Avoid These Supplemental Insurance Pitfalls in Medicare

Once you turn 65, Medicare covers most of your healthcare expenses. This supplemental insurance can help you cover several medical expenses and costs. However, Medicare insurance plans can also prove challenging to purchase. 

If you’re not careful, you could easily make some expensive mistakes when purchasing plans for supplemental insurance. Sometimes, these mistakes prove disastrous for people. 

So, what are these mistakes? How can you avoid making them and ensure you receive the best coverage?

If that’s what you’re wondering, you’re in luck! We’ll explore some of the common pitfalls of supplemental insurance plans in the guide below. 

Supplemental Insurance Plans During Your Initial Enrollment Period

Medicare offers a seven-month window to sign up for its supplemental insurance plans. This period starts three months before your 65th birthday and runs until three months after your birth month. 

If you don’t sign up during this period, you’ll have to enroll during general enrollment. This timeframe runs from January 1 to March 31. Regardless of when you buy Medicare insurance plans, they won’t activate until July. 

There’s another detractor to signing up during general enrollment. Your Part B plan will cost more when you miss your initial sign-up period. Part B plans govern your medical coverage. 

Also, ensure that you sign up for Part D when you buy your Medicare insurance plans. This part applies to your prescription coverage, which we’ll discuss further in the next section.

Buying the Same Part D Plan as Your Spouse

Medicare Part D prescription plans do not provide a spousal discount. So, there are no distinct benefits for sharing the same plan in the Medicare system. 

Instead, one Part D plan may have better coverage for your prescriptions than the rest. Likewise, your spouse may find a better plan for their situation.

You can discover the costs of your drugs under these plans with a Medicare Plan Finder. Alternatively, you can consult a Medicare insurance broker to find the best coverage for you and your spouse. 

Not Switching Plans Midyear if Necessary

Open enrollment for Medicare Advantage plans run from October 15 until December 7. However, you can also switch plans during the period from January 1 to March 31.

Likewise, you can also change plans due to sudden life changes. These may include moving to a new address outside your plan’s service area. You can also switch to a five-start quality Medicare Advantage plan anytime during the year. 

Find the Best Medicare Plans for the Best Price

Each of these mistakes could make your supplemental insurance plans more costly than necessary. When healthcare is already expensive, the last thing you want is to spend more money on it. 

So, avoid these mistakes as soon as you sign up for your plan. Then, search the web to see if there are other pitfalls you may fall into. Doing your due diligence on this issue can save significant amounts of money. 

We hope you enjoyed this article! If so, check out our other medical advice today.