The Top 5 Medicare Mistakes

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. © 2024 Wealthspire Advisors.

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