Medicare is the U.S. health care insurance program for people aged 65 and older. If you plan to enroll in this program soon, these are some mistakes you should avoid making.
Don’t Miss Deadlines
If you don’t sign up on time, you may face consequences. If you receive Social Security when you turn 65, you won’t need to do anything to sign up. Instead, you’ll be automatically signed up when your benefits start. Your premiums will be deducted directly from your monthly benefits.
If you aren’t enrolled automatically, missing a deadline could mean having a gap in coverage that becomes very expensive. If you need health care during this time and lose employer coverage due to retirement, a coverage gap could be financially devastating. Make sure to enroll during your Initial Enrollment Period if possible, or try to get enrolled during General Enrollment.
Avoid Medicare Penalties
Medicare has late enrollment penalties in place. If you don’t enroll when you are first eligible, you risk being charged a penalty. For Part A, the penalty is 10% of the monthly premium, and you’ll pay this premium for twice the number of years you delayed signing up. The Part B penalty is 10% per 12-month period you were eligible for and didn’t sign up. This penalty lasts for your entire life, so it can become incredibly costly in the long term.
Sign Up For Both Parts of Original Medicare
If you aren’t automatically enrolled, you may think that you only need to sign up for one part of Medicare. This is wrong. To be fully covered, you must get Part A and Part B of Medicare. Make sure you work with an insurance agent if you don’t understand how to get enrolled in both parts of the program.
Get Medicare Help To Avoid Mistakes
Signing up for Medicare can be difficult for some. Don’t worry. Magellan Healthcare is available to assist you.
Give us a call at 866-779-3553 to get started with a free consultation. When you speak to an agent, you’ll learn how you can avoid Medicare mistakes.
