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5 Costly Medicare Mistakes to Avoid at 65
A few enrollment missteps at 65 can lead to penalties that follow you for years.
Talk to a Licensed Agent: (302) 407-0876Timing and Penalty Mistakes
Assuming you're automatically enrolled: automatic enrollment only happens if you're already receiving Social Security benefits. Otherwise, you need to actively sign up during your seven-month Initial Enrollment Period.
Assuming employer coverage always lets you delay Medicare penalty-free: this generally only applies if your employer has 20 or more employees. Smaller employers usually require enrolling in Medicare at 65 regardless. And COBRA doesn't count as a qualifying reason to delay Medicare either.
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Call (302) 407-0876Coverage and Network Mistakes
Missing your enrollment window entirely: the Part B penalty generally adds a percentage to your premium for each 12-month period you were eligible but didn't enroll, and it typically lasts as long as you have Part B. The Part D penalty applies after 63 or more consecutive days without creditable drug coverage.
Not understanding the cost-sharing difference between Original Medicare and Medicare Advantage: Original Medicare has no annual out-of-pocket maximum on its own, while Medicare Advantage plans do — and choosing a plan without checking network access to your current doctors is one of the most common regrets people report after enrolling.
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