Top Common Mistakes Made with Medicare

Common Mistakes Made with Medicare 
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Most common mistakes people make on Medicare?

a. Not signing up for Part D drug plan You will have a 1% growing‐per‐month penalty for the months that you are not on a Part D plan, if you ever need one in the future. You will also have to wait until one time per year when you can sign up. If you want to avoid Part D, the best thing to do is get a very inexpensive Part D plan as your “place holder” plan. The lowest one in the market is the Humana plan at $15.70 per month for 2015.
 b. Picking the Part D plan based on monthly premium The monthly premium is almost the least important component, if you take any drugs at all. The “TOTAL COST” is the most important. You could have the cheapest monthly premium ($15) and pay thousands of dollars per year by picking the wrong drug plan. The total cost, as shown on the Plan Finder tool at Medicare.gov, shows you the cost at the cash register when you are paying for your dugs AND the monthly cost combined. This is the only thing you should focus on. There is a big difference in what drugs are covered and for what price, between the drug plans. The total cost takes all of this into account before listing the drug plans in order at Medicare.gov. 
c. Falling for zero‐premium Medicare “Advantage” plans. Zero‐premium Medicare Advantage plans are set to lose more funding, going forward. As a result, many of these plans have been dropping entire doctor networks and hospitals across the country. It is important to focus on the Maximum Out‐of‐ Pocket, in a worst case scenario, which this year is often $6,700 you could pay in one calendar year. When January starts, that amount is reset. That is the full amount you could pay before the plan pays for all costs. Other important factors include the cost of going into the hospital on a Medicare Advantage plan, the Star rating from CMS, and the network of doctors you will have to use in order to comply with the plan. Remember, on most all Medicare Advantage plans, there is NO coverage outside of their network, and they can change their network during the year. You cannot leave except for once per year. 
d. Buying a Medicare Supplement based on brand name As the "Choosing a Medigap Policy" booklet, sent out every year says (Page 19 in the 2017 edition), Medigap plans are all the same. They are standardized and must cover exactly the same things. However, "There can be big differences in premiums from different insurance companies for the Exact same coverage".

 Some of the prices are small or big differences Price is one of the top factor in choosing a Medicare Supplement plan, and choosing an agent who remains independent broker, who will continue to shop the market for you in future years.
e. Buying from a “Turning 65” door‐knocking agent Very important video on this topic here:   
f. Working with a “Captive Agent” If an agent tells you he works for one brand only (Mutual of Omaha, United Healthcare, Bankers Life, etc.) and does not represent EVERYONE in that market, you need to run, fast.   This is like a carpenter who only has one tool, a hammer, and to him, everything looks like a nail. There is no ONE PLAN that fits everybody. Your independent agent should be able to show you ALL of the plans in your market and help you make an informed decision.   This is the only way to get the best value for your insurance premium dollar. 
g. Letting Medicare Supplement Rate increases go unchecked   Your agent should be shopping the market for you and presenting options to potentially change, at least every two years. If not, your unchecked rate increases will, most often, lead you to paying way more for your plan than the rest of the market is paying.   This is because insurance companies often jockey for top position on rates. They offer better rates, often times, to new customers. Often, in our offices, we see savings of $80 to $100 per month on the same, exact benefit by shopping the market.   Your doctor does not care what premium you are paying for your Medicare Supplement plan. They get paid the exact, same amount on every procedure. But the savings to YOU can be tremendous. It pays to allow an independent agent to shop for you. 

Please let us look at your zip code and age to see what the best rates are for you. Our service is free and no obligation to do anything.   We just provide free information. Call 1‐888-608-0654 or go to MedicareSavings.US