Currently, 3,834 Medicare Advantage plans, 766 Medicare Part D Prescription Drug Plans (PDP), and various insurance companies sell Medicare Supplemental plans. Enrolling in Medicare can be difficult and confusing for anyone unfamiliar with the program. If you don’t research, you might end up with a health insurance plan that doesn’t meet your needs or is too expensive. With this year’s Medicare Annual Election Period (AEP) coming up this fall, now is the time to start thinking about your options and gathering the data you’ll need to make an informed decision. The following are six common mistakes that new Medicare enrollees make that should be avoided. 1. Missing out on the limited enrollment window If you are 65 or older, you must enroll in Medicare when you stop working and lose your health insurance coverage or when the insurance you have through your spouse expires. SEPs are times when Medicare enrollment is open without the usual late penalty. Again, timing is crucial. Many people are unaware that you can only use this SEP while you have job-based insurance or eight months after you no longer have job-based insurance. Once you’ve decided on a plan, please take advantage of all its benefits, including any preventive health measures recommended by your doctors, such as screenings and vaccines. Please do not postpone your care. If you take responsibility for your health and take preventative measures, you may be able to avoid or even treat potential health problems. 2. Failure to consider network requirements MA plans typically include a network of providers to ensure you receive the most affordable care possible. However, depending on the plan, requirements may differ. Check if your preferred doctors (including specialists), hospitals, and pharmacies are part of the plan’s network. You may be able to go outside the network but do so at your own risk. 3. Assuming that nothing has changed in your plan. If you already have Medicare, keep an eye out for plan changes. Most people can only make plan selections or adjustments during AEP, which runs from October 15th to December 7th each year. Current MA customers receive an Annual Notice of Change (ANOC) in the mail in September, outlining any plan changes for the upcoming year, such as changes in out-of-pocket costs. Please make certain that you read it. You can seek out an alternative plan if you disagree with the modifications. 4. Considering only the monthly premium cost. The monthly premium is only a portion of the total cost of a plan. It’s also critical to understand out-of-pocket expenses like copays and deductibles. Some medications are costly, so check the prices and rules for any prescription drugs you take regularly. 5. Not starting early enough Health care is an essential component of your overall retirement strategy. As a result, you should start thinking about Medicare while still working, especially if you intend to work past the age of 65. There are numerous factors to consider, including potential late penalties. Consult with an expert, such as your Human Resources representative or an insurance broker, to ensure you understand the rules and how they may affect your future coverage. 6. Failing to fully comprehend the various plan types. Original Medicare, Medicare Supplement, Medicare Advantage (MA), and standalone Prescription Drug Plans are among the thousands of Medicare plans available (PDP). The plans operate differently, and you must understand the distinctions. Original Medicare is a government-sponsored program that includes all providers who agree to participate in the Medicare program. Private insurers provide a Medicare Supplement to supplement the Original Medicare. It is available for a fee and helps pay for things that Original Medicare does not cover, such as copays and coinsurance. A separate PDP covers prescription drugs not covered by Original Medicare or Medicare Supplement. Private insurers sell standalone PDP plans for a monthly fee. Finally, MA plans cover everything Original Medicare does, plus dental, vision, and hearing extras. Prescription drug coverage is frequently included in MA plans. MA plans typically include a network of providers, and many are free of charge.
Contact Information:
Email: [email protected]
Phone: 6122163911
Bio:
Mickey Elfenbein specializes in working with Federal Employees relative to their retirement benefit plans, FEGLI, TSP, Social Security and Medicare, issues and solutions. Mr. Elfenbein’s mission is to help federal employees to understand their benefits, and to maximize their financial retirements while minimizing risk. Many of the federal benefit programs in place are complicated to understand and go through numerous revisions. It is Mr. Elfenbein’s job to be an expert on the various programs and to stay on top of changes.Mickey enjoys in providing an individualized and complimentary retirement analysis for federal employees.He has over 30 years of senior level experience in a variety of public and private enterprises, understands the needs of federal employees, and has expertise built on many years of high-level experience.
