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UPDATED WITH 2023 MEDICARE INFORMATION

Don’t make decisions about your Medicare coverage without reading this book!

#1 Best-Selling Book in Less than 48-Hours with More than 25,000 Copies Sold

After Reading This Book, You Will:

Know what Medicare pitfalls exist and how to expertly avoid themBe ready to make the major Medicare decisionsBe knowledgeable about the costly penalties and how to steer clear

Who This Book is For:

✓ New to Medicare – This book will help anyone approaching Medicare eligibility at age 65 who needs to learn the basics and is afraid of making a mistake that will result in penalties or inadequate healthcare coverage

✓ Retiring after 65 – Perhaps you have worked past age 65 and maintained employer coverage but now you are retiring and want to successfully transition from group health insurance coverage to Medicare as your primary coverage. This book will show you the exact steps to take while also sidestepping unexpected (and often undeserved) late enrollment penalties.

✓ Beneficiaries Facing Indecision – Get this book if It’s time for you to make a choice between a Medigap plan (Medicare supplement) and Medicare Advantage but you find yourself torn and aren’t sure which route would be a better fit for you.

✓ Confused by Election Periods – Are all the various Medicare election periods making your head spin? This book carefully explains what changes and plan selections you can make during the various election periods and more importantly, what those election periods WON’T give you that you probably expect.

✓ Adult Children and Caregivers – If you find yourself in a situation where you need to help your parents make Medicare coverage decisions but have no idea how Medicare works, this book will be immensely helpful to you.

Every year thousands of seniors make big mistakes during their Medicare enrollment that can result in expensive penalties and untold hours of hassle and headaches. While some of these mistakes are fixable, others can affect you for the rest of your life.

In 10 Costly Medicare Mistakes, Medicare expert Danielle K. Roberts exposes the most common pitfalls that new to Medicare beneficiaries unwittingly make and shares how to expertly avoid them.

As a Medicare expert and co-founder at Boomer Benefits, Danielle has spent the last 15 years helping thousands of Medicare beneficiaries learn how to navigate their entry into Medicare. Her goal has always been to make the entry into Medicare and the enrollment process easier for ordinary Americans.

This is no small task as most Americans spend their entire working lives having their healthcare plans chosen for them by their employers. Now suddenly they have to try to make sense of a huge national healthcare program that has 4 parts, 10 supplements, and thousands of plan options.

To make matters worse, Medicare beneficiaries who get it wrong upfront can find themselves paying penalties they don’t deserve and being trapped in plans that don’t fit their needs, lifestyle, or budget.

In 10 Costly Medicare Mistakes, Danielle guides new beneficiaries through the key decisions they’ll need to make at the beginning of their journey while also helping them expertly avoid the most common and costly mistakes that new beneficiaries often make.

Readers can also get a free copy of helpful Medicare guides, charts, PDFs, and custom calendars that will help you to manage your Medicare.

Order Your Copy Today! Steer clear of the bank-breaking Medicare mistakes.

Publisher ‏ : ‎ Roselane Publishing; 3rd ed. edition (September 23, 2020)
Language ‏ : ‎ English
Paperback ‏ : ‎ 312 pages
ISBN-10 ‏ : ‎ 1735378615
ISBN-13 ‏ : ‎ 978-1735378619
Item Weight ‏ : ‎ 14.9 ounces
Dimensions ‏ : ‎ 6 x 0.71 x 9 inches

10 Costly Medicare Mistakes You Can’t Afford to Make

Introduction

When it comes to Medicare, making mistakes can have serious financial consequences. With all the complex rules and regulations surrounding Medicare, it’s easy to unintentionally make errors that could cost you a significant amount of money. In this article, we will discuss 10 costly Medicare mistakes that you can’t afford to make. By being aware of these mistakes and taking the necessary precautions, you can ensure that you make the most out of your Medicare benefits.

1. Not Enrolling in Medicare on Time

One of the most common and costly Medicare mistakes is not enrolling in Medicare during your Initial Enrollment Period (IEP), which starts three months before your 65th birthday and ends three months after it. If you fail to enroll during this seven-month window, you may have to pay a late enrollment penalty, resulting in higher premiums for the rest of your life.

2. Not Understanding the Different Parts of Medicare

Medicare is composed of several parts, and understanding each part is crucial to avoid costly mistakes. Medicare Part A covers hospital visits, Part B covers medical services, Part C offers Medicare Advantage plans, and Part D includes prescription drug coverage. Make sure you know which parts you need to enroll in to have adequate coverage based on your specific healthcare needs.

