It can be challenging for you to sign up for Medicare health insurance. Since this process takes quite a bit of time, you may end up making some costly mistakes. In this article, we have discussed some basics of this concept and some of the common mistakes you should avoid. Keep reading to know more.
#1: You don’t consider all of your options.
The most common first mistake is that some people choose the wrong coverage option. The problem with this is that it may not meet your needs. As a beneficiary, you can choose from many options when it comes to receiving your Medicare benefits. You can consider your needs and budget to choose the best option.
#2: You Might Not Be Automatically Enrolled
At age 65, some people qualify for Medicare Part A and Part B without signing up. On the other hand, some people have to register manually. You can automatically register if you already have social security benefits. Similarly, if you have been receiving disability benefits and are under age 65, you may be automatically enrolled.
Therefore, if you are unable to qualify for this enrollment automatically, we suggest that you register manually through the social security administration.
#3: You must register as soon as possible
It is essential that you enroll in Medicare at the right time. If you don’t, you may have to pay lifetime penalties, especially if you have Medicare Part B insurance. For example, if you don’t sign up for Medicare Part B while you’re eligible, you may have to pay a 10% higher insurance premium every 12 months.
If you meet the specific conditions that allow you to enroll in Part B, you do not have to pay any late bond renewal fees.
#4: Your Retiree Coverage Isn’t Enough
If you already have retiree coverage, you may think you don’t need to buy Part B. But it’s important to note that this type of coverage can’t be taken as primary coverage once you turn 65. In other words, it means you don’t meet the essential requirements to be eligible for a Medicare Special Enrollment Period.
Therefore, we encourage you to enroll early if you want to avoid a late enrollment penalty when it comes to health insurance coverage.
#5: Your Original Medicare may not cover your prescription drugs
With Original Medicare, you may have limited coverage when it comes to prescription drugs. On the other hand, if you are looking for comprehensive coverage, you can opt for a Part D prescription drug plan. It is even better to consider a private insurance company to apply for this plan.
To summarize, we suggest you avoid these 5 mistakes when it comes to Medicare supplement insurance. Hopefully, by following the tips in this article, you can avoid some common mistakes.