For seniors over 65, Medicare is basically the only option for healthcare. Enrolling in Medicare coverage can often be confusing, though, and many seniors make Medicare mistakes that can easily cost them money and cause unneeded headaches.

Fortunately, these mistakes are easily avoidable.  Read on to learn more about the top 5 mistakes seniors make with Medicare and how you can avoid them:

1) Waiting Until Full Retirement Age to Enroll

Most seniors believe that they need to reach full retirement age (66 for most people) before they sign up for Medicare. In order to avoid costly penalties and late fees, it’s important to sign up for Medicare at 65. This applies to everyone except individuals who have health insurance through a job or a spouse’s employment. Keep in mind that you do not need to be collecting retirement benefits before enrolling in Medicare.

2) Believing That, Because You Don’t Take Prescription Drugs, You Don’t Need Part D Coverage

Even though people who don’t take prescription drugs don’t technically need Part D coverage, it’s impossible to know what will arise in the future. Many types of prescription medications (mainly brand name) can cost upwards of a thousand dollars a month and Part D coverage can help offset these costs. Unfortunately, Part D coverage doesn’t allow urgent sign up, which means that if you find yourself suddenly ill and you didn’t sign up for Part D coverage before you became ill, you may be ineligible for prescription medication coverage until the next Annual Enrollment Period- which runs from Oct. 15th through Dec. 7th of each year. If you enroll in a Part D plan during this time, it will not begin until Jan. 1st, of the next calendar year. The solution most seniors prefer is to choose a plan with a low premium in order to get Part D coverage at a manageable and sustainable cost. 

3) Believing You Don’t Qualify Based on Your Work History

Many seniors believe that they don’t qualify for Medicare due to the fact that they haven’t been in the workforce for a long enough period of time. This is untrue. Although Part A services require the accumulation of 40 credits earned through paying payroll taxes on roughly 10 years of work, Part B services don’t require any credits. Generally, Part B coverage provides for outpatient care, medical equipment and doctor visits. People who are 65 or older and are U.S. Citizens can qualify for Part B benefits without any work credits.

4) Not Purchasing Medigap Coverage

Medigap is also known as Medicare Supplement insurance and it provides extra coverage to provide for the gaps, such as deductibles and co-insurance, that exist within Original Medicare. Without Medigap coverage, Medicare can leave seniors vulnerable to a high amount of fees and out-of-pocket expenses.

5) Failing to Look for Cost-Lowering Programs

Medicare can be expensive. Between premiums, deductibles and co-pay costs, the fees can add up quickly. Because of this, there are several programs in place to assist low-income seniors with their insurance costs. Medicare Savings Programs allow states to pay an individual’s Part B Premium and may cover other expenses, while the Federal Extra Help Program provides for Part D prescription drug coverage at low or reduced costs.

Enrolling in Medicare can be a confusing process but, with a little extra research and some help from a qualified independent insurance agent, seniors can avoid these 5 common Medicare mistakes and ensure that they get the Medicare coverage they need at a price they can afford.

To learn more about the best ways to shop for Medicare coverage, visit Lifelong Insurance, LLC today.