Spouse
It should be noted that there are no special spousal discounts if you both take Part D. And you’re not likely to take the same medication as your spouse. One plan could provide better coverage for your medication while another could do the same for your spouse. That is why it is not recommended to take the same Part D plan when you’re thinking about Medicare.
Not Switching Mid-Year If Necessary
Even though there are specific dates for open enrollment, you may still be able to change plans during the calendar year. There could be certain life changes that necessitate switching to a new plan. You may have moved to a new address and the cover doesn’t apply to your new area. You can check out special enrollment periods so that you have the right information before making the decision of switching plans.
Picking the Wrong Medigap Plan
You can get any plan if you have a pre-existing condition and buy a Medicare plan supplement within six months of enrolling in Part B. Providers will in most cases restrict changing plans after the mentioned period because of your health condition. There are several ways preexisting conditions could affect the Medigap insurance cover. There are some states that will let you change to plans regardless of the medical condition. You should check out the rules and regulations in your state so that you don’t make the wrong decision.
Not Signing Up for Medicare At 65
You’re still eligible to sign up for Medicare when you retire. You’re already enrolled in Part A and Part B if you receive social security benefits. You will need to take it upon yourself to sign up for Medicare if you’re not receiving any benefits from Social Security. It will be a good idea to delay signing up for Part B if your spouse still has coverage from the employer.
Going Out Of Network for Your Coverage Plan
If you choose to take the Medicare Advantage plan, you will be covered for medical expenses and prescription drugs. This will mean that you’re required to use the plan’s doctors in order to get the lowest copayment. You can take a look at the doctors and hospitals that are covered in the plan before making the big decision.
Not Signing Up for Part B
This particularly important if you’re a retiree because Medicare will be your primary health insurance when you turn 65. You could be subject to gaps in coverage if you don’t sign up for Part B in time. There is also a lifetime late-enrollment penalty at 10% which is something to worry about. There is a high chance you will have to wait a full year to get coverage if you miss the open enrollment window in that year.
You may forget about enrolling for Part B after you have left your job. You will not have any coverage from your employer and an alternative will be necessary. You will have to sign up within eight months of leaving your job or you will have to wait for one year in order to enroll for part B.