Medicare is vital for seniors to keep healthcare costs manageable. Choosing a suitable plan can be confusing — being aware of common mistakes will help you secure adequate coverage. This will allow you to access essential medical services and procedures.

What Are Some Medicare Mistakes I Should Avoid?

1. Neglecting a Retirement Withdrawal Plan

Medicare Part B and D premiums can be assessed higher based on your income. For example, if you’re single and earn more than $85,000 in a year, you could be looking at increased costs. Withdrawals from retirement accounts can push you over this limit, so take money out of 401(k)s conscientiously. Also, you may want to set up a Roth IRA instead. Withdrawals from these retirement plans do not count as earned income, so you won’t have to worry about the added expense.

2. Going Outside of Your Network

Medicare Advantage covers medical costs as well as expenses related to prescription drugs. However, you must only see doctors who are within your network. When you go outside of the network, you run the risk of incurring higher copays or having costs for treatment denied since you visited an unapproved doctor. If you’re not satisfied with your current coverage, change plans during open enrollment. Consider contacting your preferred providers to make sure they’re included in the plan you choose.

3. Choosing the Same Part D Plan as Your Spouse

Medicare Part D covers prescription costs. Because it’s unlikely that you and your spouse take the same medications, don’t automatically select the same Part D plan assuming that it will offer discounts. Instead, make a list of the specific drugs you take and shop around for a Part D plan using that information. Keep in mind which pharmacy you prefer, as pharmacy selection may influence the rate you’re privy to.

Agent Steven Hall and the rest of our team at Farmers Insurance Group understand that Medicare is complex. That’s why our trusted agency is dedicated to helping clients throughout the Ozarks understand their options. We also offer many other essential insurance services, including auto coverage, health insurance, business policies, and homeowner insurance. If you have questions about your health coverage, call (417) 926-7900 today to schedule a consultation. You can also read customer reviews by visiting our website.