5 Common Medicare Mistakes and How to Avoid Them

Navigating Medicare can be complicated, and mistakes can be costly. Here are five common errors that Medicare beneficiaries make—and how to avoid them.

Mistake #1: Missing Your Initial Enrollment Period

Your Initial Enrollment Period (IEP) is a 7-month window around your 65th birthday. If you miss it:

• You may face permanent late enrollment penalties
• You'll have to wait for the General Enrollment Period (January 1 – March 31)
• Your coverage won't start until July 1

How to avoid it: Mark your calendar and start the enrollment process at least 3 months before turning 65.

Mistake #2: Not Reviewing Your Plan Annually

Medicare plans change every year. Your plan's formulary, premiums, copays, and network can all change.

How to avoid it: Review your Annual Notice of Change each September and compare plans during Annual Enrollment (October 15 – December 7).

Mistake #3: Assuming Medicare Covers Everything

Original Medicare has gaps in coverage:

• 20% coinsurance for Part B services with no cap
• No dental, vision, or hearing coverage
• No prescription drug coverage without Part D
• No long-term care coverage

How to avoid it: Consider a Medigap policy or Medicare Advantage plan to help cover these gaps.

Mistake #4: Choosing a Plan Based Only on Premium

A $0 premium plan might seem attractive, but total costs include:

• Deductibles
• Copays and coinsurance
• Prescription drug costs
• Out-of-network costs

How to avoid it: Calculate your total estimated annual costs, including all the medications you take and services you use.

Mistake #5: Not Working With a Licensed Medicare Advisor

Medicare is complex, and the wrong choice can cost you thousands of dollars or leave you without needed coverage.

How to avoid it: Work with a licensed Medicare advisor (like me!) who can help you understand your options at no cost to you. My services are free because I'm compensated by the insurance companies, not you.

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