Should I Stay or Should I Choose a Medicare Option?

Author

Crystal Manning Medicare Advisor

Posted on

Dec 17, 2019

Book/Edition

Pennsylvania - Greater Pittsburgh Area

If you are already 65 or approaching that age and remain employed and eligible for your employers health insurance coverage, you should not ignore the potential opportunities of Medicare coverage. The following are four potentially serious mistakes thatmany boomers should be cautious of when they become Medicare eligible.
Missed Opportunity. You have a seven-month window to sign up- three months before your 65th birthday, the month of your birthday and three months after - so it is critical to get the timing right. Signing up in hopes of getting coverage early does not work and signing up late - even though you are still working - may result in financial penalties, which do not disappear.
Electing COBRA coverage. Another mistake is taking COBRA (Consolidated Omnibus Budget Reconciliation Act) and not signing up for Medicare Part B. If you are 65 or older when you leave your employer and your employer offers you the opportunity to keep your health insurance through COBRA, chances are you should say no thanks. This applies even if your employer offers to pay your health coverage once you retire.
Choosing Medicare Advantage because it seems easier. Medicare Advantage plans offer all-in-one options that are very similar to the health care coverage many people maintained while employed. However, traditional Medicare coverage with a Medigap supplemental plan and Medicare Part D prescription drug insurance while seemingly more complex, is likely the better choice for someone with a chronic medical condition or a serious illness.
Failure to shop for coverage. For most people, their first Medigapchoice is their lasting choice because their options diminish once the initial selection is made. Aside from the initial Medicare eligibility age of 65, every year thereafter during the Medicare open enrollment period beginning October 15th through December 7th, you will have the opportunity to change Medicare Advantage plans. Its the enrollees decision and you may decide to make that an annual exercise. Before you enroll in any Medicare plan, carefully review your options.
Whether you are approaching age 65 or have already arrived, seek advice from a licensed advisor that desires to help you with what options work best for you today and in the future.
Editors Note: This article was written by Crystal A. Manning, Medicare Advisor. For more information on avoiding the above mistakes contact her directly at (412) 716-4942 or email crystalmanning33@gmail.com. 

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Local Services By This Author

Crystal Manning Medicare Advisor

Medicare Insurance 10008 Pine Ridge Dr, Wexford, Pennsylvania, 15090

As we approach retirement, one of the greatest concerns is determining the cost of health care. Health care will likely be your biggest expense during the golden years. Obviously, these costs are a tough number to nail down and one that will vary by person, but there are estimates available. Remove the fear, uncertainty, and costly mistakes from the Medicare enrollment process. Call for a one-to-one, no charge consultation.