Here is an excellent resource entitled
The Five Biggest Mistakes Boomers Make When Enrolling in Medicare
Mistake 1: Signing up too early or too late for Medicare and its parts
The Initial Enrollment Period is the first time you can sign up for Medicare.You may join Medicare Parts A, B, and D during this time:
- The 3 months before your 65th birthday,
- The month of your birthday, and
- The 3 months after your birthday.
Your coverage will start no sooner than your birthday month.
Example:If your birthday is in July, your IEP begins April 1st and ends October 31st.
Note: If you miss this period, you will have a chance again later on. But if you wait, you may have to pay more. You also could be without health coverage. Learn about penalties for late enrollment.
Use Medicare QuickCheck™ to find out what you can sign up for and when if you are not sure.
Mistake 2: Not understanding the difference between a Medicare Supplement and a Medicare Advantage policy
Most consumers buy more coverage in addition to their original Medicare Parts A and B. This is called a private Medicare Supplement (also called Medigap) policy. You can get a Part D plan for your prescription drugs. A Medicare Supplement policy may cover some services that are not included under the standard Medicare Parts A and B as well as some out-of-pocket costs such as co-insurance costs for care at skilled nursing facilities, the Part A deductible, and foreign travel emergency care. If you choose a Medicare Supplement policy, you will pay an additional monthly premium. You won’t need prior authorization to use specialists or to get second opinions.
A Medicare Advantage Plan (Part C) takes the place of original Medicare Parts A and B. These plans are like group insurance. They are sold through approved, licensed insurance companies and may have an additional monthly premium. Often, Medicare Advantage plans include prescription drug coverage as well as services that original Medicare does not such as health/wellness programs and vision care. However, a Medicare Advantage plan may also limit a person’s ability to use doctors and hospitals, and also require prior authorization to use specialty services. (Note this big difference).
Mistake 3: Guessing when picking specific plans
Get help if you are not sure. Use Medicare QuickCheck and then get in touch with an expert, licensed adviser.
Mistake 4: Not applying for extra help
You might be eligible for extra help. If you aren’t sure ask for help. Use the BenefitsCheckUp® where you can see if you’re eligible and apply online for Extra Help or Medicare Savings Programs. Or, contact your State Health Insurance Assistance Program (SHIP) to see what’s available to you.
Mistake 5: Not re-evaluating your coverage every year
I know it’s a pain but you have to do it. Once you have Medicare you should review your coverage every year. You might be able to get better coverage and save money. You should especially review Part D to see if you can save money on your prescription drugs.