KEY WEST, Fla., July 18, 2022 /PRNewswire/ — Retirees generally agree, Medicare is one of best government programs ever. At very little cost, it provides great health care insurance. In fact, many people under 65 long for the day when their Medicare coverage starts.
Unfortunately, too many people make needless mistakes that can leave them without coverage or incur unnecessary expense. To help retirees make the most of this important benefit, topretirements.com has outlined the 5 key errors that far too many people make.
Most of the common mistakes center around failing to register on a timely basis, or choosing the wrong kind of plan. These are the "big 5" errors:
- Not signing up in time. It is critical to register with Medicare as soon as eligible, usually at age 65. Those who delay face higher Part B premiums for the rest of their lives.
- Choosing the wrong plan. Medicare has Parts A, B, C, and D. It is key to understand what each type offers, and how to choose the right plan.
- Missing the deadline when retiring after 65. Those still working beyond age 65 with medical coverage need to register for Medicare on a timely basis, once that insurance ends.
- Failure to sign up for Part D on time. Part D offers prescription drug coverage. Failure to sign up at age 65 can be an expensive and risky mistake.
- Not reviewing and updating Medicare coverages every year. Doctors enter and exit plans, and individual medical needs and locations change. Staying with the old plan could be a big mistake.
John Brady, Founder of www.Topretirements.com, commented: "Medicare is a fantastic benefit, but people have to do it right. Its various Parts are complicated, so people need to study their options and choose carefully."
The full article, "5 Medicare Mistakes You Don’t Want to Make", explains these errors in detail, including explanations of the coverages provided by Medicare Parts A, B, C, and D.
This popular website has been helping millions of baby boomers start their retirement journey since 2006. The site features reviews of over 1,200 towns and 4,000 active adult and 55+ communities. It also has a thousands of helpful articles on topics like Medicare and when to take Social Security to get retirement off to the right start.