7 Medicare Mistakes That Cost You Thousands

Medicare seems simple on the surface, but beneath that simplicity lies a minefield of penalties, coverage gaps, and missed opportunities that can cost you thousands of dollars every year.

1. Missing Your Initial Enrollment Period (IEP)

Your IEP is a 7-month window around your 65th birthday. Miss it and you face a Part B late enrollment penalty of 10% for every 12 months you were eligible but did not enroll. That penalty lasts for LIFE.

2. Choosing Supplement vs. Advantage Without Understanding the Difference

Supplement (Medigap) means higher monthly premiums but predictable costs and freedom to see any Medicare-accepting doctor. Advantage (Part C) means lower premiums but restricted networks and prior authorizations.

3. Ignoring Part D (Drug Coverage)

Even if you take no medications, you need Part D. The late enrollment penalty is 1% per month without creditable drug coverage, compounded annually.

4. Not Checking Your Drug Formulary Every Year

Plans change their drug lists annually. Always review during AEP (October 15 – December 7).

5. Assuming All Doctors Accept Your Plan

Medicare Advantage networks change. With Supplement plans, you can see any doctor who accepts Medicare nationwide.

6. Overlooking the Medicare Savings Program

Millions of eligible people do not apply for programs that could pay their premiums, deductibles, and copays.

7. Trying to Navigate Medicare Alone

A licensed agent costs you nothing and can save you thousands. Call Larry Buckalew at 813-863-5917 for a free Medicare review. Licensed in FL, TX, CA, NC, SC, and MI.