Medicare Mistakes That Can Cost You

Medicare Supplement Insurance Plans are devised to aid people to pay for their additional health care expenses. These policies are blessings to those who are suffering from certain medical ailments. However, for some people, a Medicare Supplement Plan can prove to be costly because of common mistakes they make. Wondering what these mistakes are? You will find your answer in this post. Continue reading!

Not Choosing the Right Policy

One of the biggest mistake people make when buying Medicare Supplement Plans is that they choose the wrong policy. Thus, not all medical expenses are covered. As a result, they must pay for them and the plan isn’t as effective for them as they had thought of.  It is important to thoroughly compare different Medicare Supplement Insurance Plans, know their details and make the decision accordingly.

Not Signing Up at the Right Time

This is another common mistake made by people that cost them in the long run. People who have already received social security are automatically signed up for Medicare. However, for those who haven’t, it is important to sign up at the right time to avoid facing premium penalties.

Not Signing Up for Part D

Some people believe that buying Medicare Supplement Insurance Plans Part D is a mere waste of money if they don’t use prescribed drugs. However, this is a mistake that can cost them a fortune. This is because no one can predict the injuries or diseases they may suffer from in the future for which they require the use of prescribed drugs that can burn a hole in their pockets. Therefore, it is advised to sign up for part D so to avoid late penalties and get expensive drugs easily in case of emergency.

Not Paying Attention to Annual Notice of Change

All those people who have signed up for Medicare Advantage Plan or Part D, they receive notice of change in September every year. This notice contains vital information about changes in premiums and coverages. It is important to carefully read this notice of change and compare the premium price and coverage details of the current year with the next year. This will help you to decide whether you need to change your plan or stick to the current one. However, many people tend to ignore this notice of change and end up paying more for their Medicare policy.

There you go! These are some of the common mistakes that the owners of Medicare Supplement Insurance Plans make and end up paying a lot more than they should. It is firmly recommended to avoid making any of these mistakes with regards to your Medicare policies so that you can avail the maximum benefits out of them without disturbing your budget a great deal.

Learn more about Medicare Supplemental Insurance plans, rates and more at  Medicare Supplemental Insurance brokers will help you compare Medicare Supplemental Insurance rates and plans.  To talk to an expert in Medicare coverage toll free 877-202-9248 today!

The ABCs of picking a Medicare supplemental policy

Dear Savvy Senior,

Can you provide any advice on choosing a Medicare supplemental policy to help cover things outside of Medicare? I’ll be 65 in a few months and could use some assistance.

— Looking for Help

Dear Looking,

If you plan to enroll in original Medicare, getting a supplemental policy (also known as Medigap insurance), too, is a smart idea because it will help pay for things that aren’t covered by Medicare like co-payments, co-insurance and deductibles. Here are some tips to help you choose an appropriate plan.

Medigap plans

In all but three states (Massachusetts, Minnesota and Wisconsin), Medigap plans, which are sold by private health insurers, come in 10 standardized benefit packages labeled with the letters A, B, C, D, F, G, K, L, M and N.

For more information on the different types of plans and the coverage they provide, including Medigap options in Massachusetts, Minnesota and Wisconsin, see Medicare’s “Choosing a Medigap Policy” guide at, or call 800-MEDICARE and ask them to mail you a copy.

How to choose

To pick a Medigap policy that works best for you, consider your health, family medical history and your budget. The differences among plans can be small and rather confusing.

To help you choose, go to, and click on “Supplements & Other Insurance” at the top of the page, then on “Find a Medigap policy” and type in your ZIP code. This will give you a list of the plans available in your area, their price ranges and the names, and contact information of companies that sell them. But it’s up to you to contact the carriers directly to get their specific pricing information.

You can also compare Medigap prices on most state insurance department websites (see for links), or you can order a personalized report from Weiss Ratings for $99 at

Since all Medigap policies with the same letter must cover the exact same benefits (it’s required by law), you should shop for the cheapest policy.

You’ll get the best price if you sign up within six months after enrolling in Medicare Part B. During this open-enrollment period, an insurer cannot refuse to sell you a policy or charge you more because of your health.

You also need to be aware of the pricing methods, which will affect your costs. Medigap policies are usually sold as either: “community-rated” where everyone in an area is charged the same premium regardless of age; “issue-age-rated” that is based on your age when you buy the policy, but will only increase due to inflation, not age; and “attained-age-rated,” that starts premiums low but increases as you age. Community-rate and issue-age-rated policies are the best options because they will save you money in the long run.

You can buy the plan directly from an insurance company, or you can work with a reputable local insurance broker.

Drug coverage

You also need to know that Medigap policies do not cover prescription drugs, so if you don’t have drug coverage, you need to consider buying a separate Medicare Part D drug plan too. Go to to compare plans. Also note that Medigap plans do not cover vision, dental care, hearing aids or long-term care either.

Alternative option

Instead of getting original Medicare, plus a Medigap policy and a separate Part D drug plan, you could sign up for a Medicare Advantage plan that provides all-in-one coverage. These plans, which are sold by insurance companies, are generally available through HMOs and PPOs. To find and compare Advantage plans, go to

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