Are you approaching the age of 65 and considering enrolling in Medicare Part D? If so, it’s important to know that there are a lot of factors to consider when enrolling in this type of coverage. Unfortunately, it’s not uncommon for individuals to make mistakes when deciding on the coverage that’s right for them.
To help you avoid issues, this supplemental Medicare broker in Northwest Indiana is going to discuss some of the common mistakes you’ll want to avoid when enrolling in Medicare Part D. In this blog, we will discuss some of the most common mistakes and how to avoid them.
Mistake 1: Not Enrolling on Time
One common mistake when enrolling in Medicare Part D is missing your Initial Enrollment Period (IEP). This crucial seven-month period starts three months before you turn 65 and ends three months after your birth month. If you don’t sign up for Medicare Part D during your IEP, you may be penalized, and your coverage may not start until the following year.
Enrolling on time during your IEP is essential, so you don’t want to wait until the last minute to enroll. Make sure to mark your calendar, gather all necessary documents, and reach out to our experienced supplemental Medicare broker in Northwest Indiana for assistance in enrolling on time.
Mistake 2: Not Reviewing Your Plan Annually
Reviewing your Medicare Part D plan annually is just as important as enrolling on time. Many people assume that once they have picked a plan, they are set for life — but the truth is that plans change, as do your prescription drug needs.
Failing to review your Medicare Part D plan annually can lead to missed opportunities for cost savings. New medications may become available, or existing ones may have less expensive generic alternatives. Additionally, changes in your health or treatment may mean that your current plan no longer provides adequate coverage for your needs.
Mistake 3: Not Considering the Coverage Gap
Many Medicare Part D plans have a coverage gap known as the “donut hole.” After you and your plan have spent a certain amount on medications, you will enter the coverage gap, where you will have to pay a higher percentage of the cost until you reach the catastrophic coverage threshold.
Not understanding this coverage gap and how it affects your out-of-pocket expenses can result in unexpected bills that can be difficult to manage.
Mistake 4: Not Considering Generics
It is no secret that prescription drug costs can be sky-high. However, one way to lower your expenses is by considering generic medications. Generic drugs are often much more affordable than brand-name drugs, and they are required by law to have the same active ingredients and efficacy as their brand-name counterparts.
Not only can considering generic options save you money, but it can also help ensure you can continue to afford the medications you need. When reviewing your Medicare Part D plan, your supplemental Medicare broker in Northwest Indiana will recommend asking your doctor or pharmacist about generic options for your prescriptions.
Mistake 5: Not Utilizing Extra Help
It is important to know that you may be eligible for extra help with your Medicare Part D costs even if you have limited income and resources. The extra help, in the form of the Low-Income Subsidy (LIS), is a federal program that helps pay for Medicare Part D premiums, deductibles, and copayments.
Unfortunately, many individuals are unaware that they qualify for this program and do not apply for it, missing out on significant savings. By not utilizing extra help, you may end up paying more for your medications than you need to, which can put a significant strain on your budget.
Looking for a Supplemental Medicare Broker in Northwest Indiana?
Don’t let costly mistakes and confusion hold you back from getting the Medicare Part D coverage you need. Are you ready to review your options with a reputable supplemental Medicare broker in Northwest Indiana? If so, look no further than the team at Senior Care Insurance Services. Contact us today to schedule an appointment.