3 Most Common Mistakes Made on Medicare

3 most common mistakes people make when enrolling in the Medicare Advantage or Medigap plan.

     Don’t plan early.

Many of us procrastinate, it’s a human nature. We postpone things that make us feel uncomfortable, things that scare us or we feel intimidated by. So we wait and wait till we can’t postpone anymore and we need to make the decision fast. Decisions made under pressure aren’t always in our best interests. Medicare is a complex topic. Start planning early, remember you have 7 months of Initial Enrollment Period to sign up for Medicare (3 months before you turn 65, the month of your 65^th birthday and 3 months after you turn 65). During initial enrollment, you will be solicited by a lot of ads in the mail and cold calls. You will hear hundreds of opinions on what you should do, what product you should pick.  You will be told by many you are running out of time and you need to make the decision fast. Instead of getting yourself all wound up, frustrated and ultimately finding yourself picking the plan that is currently in front of you, take a deep breath and rethink the situation. Contact your trusted agent in your area before your Initial enrollment period starts, have an honest discussion with the agent on what your needs and income constraints are. Remember nobody knows your needs as well as you do! Review different plans, one plan doesn’t fit all and definitely the plan your neighbor has not necessary can be the best option for you. Quiet down the noise of solicitor around you, put yourself in control and focus on the best Medicare plan for you by choosing the right person who can guide you through the confusing world of Medicare.

          Pick a Medicare plan because a neighbor or a family member has it. 

We all are different. That’s what makes us unique. We have different priorities in life, different goals, different tastes and different likes. That is true for all areas of our lives. Choosing Medicare plan is not any different. One plan doesn’t fit all. Analyze the Medicare plan options based on your goals and needs. Make sure the plan of your choice includes the doctors you are seeing, the medication you are taking and aligns with your income. Keep in mind the plan your neighbor or a family member have may be the perfect plan for them based on their needs and constraints but it maybe not necessarily the best option for you. Quiet down the opinions of other people and talk to a specialist. Preferably someone who can discuss different Medicare plan options with you and decide on a plan that resonates with you the most.



 Enroll in the cheapest plan available.

Have you heard the sayings “you get what you pay for” or “the devil is in the detail”? We as human-like to get free stuff, there are many pages on internet designated to “super couponing” or free stuff finders. Looking for deals can be challenging, fun and satisfying. But when it comes to choosing the right Medicare plan, it is more than just a price. This is a big decision you are making that will impact your future. Spend the time on reviewing the options to assure the impact will be positive. Analyze not only the price and the network providers but the whole financial structure of the plan. Make sure you can absorb the deductible (if there is any), that you are ok paying the co-pays if you end up in the hospital and more importantly are you financially prepared to deal with Maximum out of pocket amount if the worst-case scenario took place. The decision you make during open enrollment with respect to signing up for the right plan will impact you and your family for the whole year. Don’t take the subject lightly, make sure you have all the pieces to make a knowledgeable decision.