3. Not Researching and Comparing Medicare Advantage Plans

Medicare Advantage plans are offered by private insurance companies, and they can vary significantly in terms of coverage and costs. Failing to research and compare different plans can lead to enrolling in a plan that does not meet your unique healthcare needs or is too expensive. Take the time to review all available options and choose the one that suits you best.

4. Assuming Medicare Covers All Your Medical Expenses

While Medicare provides comprehensive coverage, it does not cover everything. For example, it does not cover long-term care, dental care, eye exams, and hearing aids. Failing to account for these expenses can lead to unexpected out-of-pocket costs. Considering additional insurance options, such as Medicare Supplement plans, can help cover these gaps and reduce financial strain.

5. Not Taking Advantage of Free Preventive Services

Medicare offers a range of free preventive services to help you maintain good health and catch potential health issues early on. These services include screenings, vaccines, and annual wellness visits. By neglecting to take advantage of these services, you may miss the opportunity to detect and address health problems before they become more serious and costly to treat.

6. Not Reviewing Your Medicare Plan Annually

Medicare plans can change annually, including the coverage, costs, and participating providers. Failing to review your plan each year can result in unexpected costs or limitations on the healthcare providers you prefer. Make it a habit to review your plan during the Annual Enrollment Period (AEP) from October 15th to December 7th. This allows you to make any necessary changes to your coverage for the upcoming year.

7. Not Understanding the Medicare Part D “Donut Hole”

The Medicare Part D coverage gap, commonly known as the “donut hole,” can catch many beneficiaries off guard. The coverage gap occurs when you and your insurance company have reached a certain spending limit on prescription drugs. During this gap, you are responsible for a larger portion of the drug costs. Understanding how the donut hole works and planning accordingly can prevent unexpected financial burdens.

8. Not Knowing the Difference Between “Medicare Advantage” and “Medigap”

It’s essential to understand the difference between Medicare Advantage (Part C) and Medigap (Medicare Supplement) plans. Medicare Advantage plans replace Original Medicare and often offer additional benefits but may have more limited provider networks. Medigap plans work alongside Original Medicare to help cover gaps in coverage, such as deductibles and coinsurance. Choosing the right option for your situation can help you avoid unnecessary out-of-pocket expenses.

9. Not Seeking Help from Medicare Professionals

Medicare is a complex program with many intricacies that can be difficult to navigate on your own. Many individuals make costly mistakes simply because they do not ask for help. Consulting with independent Medicare advisors, financial planners, or Medicare-certified brokers can provide valuable guidance and ensure you make informed decisions that align with your healthcare needs and budget.

10. Not Keeping Proof of Your Health Coverage

It’s crucial to keep track of all documents related to your Medicare coverage, including enrollment forms, plan documents, and bills. Failing to keep this documentation can make it challenging to resolve any coverage or billing issues that may arise. By organizing and retaining these records, you can protect yourself from potential disputes and ensure your coverage is upheld correctly.

Frequently Asked Questions (FAQs)

Q1: What happens if I miss the Initial Enrollment Period for Medicare?

A1: If you miss your Initial Enrollment Period, you may have to pay a late enrollment penalty, resulting in higher premiums for the rest of your life. It’s important to enroll during this period to avoid any unnecessary additional costs.

Q2: Can I switch Medicare plans after the Annual Enrollment Period?

A2: In most cases, you can only make changes to your Medicare plan during the Annual Enrollment Period, which occurs from October 15th to December 7th each year. However, there are exceptions, such as if you qualify for a Special Enrollment Period due to a life event like moving or losing other insurance coverage.

Q3: How can I find the best Medicare Advantage plan for my needs?

A3: Researching and comparing different Medicare Advantage plans is crucial to finding the best plan for your needs. Consider factors such as coverage, costs, provider networks, and prescription drug coverage. Utilizing online resources and consulting with Medicare professionals can help you make an informed decision.

Q4: Do I need both a Medicare Advantage plan and a Medigap plan?

A4: No, you do not need both. Medicare Advantage plans and Medigap plans serve different purposes. You can choose either Medicare Advantage or Medigap, depending on your healthcare needs and budget. It’s important to understand the differences between the two and select the option that best suits your circumstances.

Q5: Why should I seek help from Medicare professionals?

A5: Medicare professionals, such as independent Medicare advisors, financial planners, or Medicare-certified brokers, have in-depth knowledge of the Medicare system. They can provide personalized guidance, help you navigate the complex rules, and ensure you make the right decisions based on your unique situation.

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