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7 Common Medicare Mistakes And How To Avoid Them

The Forbes Advisor article titled "10 Common Medicare Mistakes To Avoid" outlines several frequent errors that can lead to suboptimal coverage or financial penalties for Medicare beneficiaries. Key points include not understanding the different parts of Medicare (A, B, C, and D), missing the Initial Enrollment Period which can result in lifelong late penalties, and not reviewing or understanding one's plan annually during the Open Enrollment Period. Other common mistakes are assuming that Medicare covers all healthcare costs, neglecting to sign up for Part D prescription drug coverage if not enrolled in a Medicare Advantage plan that includes it, and not exploring supplemental insurance options like Medigap to cover out-of-pocket expenses. The article also warns against automatically re-enrolling in the same plan without reviewing changes, not considering the financial implications of choosing between Original Medicare and Medicare Advantage, and failing to plan for long-term care needs. Lastly, it emphasizes the importance of understanding how working past 65 affects Medicare enrollment and the potential for penalties if not handled correctly.

Read the Full Forbes Article at:
[ https://www.forbes.com/advisor/health-insurance/medicare/medicare-mistakes/ ]