Are you wondering, “Do I really need Medicare?” If you are, you’re not alone. 44 million Americans are on Medicare, and experts expect this number to climb to 79 million by 2030. When you have the right coverage, Medicare can be great.
However, many aspects of Medicare can be difficult to understand, which can lead to mistakes. These can cause you to pay extra or even miss out on certain benefits.
So what do you need to watch out for? Keep reading to learn about seven Medicare mistakes you’ll want to avoid when it’s time to sign up.
- Not Signing up for Medicare
Most people know that if they receive social security benefits, the system will enroll them in Medicare Part A and B. However, remember that if you don’t receive social security, you need to sign up for Medicare yourself.
You have three months before and after your 65th birthday to sign up.
- Missing the Deadline
If you continue to work past 65 and your employer provides you with health insurance, then you might not want Medicare.
Yet once you leave your job, you only have eight months to enroll. If you miss your chance, you’ll have to wait until the next year. You might also have to pay some fees.
- Getting the Medicare Part D Plan That Your Spouse Has
Medicare Part D covers prescription drugs. It can be tempting to get the same plan that your spouse has out of convenience, but remember that you won’t get any discounts by doing so.
Choose a plan that provides you with the coverage you need.
- Causing Your Medicare Rates to Increase
Making more money is always great, but understand that at a certain point, you’ll end up paying more for your Medicare rates.
If you make more than $87,000, you can end up paying double what you otherwise would. Put a lot of consideration into your financial decisions.
- Seeing a Doctor That Your Medicare Advantage Plan Doesn’t Cover
Before you choose a Medicare Advantage plan, make sure that you investigate which doctors and hospitals the plan covers. Check out this chart to compare plans and ensure you get one that checks all of your boxes.
- Not Following Part D Plan Changes
Unfortunately, drug prices can be volatile, and even with Medicare, the cost can vary from year to year. If you are on Medicare Part D, make sure to review the coverage and costs each year.
- Signing up for Medicare but Wanting to Contribute to an HSA
Remember that once you enroll in Medicare, you’re no longer able to contribute to a health savings account. If you have health insurance through work, consider delaying enrolling in Part A and Part B to continue contributing to your HSA.
Avoid These Medicare Mistakes
If you don’t fully understand Medicare, don’t worry, you’re not alone. It’s a complex topic that many people struggle with. If you’re about to sign up for it, make sure to understand and avoid these different Medicare mistakes.
Do you now have a better understanding of some things you’ll want to avoid when it comes to Medicare? If you do, make sure to check out some of our other posts for more health-related guides and tips.