As a leading national health insurance agency specializing in Medicare and Medicare Supplement policies, Insurance Pipeline Inc. has helped its clients overcome critical mistakes when it comes to their health insurance. Here are the five most critical Medicare mistakes that Insurance Pipeline Inc. thinks you should know and, more importantly, how to avoid them.
#1: Basing Your Plan Choice on Plan Premiums Alone
While premiums are certainly an important factor to take into consideration, they are only one of several aspects that are important to consider when selecting a plan. Copays, deductibles, and coinsurance costs should all be analyzed. Oftentimes, a plan with a low monthly premium may make up for this by charging large deductibles or high copayments—resulting in overall more out-of-pocket expenses for someone who uses health care services often or relies on prescription medication.
#2: Picking A Plan Because Your Spouse or Friend Did
It’s smart to ask for referrals for a trusted healthcare provider from your friends and family. However, when it comes to choosing your healthcare plan, you need to make sure you do your own research on which plan is best for you. This is because you may have different healthcare needs and preferences, and healthcare is not a one-size-fits-all scenario. Take the recommendations of your friends and family into consideration, but make sure to compare them with other viable options that may also be a good fit for your health care needs.
#3: Assuming You Won’t Qualify for Medicare Financial Help
Many people self-disqualify themselves from financial help that exists to provide aid to people just like them. Assistance programs like Medicaid, Medicare Savings Programs, Programs of All-Inclusive Care for the Elderly (PACE), Extra Help, and State Pharmaceutical Assistance Programs are available to help provide financial assistance to people of various financial backgrounds.
#4: Not Reviewing Your Plan’s Annual Notice of Change Before Renewing
While Medicare plans typically automatically renew annually, it is important to review any changes to your plan to ensure that there are no changes that will affect the way you use your plan. Medicare Advantage and Medicare Part D plans to receive an Annual Notice of Change by mail each September that entails changes in costs, benefits, or service adjustments. Examples include changes to what you will pay in deductibles, premiums, copay, or coinsurance, as well as changes to health benefits, the provider network, and prescription drugs that will be covered.
#5: Missing the Medicare Annual Open Enrollment Period
Mark your calendar: October 15 through December 7 is Medicare’s annual Open Enrollment Period. This is critical if you want to apply for new coverage after reviewing your plan’s Annual Notice of Change. If you miss this deadline, you will have to wait until next year to change your coverage. If you are enrolled in Medicare Advantage, your enrollment period is from January 1 through March 31, during which time you can switch to a different Medicare Advantage Plan or switch to the Original Medicare.
About Insurance Pipeline Inc.
Insurance Pipeline Inc. is a health insurance agency specializing in senior healthcare products and solutions. The company initially founded and run by Corey Shader, is now one of the top senior healthcare Agencies in the nation. Insurance Pipeline provides a wide variety of solutions to meet every need and budget — primarily focusing on Medicare Supplement Plans as well as Medicare Parts A, B, and D.