Medicare is a federal health insurance initiative for individuals who are 65 or older. The program is divided into various parts, and each part helps cover certain expenses, such as inpatient care, outpatient care, or prescriptions, at a monthly premium. Despite its benefits, some people make certain mistakes while signing up for the program, which could cost them more in the long run. A few such common mistakes one should avoid are listed below.

Missing deadlines
One of the most common errors is missing the deadline to sign up. One must ensure they enroll in Medicare during the initial enrollment period (IEP) – a seven-month enrollment phase that includes three months before the person turns 65 and three months after. While they will get another opportunity to sign up during Medicare’s annual general enrollment period, it may come with a penalty.

Not preparing for unforeseen expenses
Medicare usually covers most healthcare expenses. However, sometimes there are expenses that an individual needs to pay out of their hand. In such scenarios, not having an emergency fund could result in one being unable to cover their healthcare expenses. Therefore, one must be mindful of what is covered under Medicare, inducing factors like deductibles, copayments, premiums, and coinsurance.

Renewing without reviewing the plan
Medicare Part D and Medicare Advantage plans renew each year on January 1. While autopayments could curb the stress of remembering to make payments, it might not be the best idea. Medicare Part D and Advantage plans may change the benefits and prescriptions covered every year. The insurance company may also change what one needs to pay in premiums, copay, coinsurance, and deductibles. So while a plan may have worked in the previous year, it may not be the best one for your needs in the current year. Therefore, it is important to always review the policy before renewing it.

Picking a plan based on the input of family or friends
People often rely on the reviews of family and friends when making decisions about Medicare plans. But it is important to remember that the plan which works for them may not be ideal for you. So it is better to evaluate each plan and lay out the advantages and drawbacks before deciding.

Overlooking financial help
Many individuals do not sign up for Medicare because they cannot afford the monthly premiums. However, most of them often overlook programs offering financial assistance to cover Medicare premiums and other related costs. A few initiatives include the Medicare Savings Program (MSPs), State Pharmaceutical Assistance Programs (SPAPs), and ExtraHelp.

Assuming the spouse is covered
Another mistake to avoid is assuming that the spouse has coverage. The Medicare program does not cover families and applies to only one qualifying individual. In certain circumstances, the spouse might qualify for Part A at age 65 if the eligible member has paid their Medicare dues through payroll deductions for at least ten years. Furthermore, if the spouse has not turned 65, the person may qualify under special circumstances as described by the federal agency.