- NOT UNDERSTANDING ENROLLMENT TIME FRAMES. The easiest way to stay compliant and not incur late enrollment penalties is to remember the magic number ‘90’. When you are 90 days from your Medicare start date, you should get the ball rolling in regards to enrolling in the government portions of Medicare (Parts A and B) and to start looking at options for Medicare Supplements, Medicare Advantage Plans and Drug Plans.
- NOT UNDERSTANDING THE DIFFERENCE BETWEEN MEDICARE SUPPLEMENTS AND MEDICARE ADVANTAGE PLANS. These are two distinct options that cover the gaps that Medicare Parts A and B leave open. The Supplements and Medicare Advantage Plans are structured differently. You need to consider your health status and history as well as your budget to make the proper decision.
- NOT COMPARING YOUR EMPLOYER PLAN WITH MEDICARE. If you are still working past age 65, Medicare may offer better coverage at less cost than your employer plan. It’s important to compare apples to apples before turning 65.
- NOT RESEARCHING PART D DRUG PLANS. In 2023 there are approximately 31 Part D Drug Plans in Pennsylvania all charging different prices for medication and monthly premiums. It’s best to work with someone that has access to Medicare compliant software that will point you to the best Drug Plan for your specific medication needs and budget.
- BUYING A MEDICARE SUPPLEMENT OR A MEDICARE ADVANTAGE PLAN FROM A TV COMMERCIAL OR FROM AN ONLINE ADVERTISEMENT. You’ll never get the whole story and you’ll never speak to the same person twice if you should have issues down the road. Find a local Medicare Specialist to work with you. This is too important a decision to do it long distance with strangers you’ve never met.
For more information call Howard Peck at Senior Insurance Solutions, 267-923-5281. There is never any pressure, obligation or nonsense. www.srinsurancesolutions.com.