Getting enrolled in Medicare and also managing the health care coverage may be challenging and also time-consuming task. Here are a few basics that will eliminate any room for error and also a list of common mistakes in Medicare.
Mistake #1: Do not understand coverage options
The beneficiaries make a common mistake in choosing Medicare supplement plans and this is in picking a coverage option that is not suitable for their needs. As a beneficiary of Medicare you can receive Medicare benefits based on the choices meeting a variety of budgets and health care needs.
Generally, beneficiaries can choose two paths:
Original Medicare, including Part A Medicare and Part B Medicare. If there is Original Medicare and you fulfill the eligibility requirements, buying Medicare Supplement plans (Medigap) is possible so that paying for out-of-pocket costs sometimes when it is associated with Original Medicare, such as copayments, deductibles, coinsurance and other fees. You can purchase a Part D Prescription Drug to pay for medications.
Medicare Advantage is known as “Medicare Part C,” offering benefits of Part A and Part B through private insurance companies having Medicare contract. Many Medicare Advantage plans include additional benefits, such as drug coverage prescription, dental and vision coverage.
Mistake #2: Automatic enrollment in Medicare on turning 65
Some get Part A and B Medicare automatically at age 65, but some must sign up manually. You may be Part A and B enrolled automatically, only if:
- You have social security benefits as RRB (Railroad retirement board) benefits on turning 65.
- You are younger than 65 years and receive the benefits of disability from Social security or RRB for a period of 24 months at least.
- You suffer from Amyotrophic Lateral Sclerosis (ALS/Lou Gehrig’s disease)
Thus, unless you get three months before your 65th birthday, your white, red, and blue Medicare card (or before your 25th month disability), you must plan manually enroll in Medicare through the Social Security Administration.
Mistake #3: Waiting for longer time to enroll
Knowing about Medicare sign up is important. This is because on failing to enroll, you may end up paying penalties as the Part B Medicare coverage.
Failing to enroll in Part B Medicare on becoming first eligible means your premium may escalate to 10% with each 12-month. If you meet the conditions you must sign up for Part B in a Special Enrollment Period, so that you need not bear the late enrollment fee.
In manually sign up, there is 7 month Initial enrollment period to enroll. This starts three months before and after the birthday month and the birthday month.