Medicare insurance is designed to cover the majority of your health care expenses after age 65. However, enrolling in the program can be confusing, which causes many people to make significant errors during the process. In turn, they end up paying much more out of pocket than they should. To prevent this from happening to you, take extra precaution to avoid the mistakes below. 

Costly Errors Often Made When Signing Up for Medicare

1. Missing the Enrollment Deadline 

Adults are eligible to enroll for Medicare three months before their 65th birthday up until three months after. However, many people miss this window. Some mistakenly believe they can only sign up during the open enrollment period designated by the Affordable Care Act, while others assume you have to be collecting Social Security before enrolling in a Medicare plan. In either case, waiting means that you will have to pay a late-enrollment penalty and you run the risk of not having insurance coverage for months.

2. Choosing the Wrong Part D Prescription Plan

Part D policies aren’t intended to be one-size-fits-all. Every insurance company decides what medications they will cover, so when determining which Part D drug plan is right for you, consider the specific prescriptions you’re currently taking or think you might need in the future.

3. Making Financial Decisions That Increase Your Medicare Costs

The amount you pay for Medicare Part B insurance premiums will depend on your adjusted gross income. The more you earn, the more you will pay. With this in mind, be careful about making financial decisions that have the potential to increase your income, such as rolling over a traditional IRA into a Roth or withdrawing a substantial amount from tax-deferred retirement accounts. 

To ensure your enrollment into Medicare goes smoothly, work with Brent Layton. He offers 30 years of experience and a wealth of knowledge that will help you navigate the complex world of health insurance. He has been entrusted by countless residents throughout Box Elder County, UT, to provide high-quality, customized plans they can count on in their golden years. Call (435) 257-3829 to schedule an appointment or email him with any questions about coverage. You can also visit his website for more information on the various products he has available.