Medicare is the United States’ healthcare program for adults aged 65 and up and a few younger individuals who meet a specific criterion. Many major medical costs are covered by Medicare Part A, Part B, Part C, and Part D for registrars.
However, there are some challenges that families and caregivers may face regarding registration and Medicare Advantage coverage. If you or a loved one makes a mistake when enrolling in Medicare, you or they may be charged higher premiums or face other difficulties. Medicare is an overwhelming procedure, so it is necessary to find an insurance provider who provides you with the most suitable Medicare options. South Florida offers more than a hundred different Medicare advantage plans compared to other counties with fewer options. Therefore, an insurance provider will help take you through the procedure so you can avoid these common mistakes below:
Not Enrolling In Medicare At The Appropriate Time.
Time waits for no one, and this is especially true when you are aging and when it is time to register for Medicare, which is when you turn 65. The ideal time to enroll for Medicare is the IEP (Initial Enrollment Period), a 7-month period that starts three months before you turn 65 and lasts till three months after you turn 65.
If you don’t register within your IEP, you’ll have another opportunity to do so during Medicare’s annual general enrollment session, which runs from January 1 to March 31 each year. However, if you join at that time, your coverage will not start until July. You’ll also pay a higher monthly premium for Medicare Part B, which covers doctor’s appointments and other outpatient care because you joined late.
Missing The Special Enrollment Period
If you are 65 or older, you must enroll in Medicare when you quit working and lose your health care coverage or when your spouse’s insurance coverage expires. Medicare has established a particular enrollment period (SEP) to allow you to do so without incurring a late enrollment penalty. Once again, time is crucial. Many people are unaware that this SEP can only be used when you are insured by employment healthcare or 8 months after you have lost your job-based insurance.
Part B And Part D Late Enrollment Fines
Your monthly Part B premium could be 10% more for every 12 months you wait to enroll in Part B. If you have employer coverage or are still in your special enrollment period, the penalty will not apply.
Your monthly insurance premium may increase by 1% for every 12 months you wait to enroll in a Part D plan. Prescription drug expenditures are covered under Part D insurance. If you can prove to Medicare that you have medication coverage comparable to that offered by a Medicare Part D plan, you won’t be charged the Part D penalty.
Not Registering For Part B Thinking You Already Have COBRA Insurance
Unless you or your spouse already has coverage via a current job with 20 or more employees, Medicare is generally regarded as your primary insurance when you turn 65. Any other insurance you have is considered secondary. However, the insurance must be through current employment.
Unless you or your spouse already has coverage via a current job with 20 or more employees, Medicare is generally regarded as your primary insurance when you turn 65. Any other insurance you have is considered secondary. However, the insurance must be through current employment. After you turn 65, other employer-provided coverage, such as COBRA, retiree coverage, or severance compensation, isn’t considered primary coverage. If you don’t enroll in Medicare, you risk having coverage gaps and paying a lifetime penalty of 10% of the current Part B premium for each year you should’ve been enrolled in Part B but weren’t.
Thinking You Can’t Afford Medicare
You might think that your limited income may stop you from enrolling in Medicare, but there are specific programs that can help you with your health costs.
- Medicare Savings Program (MSP)
- State Pharmaceuticals Assistance Program (SPAPs)
- Extra Help
Here at iWill Advisors, we provide you with many different choices, plans, and cost considerations while guiding you every step of the way.