While Medicare covers the bulk of your healthcare expenses, signing up for a Medicare plan confuses most people. There are deadlines to account for, different rules and the details that seem like a bit too much to take in at first. If you’re one of those people, don’t worry.
You’re not alone.
With our helpful guides, you will soon be able to identify and understand key information about your coverage plans.
When enrolling in a Medicare plan, many beneficiaries make common mistakes. Avoiding these mistakes can benefit you in both, the short- and long-run. Over the course of this blog, we will discuss some common Medicare mistakes and how avoiding those can help you get the right coverage option for your healthcare, lifestyle and budgetary needs.
Let’s take a look.
Keeping Your Part D Enrollment When You Don’t Need It
The Annual Enrollment period is typically a good time to review your Medicare coverage and needs. Both, the cost and coverage may vary each year. Some Medicare plans increase their premiums more often than others. They may also change your contribution to prescription drug coverage or introduce new pharmacies to get your medication.
If your prescription drug needs have changed, a different plan may provide you with a more economical solution.
Getting the Same Plan as Your Spouse
Medicare does not provide any spousal discounts for enrollment in Part D. Moreover, most spouses take the same prescription drugs. While one plan may provide better coverage for your medication, another plan may be a better choice for your spouse.
In case you and your spouse enroll for plans with different pharmacies, make sure to find a pharmacy that provides the best rates under your plan. Otherwise, you could end up paying for more if you get your medication at a pharmacy that is not part of your Plan.
Referring to an Out-of-Network Physician
If you’ve chosen a Medicare Advantage Plan that covers both, medical expenses and prescription drugs, you will typically be required to refer to physicians that are part of the Medicare Advantage network. If you’re a beneficiary of the HMO or PPO plan, you may require referrals from your Primary Care Provider to see a specialist. Referring to a specialist outside the network may result in extra out-of-pocket costs.
Not Switching Your Medicare Plan If You Need To
If your needs have changed mid-year, not switching your Medicare health plan when need be can cost you more. Even though the Annual Enrollment Period allows beneficiaries to change their Medicare plans, starting 2019, the Open Enrollment period (January 1st to March 31st) will allow beneficiaries to switch to a different Medicare Advantage Plan.
Need help with your Medicare plan? Seniors for Medicare provides a team of licensed Medicare advisors in New York and New Jersey to make your Medicare journey smooth and hassle-free. Reach out to us at 800-276-1753 to learn more.