What are the biggest mistakes people make with Medicare?
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TL;DR
- Missing the initial enrollment window can lead to lifelong penalties and higher monthly premiums.
- Traditional Medicare (Parts A and B) does not cover all healthcare costs and has no annual out-of-pocket maximum.
- Supplemental coverage like Medigap or Medicare Advantage can fill gaps and limit annual spending.
- Separate enrollment in a Part D plan is necessary for prescription drug coverage with Original Medicare.
- Prescription drug plans, premiums, and formularies change annually, requiring regular review during open enrollment.
- Sticking with the same Medicare plan without regular comparison can lead to missed opportunities for better benefits or lower costs.