Making mistakes when planning for and using your Medicare health coverage can delay your coverage and potentially cost you in penalties and decreased coverage. You need to be aware of important deadlines, be educated about your coverage options and understand your plan's benefits. Here are four Medicare mistakes that can easily be avoided:
Mistake 1: Not Reviewing Your Part D Plan Each Year
Medicare Part D Plans can change from year to year, which could potentially mean higher cost to you. The good news is that you may review your current plan during the open enrollment period from October 15 to December 7. Every year these plans change. You can compare plans during open enrollment and enroll in the plan that best fits your current needs. Consider your current medications and whether they are still on the formulary, or if a generic version of the medication is available.
Mistake 2: Choosing The Same Plan As Your Spouse
Not all plans are alike, just as not all couples take the same prescription medication or see the same healthcare provider. When choosing a Medicare Advantage Plan or Part D Plan, keep in mind that the plan that best fits your needs may not fit the needs of your spouse.
Mistake 3: Going Out Of Network On A Medicare Advantage Plan
It is important to understand that private Medicare Advantage plans have networks like HMOs and PPOs. This means that you’ll need to use certain healthcare providers and hospitals in order to receive the lowest co-payments. Going out of network on some Advantage Plans could mean no coverage at all.
Mistake 4: Contributing To A Health Savings Account (HSA) After Enrolling In Medicare
Once you sign up for Medicare, you can no longer add additional money to your HSA. HSA's must be prorated by a number of months on Medicare. Plan ahead in the year you expect to leave an employer plan and sign up for Medicare.
To make sure you avoid these mistakes and get enrolled in the best plan for you, schedule a time to meet with Franciscan Insurance Services. Our representatives can help you make the best choice for you. These services are available to you free of charge. Offices are in Hammond, Indianapolis, Lafayette and Mooresville.