Enrolling in Medicare for the first time can feel overwhelming, especially with so many options and deadlines to consider. Unfortunately, many first-time enrollees make common mistakes that can lead to unnecessary costs or gaps in coverage. At Mint Insurance Agency, we’re here to help you navigate the process smoothly. Below, we’ve outlined the top five mistakes people make when enrolling in Medicare and how to avoid them.
1. Missing Your Initial Enrollment Period (IEP)
Your Initial Enrollment Period is a seven-month window that begins three months before the month you turn 65, includes your birth month, and ends three months after. Missing this period can result in late enrollment penalties that may increase your premiums for life.
What to do instead: Mark the dates on your calendar and start researching your options early. If you’re already receiving Social Security benefits, you may be automatically enrolled in Medicare Parts A and B, but it’s always a good idea to confirm your enrollment status.
2. Not Understanding the Difference Between Original Medicare and Medicare Advantage
Many people sign up without fully understanding their options. Original Medicare (Parts A and B) only covers hospital and medical services, while Medicare Advantage (Part C) plans are offered by private insurers and often include additional benefits like dental, vision, and prescription drug coverage. Choosing the wrong plan could leave you with unexpected out-of-pocket costs.
What to do instead: Carefully weigh the pros and cons of Original Medicare versus Medicare Advantage. Consider your healthcare needs, budget, and whether you want extra benefits. Comparing plans with the help of a licensed Medicare agent can help you make a more informed decision.
3. Skipping Prescription Drug Coverage (Part D)
Even if you don’t take medications now, you might need them in the future. Many people make the mistake of skipping Part D, only to find themselves unprotected later. Worse, there’s a penalty for signing up late, which is added to your Part D premium for as long as you have coverage.
What to do instead: Enroll in a Part D plan when you first become eligible, or choose a Medicare Advantage plan that includes drug coverage. This ensures you’re protected if your prescription needs change.
4. Overlooking Medigap Policies (Medicare Supplement Plans)
If you choose Original Medicare, you may still face out-of-pocket costs like deductibles, copayments, and coinsurance. Many people don’t realize that Medigap policies can help fill these gaps, and waiting too long to purchase one could limit your options.
What to do instead: If you think a Medigap plan might be right for you, enroll during your Medigap Open Enrollment Period, which lasts for six months starting the month you’re 65 and enrolled in Part B. During this time, insurers can’t deny you coverage or charge higher premiums due to pre-existing conditions.
5. Failing to Review Your Options Annually
Your healthcare needs and personal situation can change over time, but many Medicare beneficiaries stick with the same plan year after year without reviewing their coverage. This can lead to costly mistakes if your plan no longer meets your needs.
What to do instead: Take advantage of Medicare’s Annual Enrollment Period, which runs from October 15 to December 7 each year. During this time, you can review and make changes to your coverage, including switching plans or adding prescription drug coverage.
Need Help Making Sense of Medicare Advantage? Mint Insurance Agency Is Here to Help.
We are an insurance agency dedicated to becoming a lifetime partner for your Medicare and health coverage needs. If you need assistance or want to learn more about the alternatives available to you, contact our licensed agents today or call 1.888.225.MINT (6468). Our team is ready to answer all your questions and help you make the right decision for your circumstances.
