Turning 65? Avoid These 5 Common Medicare Enrollment Mistakes.

As you approach the age of 65, you are likely preparing to enroll in Medicare for the first time. While Medicare is a valuable resource for seniors, there are common mistakes that individuals often make when navigating the enrollment process. Here are the top 5 most common Medicare mistakes that people make when they turn 65:

1. Not enrolling in Medicare on time: One of the biggest mistakes that individuals make is failing to enroll in Medicare during their initial enrollment period. The initial enrollment period for Medicare normally begins three months before your 65th birthday and ends three months after. If you miss this window, you may face lifetime penalties in the form of higher premiums when you do eventually enroll. It's important to be aware of your enrollment period and take action to enroll in a timely manner to avoid these penalties. Note: Some people may not need to enroll in all parts of Medicare during their initial enrollment period. Please contact us and we'll create a free Medicare enrollment roadmap, so you know exactly when and how to apply for Medicare to avoid penalties.
2. Not understanding the different parts of Medicare: Medicare is divided into several parts, each covering different aspects of healthcare. Part A covers hospital stays, Part B covers medical services, Part C is also known as Medicare Advantage and Part D covers prescription drugs. Many individuals make the mistake of not fully understanding the differences between these parts and how much coverage they provide. It's important to take the time to educate yourself about the different parts of Medicare, how they work together, and what your gaps in coverage may be.
3. Not exploring all of your coverage options: While original Medicare (Part A and Part B) provides basic healthcare coverage, there are additional options available that can provide more comprehensive coverage. For example, Medicare Advantage plans, also known as Part C, are offered by private insurance companies and often include additional benefits that Medicare doesn't cover. Medigap plans (also known as Medicare supplement plans) are another great option. These plans work with original Medicare and help cover Medicare's out-of-pocket costs. It's important to explore all of your coverage options and choose a plan that best meets your healthcare needs.
4. Assuming that Medicare covers everything: While Medicare provides valuable healthcare coverage, it doesn't cover everything. There are gaps in coverage, such as dental, vision, and hearing services, that are not covered by original Medicare. It's important to be aware of these gaps in coverage and consider purchasing supplemental insurance or a Medicare Advantage plan to help cover these costs. Additionally, Medicare does not cover long-term care, so it's important to plan ahead and consider options for long-term care coverage.
5. Not seeking help from a professional: Navigating the complex world of Medicare can be overwhelming, especially for individuals who are new to the program. One of the biggest mistakes that individuals can make before they turn 65 is not seeking help from a professional. Insurance agents and brokers can provide valuable guidance and assistance in choosing the right Medicare plan. They can help individuals avoid penalties, understand their coverage options, compare plans, and enroll in the plan that best meets their needs. Seeking help from a professional can help individuals avoid common mistakes and ensure that they have the coverage they need.

Turning 65 and enrolling in Medicare can be a confusing and overwhelming process - but Secure Horizon Benefits keeps it simple. We help folks just like you learn about Medicare, explore all of your coverage options, and review your coverage annually to ensure that you have the best coverage for your healthcare needs. Our advice and services are provided completely at no-cost to you. Give us a call and we'll set up a personalized roadmap for your Medicare enrollment today!