Avoid costly mistakes with your Medicare Plans
Do you feel like there is a dark cloud looming every time you have to deal with your Medicare plans? You’re not alone!
Dealing with all of the details of Medicare can be complicated, confusing and overwhelming. If you don’t meet key deadlines, there can be costly penalties, or you can find yourself uninsured for certain key procedures or medications.
Here are some key items to keep in mind, and on the calendar!
- Open enrollment runs October 15th – December 7th each year
- Your plans should be reviewed every year to ensure you know about changes
- If you are not on Social Security when you turn 65, you have to initiate contact to enroll in Medicare. If you are receiving Social Security benefits you will be automatically enrolled
- Know the income limits for the different Plan parts, or you could have to pay 5-times the premium; keep in mind when taking certain account withdrawals
- Pick the plan that works best for each individual. You and your spouse may not be on the same Supplement and/or Part D plan, depending what your needs are
- Know who is in your network if you are on a Medicare Advantage Plan
- Be aware of life-changing events that allow you to change your Plan outside of the open-enrollment period
- Once you have enrolled in Part B, you have 6 months to buy a Supplement Plan
- If you leave a job after age 65, you have 8 months to enroll in Part B, otherwise you will have to wait for open-enrollment, and potentially get a 10% lifetime late-enrollment penalty!
These are just some of the items to consider. The best route is to work with an Agent who is an expert on the ins and outs of Medicare. It will take the pressure off of you trying to keep up with all of the changes, requirements and deadlines.
We are happy to help you navigate the Medicare maze. For more information, or to set up a review of your Medicare Plans, contact us.