The Top 5 Medicare Mistakes

Enrolling in Medicare and one of the thousands of supplemental plans can be a whirlwind. When signing up for Medicare, seniors have a lot to keep track of, including enrollment periods and the details of multiple Medicare Parts and plans. Making mistakes when signing up for Medicare is easy, but these mistakes can be costly. Read on to learn how you can avoid the top 5 Medicare mistakes. Need additional help? We provide the best, and most complete Medicare advice out there, and our advice is always free. Give us a call any time to discuss your Medicare.

Here are the Top 5 Mistakes to Avoid:

1. Enrolling in a Medicare plan without prescription drug coverage

Known as a Part D drug plan, this plan type provides catastrophic coverage to protect you against the risk of paying thousands of dollars should you receive an expensive specialty prescription.  

2. Assuming that your neighbor or friend's coverage is right for you

Your doctors, prescriptions, budget, and lifestyle should inform the plan you select. Otherwise you might end up with a fancy insurance brand, and little else.‍

3. Choosing Medicare supplemental coverage through an insurance carrier rather than an independent advisor

Insurance companies only show you their own plans, not all of the plans in the market. Independent advisors ask about your needs. And they can search among thousands of plans, all at no cost to you. We at Chapter, in particular pride ourselves on searching through all plans (as opposed to just the few that pay us). If you'd like to book a 15-minute call with us feel free to do so here.

4. Missing an open enrollment period

If you wait too long to sign up for certain type of coverage, you could be subject to lifetime penalties. Or worse still, not be able to enroll in certain types of coverage at all.‍

5. Thinking that you should only select your Medicare plan once and renew plans every year

Plans change premiums every year. And for some plans, benefits do too. So it's important to shop and compare your coverage each year. Chapter is a new type of Medicare advisor that combines technology and licensed experts to help you navigate Medicare and choose the right coverage — all at no cost to you (ever)

Worried about making a mistake or how you can fix a mistake you've made? Give us a call or send us a note to discuss your Medicare.

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