Medicare coverage doesn’t have to be out of reach for retirees. Individuals looking to enroll in Medicare can benefit significantly from this type of healthcare coverage, especially if they were uninsured before retirement. Whether you are the type of person who likes keeping tabs on the Market yearly, the process of Medicare enrollment has never been more straightforward. However, as with any enrollment process, there are a few significant missteps you should work to avoid if you are looking for a smooth transition process with the highest level of benefit.
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Failing to take on additional plans for extra coverage is another mistake that could end up costing you in the long run. For example, you will pay higher Medicare premiums by not enrolling in a Part D prescription plan (also known as PDP). Even if you aren’t currently using any prescription drugs, failing to register in Part D will be stuck paying higher Medicare premiums regardless of whether you enroll in Part D later. Additional protection plans will also benefit your Medicare coverage long term, including Medigap plans, MA, and Half C plans. Medigap bridges the gap caused by Components A and B as an add-on, whereas MA and Half C are provided through non-public insurers to strengthen the Components A and B features.
By working to avoid these two major Medicare mistakes, you will be well on your way to enjoying affordable coverage well into your golden years. However, the journey toward Medicare enrollment can feel uncertain and confusing. As the costs associated with healthcare continue to rise for seniors across the country, it pays to take advantage of free Medicare and Medicaid counseling. If you need help navigating the world of Medicare, your local State Health Insurance Assistant Program (SHIP) can answer your questions and help you get started today.
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Bio:
I grew up in Dubuque, Iowa, where I learned the concepts of hard work and the value of a dollar. I spent years in Boy Scouts and achieved the honor of Eagle Scout. I graduated from Iowa State University and moved to Chicago and spent a few years managing restaurants. I then started working in financial services and insurance helping families prepare for the high cost of college for their children. After spending years in the insurance industry, I moved to Arizona and started working with Federal Employees offing education and options on their benefits. I became a Financial Advisor / Fiduciary to further help people properly plan for the future. I enjoy cooking and traveling in my free time.
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