The Five Biggest Mistakes Boomers Make When Enrolling in Medicare
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Open enrollment period for
For more than 60 years, NCOA has worked to improve the health and economic security of older adults through education and decision support. My Medicare Matters® provides a clear and friendly guide to help boomers evaluate their individual needs, compare their options, enroll in a plan, and sustain the best coverage for years to come.
"People typically spend most of their life with health care more or less handled for them by an employer," said
Here are the five biggest mistakes boomers should watch out for when enrolling in
Mistake 1: Signing up too early or too late for
If you are aging into
Mistake 2: Not understanding the difference between a Medicare Supplement and a
If you are new to
Original
A Medicare Advantage Plan (Part C), on the other hand, takes the place of original Medicare Parts A and B. These plans work more like group insurance. They are sold through approved, licensed insurance companies and may have an additional monthly premium. Often,
During open enrollment, you have the option of changing from one type of plan to another if your needs have changed.
Mistake 3: Guessing when picking specific plans
It can be very difficult and time-consuming to compare all of the plans that are available to you. Many people try to do their homework, get frustrated, and then "give up and guess." Choosing a
- Do you have health insurance from another source?
- Do you have any chronic conditions?
- Which doctors and hospitals do you use?
- Which prescriptions do you need and what pharmacies do you get them from?
You don't have to do this on your own. You can get help from a trusted source that can help you think through your options and compare plans. If you're unsure about your choices, start with a Medicare QuickCheckTM to get a personalized report on your options and use that to start a conversation with a licensed insurance agent.
Mistake 4: Not applying for extra help
Millions of older adults are eligible for billions of dollars in programs that can help them pay for their prescriptions and health insurance premiums, deductibles, and coinsurance. If your income in retirement is modest, you should find out if you qualify for assistance. NCOA also offers a free online BenefitsCheckUp® where you can see if you're eligible and apply online for Extra Help or Medicare Savings Programs. Or, contact your
Mistake 5: Not re-evaluating your coverage every year
Unfortunately, choosing health insurance is no longer a one-time decision for most
- Has your health changed in the last year?
- Is your current plan still meeting all of your health needs?
- How much have you paid out-of-pocket in the last year—and for what?
- How is your plan changing for the coming year? How will that affect your out-of-pocket costs?
- Are there better options available to you now?
My Medicare Matters® is built on a strategic partnership between NCOA and Aon Retiree Health Exchange,TM
Visit MyMedicareMatters.org to learn about
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