There are some common mistakes many people make when it’s time to sign up for Medicare—learn what they are and how to avoid them.
When you’re turning 65, and it’s time to start thinking about switching over to a Medicare insurance policy, there are some common mistakes that should be avoided if possible in order to ensure that you get the best coverage for the right price. Thankfully, Medicare is making some important changes in the next few years to make its policies more affordable and easier to apply for without having to worry about penalties. While this is great news, it’s still important to carefully consider your options when you sign up for your Medicare policy.
Not Enrolling Because You Think You Can’t Afford Medicare
Signing up for any health insurance, especially when you’re living on a limited income, can be incredibly daunting. Health insurance can be a major drain on the finances of anyone, but those living with less may find many programs to be completely unaffordable. Thankfully, there are a few different programs available to help individuals with limited income afford a Medicare plan.
Medicare Savings Programs (MSPs) are one of the ways those with limited income can get help with their out-of-pocket Medicare costs. There are 3 main MSPs available that can help cover the cost of your premiums, copayments, and deductibles (depending on the program). You are automatically qualified for Medicare’s Extra Help program if you qualify for one of the MSPs.
Extra Help is a federal program that helps pay Medicare Part D costs. If you qualify for a Medicare Savings Program, which helps cover costs related to Medicare Part A and B, you automatically qualify for Extra Help which assists with costs related to Part D. This allows those limited income to get comprehensive financial assistance with all aspects of their Medicare insurance.
Not Getting a Medigap Policy at the Right Time
If you think you may need a Medigap policy, it is critical to get it at the right time—this is during your Medicare Open Enrollment Period when you turn 65. This is a 6-month window that includes the three months before you turn 65, the month of your birthday, and the two months following. This is the best possible time to enroll in a Medigap policy because you can’t be denied based on a preexisting condition, and you can work with a broker to obtain a good rate. Once that 6-month window has passed, purchasing a Medigap policy becomes much more difficult. Some states has different laws governing how Medigap works, so if you’ve missed this window, then it’s important to check with your State Health Insurance Assistance Program (SHIP) and find out what your options are.
Contact Aging Benefits Advisory Today!
If you need help navigating the world of senior health insurance, our advisors at Aging Benefits Advisory are here to assist. Take advantage of our free consultation to ensure that you receive the plan for your budget and needs. We specialize in Medicare Advantage, Medicare Supplements, Dental, Vision, and Final Expense insurance for the senior market of Pinellas County, Pasco County, Manatee County, Hillsborough County, Polk County, Sarasota County, Citrus County, and Marion County, Florida. If you would like a free consultation, contact us online or give us a call at 727-800-4835. For more information, follow us on Facebook, Pinterest, and YouTube.