When it comes to Medicare, having the wrong plan can cost you more than just money. It can lead to surprise bills, missed benefits, or not being able to see your doctor.
Whether you’re turning 65 or already enrolled, here are five common mistakes to avoid when choosing a Medicare plan.
1. Ignoring Prescription Drug Coverage
Even if you don’t take medications now, it’s important to have drug coverage. If you skip it, you may face a late enrollment penalty later on.
Most Medicare Advantage plans include drug coverage. If you stay with Original Medicare, you’ll need to add a Part D plan separately. Review the formulary to make sure your medications are covered and check the pharmacy network.
2. Not Checking Provider Networks
Many people assume their doctor will accept any plan. That’s not always true. Medicare Advantage plans have provider networks. Some are limited to local doctors and hospitals.
Before enrolling, check that your primary care provider and specialists are in-network. If you travel often or live in multiple states, consider a plan with broader access or stay with Original Medicare.
3. Overpaying for a Medigap Plan You Don’t Use
Medigap plans help cover the gaps in Original Medicare, but they often come with a high monthly premium. If you’re not using many health services, you might be paying more than you need.
Compare your Medigap plan with Medicare Advantage options. Many Advantage plans offer lower premiums and extra benefits like dental, vision, and hearing care.
4. Missing Out on Extra Help
If you have limited income or resources, you may qualify for programs that lower your costs. These include Medicaid, Extra Help for drug costs, and state pharmaceutical assistance programs.
Some people are eligible for a Dual Special Needs Plan (D-SNP), which offers additional benefits like food cards, transportation, and care coordination. Make sure you’re not missing out.
5. Only Comparing Plans Once
Medicare plans change every year. Premiums, drug formularies, provider networks, and benefits can shift. What worked for you this year might not be your best option next year.
Review your plan every fall during the Annual Enrollment Period. It’s the best time to switch if there’s a better fit.
The Bottom Line
Choosing the right Medicare plan takes a little time but can make a big difference in your health and your wallet. Avoiding these common mistakes can save you money, reduce stress, and help you get the benefits you deserve.
At Liberty Senior Benefits, we help you compare your options based on where you live, what care you need, and which doctors you see. We never charge for our help and we offer appointments by phone, video, or in person.
If you want support from someone who puts your needs first, we’re here for you.
Hi, this is a comment.
To get started with moderating, editing, and deleting comments, please visit the Comments screen in the dashboard.
Commenter avatars come from Gravatar.