Written in partnership with Chapter Medicare
Medicare can be quite daunting. There are thousands of supplemental plans, many different enrollment periods, and various parts like A, B, C and D. It’s all too easy to make mistakes in this complex process. Unfortunately, some of these errors can have a major impact on your finances.
This guide will help you steer clear of the five most common Medicare mistakes. If you need further assistance, reach out to your Wealthspire advisor. They’ll connect you to free Medicare resources to help you make the best choices for your health and finances.
These are the top five Medicare mistakes to avoid:
1. Choosing a Medicare plan without prescription drug coverage
You may have heard of “Medicare Part D.” These plans help protect you from catastrophic prescription costs. Some specialty prescriptions can cost thousands of dollars without insurance, so clients may look instead into Part D drug plans.
2. Picking a plan that works for your friend, relative, or neighbor, instead of one that works for you
Each person has unique health needs. There’s a reason you don’t swap prescriptions with your neighbor or see their doctors instead of your own. Your choice of plan should be guided by your own budget and lifestyle, not someone else’s.
3. Signing up for Medigap or Medicare Advantage through an insurance carrier instead of an independent advisor
Insurance carriers typically offer only their own plans, not all of the ones available to you. Working with an independent advisor means that you don’t have to limit your options. An independent Medicare advisor will consider your individual needs and explore thousands of plans without any financial cost to you.
Wealthspire currently works with Chapter, an independent Medicare Advisor, who can provide you with free and comprehensive Medicare guidance. To arrange a consultation, contact your Wealthspire advisor.
4. Overlooking an open enrollment period
Medicare enrollment periods are no joke. If you miss one, you may have to pay penalties for the rest of your life. Even worse, you might miss the chance to enroll in particular types of coverage.
You can find out your initial enrollment period here.
5. Not updating your coverage every year
The premium for your plan can change year to year. For some plans, the benefits can too. It’s crucial to evaluate and compare your coverage annually.
Concerned that you made one of the mistakes listed above? Or want to make sure that you don’t make any of these mistakes? Reach out to your advisor, and they can connect you with Chapter, an independent Medicare advisor. The service is completely free for Wealthspire clients like yourself.
Wealthspire Advisors is the common brand and trade name used by Wealthspire Advisors LLC, Private Ocean, LLC, Sage Financial Advisors, LLC, and Heron Financial Group, LLC, separately registered investment advisers and subsidiary companies of NFP Corp.
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This material is provided for informational purposes only and was created to provide accurate and reliable information on the subjects covered. It should not be construed as a recommendation, offer to sell, or solicitation of an offer to buy a particular security or investment strategy, and should not be relied upon for accounting, legal, or tax advice. The services of an appropriate professional should be sought regarding your individual situation. You should not act or refrain from acting on the basis of this content alone without first seeking advice from your tax and/or legal advisors. While the material was prepared using public information and is deemed reliable, Wealthspire Advisors cannot guarantee its accuracy, completeness, or suitability for any purpose, and makes no warranties with regard to the results to be obtained from its use.
