10 Costly Medicare Mistakes You Can't Afford to Make

Medicare is a complex program, and it's easy to make mistakes that could cost you thousands of dollars. If you're not careful, you could end up paying more for your healthcare than you need to. Here are 10 costly Medicare mistakes you can't afford to make:

1. Not signing up for Part D

Part D is Medicare's prescription drug coverage. If you don't sign up for Part D when you're first eligible, you could end up paying a penalty for the rest of your life. The penalty is 1% of the national average premium for Part D for each month you're not enrolled. So, if you wait a year to sign up, you could end up paying a penalty of $120 or more.

10 Costly Medicare Mistakes You Can't Afford to Make

by Danielle Roberts

4.6 out of 5

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2. Not knowing your coverage

It's important to know what your Medicare coverage includes and what it doesn't. If you don't, you could end up paying for services that you're not covered for. For example, Medicare doesn't cover dental care, vision care, or hearing aids. If you need these services, you'll have to pay for them out-of-pocket.

3. Not using your benefits

Medicare offers a variety of benefits, including coverage for doctor visits, hospital stays, and prescription drugs. If you don't use your benefits, you're essentially throwing money away. Make sure to see your doctor for regular checkups, and fill your prescriptions on time. You should also take advantage of preventive services, such as mammograms and colonoscopies.

4. Not understanding your bills

Medicare bills can be confusing, but it's important to understand them. If you don't, you could end up paying more than you owe. Make sure to review your bills carefully, and contact your Medicare provider if you have any questions.

5. Not appealing denied claims

If Medicare denies a claim, you have the right to appeal the decision. If you don't, you could lose out on the benefits you're entitled to. To appeal a denied claim, you must file a written request within 60 days of receiving the denial notice. You can find more information on how to appeal a denied claim on the Medicare website.

6. Not shopping for a Medicare Advantage plan

Medicare Advantage plans are offered by private insurance companies. These plans provide the same coverage as traditional Medicare, but they may offer additional benefits, such as dental and vision coverage. Medicare Advantage plans can also save you money. To find a Medicare Advantage plan that's right for you, visit the Medicare website.

7. Not signing up for a Medicare Supplement plan

Medicare Supplement plans are offered by private insurance companies. These plans help you pay for the out-of-pocket costs of Medicare, such as deductibles, copayments, and coinsurance. Medicare Supplement plans can provide peace of mind knowing that you won't have to pay a lot of money out-of-pocket for your healthcare.

8. Not planning for long-term care

Long-term care is care that you need if you can't take care of yourself due to a chronic illness or disability. Long-term care can be expensive, so it's important to plan for it. There are a variety of ways to plan for long-term care, such as buying long-term care insurance or setting up a trust.

9. Not getting help from a Medicare counselor

If you're confused about Medicare, you can get help from a Medicare counselor. Medicare counselors are trained to help you understand Medicare and make the best decisions for your healthcare. To find a Medicare counselor, visit the Medicare website.

10. Not being your own advocate

Medicare is a government program, and it can be difficult to get the benefits you're entitled to. If you're not your own advocate, you could end up getting the short end of the stick. Make sure to be assertive and ask questions. Don't be afraid to appeal denied claims or request a fair hearing.

Medicare is a valuable resource, but it's important to understand the program and how to use it. By avoiding these 10 costly Medicare mistakes, you can make sure that you're getting the most out of your benefits.

10 Costly Medicare Mistakes You Can't Afford to Make

by Danielle Roberts

4.6 out of 5

Language	:	English
File size	:	9083 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
X-Ray	:	Enabled
Word Wise	:	Enabled
Print length	:	310 pages
Lending	:	Enabled

FREE