At 65 you may be looking forward to different things: having grandchildren perhaps, possibly retiring from your career, or taking some trip that you’ve dreamed of your whole life. Sixty-five may also be a significant year for you as it may be the first year that you’re eligible for Medicare. So, make sure that you avoid some of the common Medicare mistakes of people who are turning 65.
Let’s go over the top five big mistakes people make when they’re turning 65. Alright, here they are:
1. They wait too long to learn about Medicare.
So, the first big mistake people make when they’re turning 65 is they wait too long to learn about Medicare. In the Medicare supplement plans and Medicare Advantage plans, and the Medicare Part D prescription drug plans, if you wait too long, you really could mess yourself up in the future. You want to have this information by three months before the month of your birth or two months is fine. But don’t wait till the month before, if you rush into it you could end up on the plan that’s not right for you and really cost yourself in the future.
2. They don’t take Medicare Part B when they’re first eligible for it.
On to the second big mistake a lot of people make this mistake when they’re turning 65 and it’s very easily avoidable is they don’t take Medicare Part B when they’re first eligible for it. It may save you money now not having to pay the Medicare Part B premiums, but the problem is down the road when you finally need it. They’ll tack on a penalty on top of your monthly premium for the rest of your life. So, it could end up costing you a lot more money than you had thought. The other problem with it is that, if you go without Medicare Part B or any other health insurance and if you end up in the hospital or have any other type of problems then you could have huge medical bills, and you don’t want that.
So, make sure you get Medicare Part B when you’re first eligible for it, unless you have what’s called creditable coverage. Creditable coverage is a coverage that is as good as or better than Medicare. And if you do have that, then you won’t be penalized if you go without Part B, and sign up for that in a later date. If you don’t have credible coverage again, just make sure you get it when you’re first eligible.
3. They buy the most expensive plan they can find thinking it’s the best thing for them.
So, the third mistake is a silly mistake, but it’s a big one nonetheless. A lot of people do make it; they buy the most expensive plan they can find thinking it’s the best thing for them. If it’s a Medicare supplement plan F that they got for $300 a month, they could get that same thing for $200 a month. If it’s a Medicare Advantage plan that’s $100 a month, they may be able to get the same coverage for zero or $20.00 a month. So, you really want to do your research and make sure that you get the best plan available for your specific needs. Everybody’s a little bit different and you just don’t want to buy the most expensive plan thinking that that’s going to give you the best coverage, because you could just end up spending way too much money for the plan that you have. The agents love it, because they’ll get the most Commission out of it, but it’s not a good thing for you.
4. They get a plan because somebody told them that the plan that they have has done awesome for them and it’s going to be the best thing for them as well.
Mistake number four you get a plan, because somebody told you that the plan that they have has done awesome for them and it’s going to be the best thing for you as well. That’s not always the case! The best plan for you may be different from the best plan from your neighbor your husband wife sister brother or whoever else. So, you want to make sure that you get the best plan for your specific needs whether it’s your health needs or your financial standing. All these things have an effect on what plan is best for you. So, just because someone tells you that their plan is really good and it’s done awesome for them, it may not be the same way for you and it could get you in a lot of trouble in the future. So, be careful and don’t do that.
5. They talk to the wrong agent.
So, the fifth and biggest mistake people make when they turning 65 they talk to the wrong agent. There are two types of agents you really want to steer clear of when you’re turning 65. The first is a lazy agent and the second is a captive agent.
Two types of Medicare Insurance Agents to steer clear of when you’re turning 65:
1. Lazy Agent
A lazy agent is an agent that will sign you up when you’re turning 65 they’ll get their Commission’s and you’ll never hear from them again. So, when your benefits change or your premiums skyrocket in the future, you won’t be able to get ahold of them, because they’re off servicing the next person turning 65 instead of servicing any of their previous customers. So, you really want to be careful, because they can really mess you up in the future, when you can’t get ahold of them to make any changes and you have to get another agent start all over.
It’s hard to figure out if they are a lazy agent because they’re not going to tell you they’re lazy. So, you’ll want to ask a couple questions just to make sure that they will be available for you in the future, or if they already take care of the current customers.
2. Captive Agent
The second type of agent you really want to steer clear of is a captive agent. A captive agent is an agent that can only represents one company and their plans alone. In the beginning they might have the best plan for you and they might not. If it is the best plan for you in the beginning, that’s great, but in the future, a couple years down the road when the plan changes or the premiums skyrocketed, they’re still going to tell you that plan is the best thing for you no matter what, because that’s what they get paid to do. So, there might be a lot of other options out there that could either save you money or get you better benefits, but they won’t tell you what is available, because they don’t sell those plans.
So, who do you talk to?
The best person to talk to you is an Independent Medicare Agent. An independent agent is an agent that will present all of the top plans available to you, and help you choose all the plans that is suited to your needs and make sure that you’re always taken care of. They don’t or won’t leave you high and dry after you turn 65 and will always be of service to you in the future. So, when your plan changes or your premiums go up, then they can help you shop the plans again to make sure you always have the best plan for you.