5 Medicare Open Enrollment Mistakes to Avoid, #167

Retire With Ryan

As the air crisps and the leaves change, you know what that means: Fall is here! But it also means that Medicare Open Enrollment is about to begin. On this episode, I’m going over five Medicare Open Enrollment mistakes you want to avoid and answering a listener's question about Health Savings Accounts.

You will want to hear this episode if you are interested in...

• Can you draw from two HSA accounts to pay for one individual's medical expenses? [1:43]
• Is it too early to start looking at enrollment options? [4:13]
• Is last year’s Medicare plan still the best option? [6:02]
• Should monthly premiums be the only deciding factor for Medicare plans? [7:09]
• Examining the real cost of Medicare plans [8:50]
• Will your Medicare plan let you see your doctor? [10:31]

Choosing the Medicare plan that’s right for you

Medicare Open Enrollment starts on October 15th and lasts until December 7th, but is now a good time to start looking at your options? Absolutely it is! You don’t have to wait until October to research the best Medicare plan for your needs. Talk to friends and supplemental Medicare representatives, attend seminars, and even go to medicare.gov to compare and contrast the numerous choices available.

One mistake current Medicare enrollees make is assuming that the plan they selected last year is still the best plan for them. Many Medicare Advantage plans offer an initially low or free premium plan to get people to sign up, only to significantly increase the price the following year. You definitely want to compare your options annually to ensure you're getting the best plan for the right price.

Understanding the costs and benefits of your Medicare plan

A big mistake to avoid during Medicare Open Enrollment is using your plan's monthly premium as the only deciding factor for signing up. While your monthly premium may be low, out-of-pocket costs can get out of control. Prescriptions, labs, and doctor’s visits may not be covered by a low premium plan, so you definitely want to do your research. Paying a higher premium for better coverage may be your best option.

A huge shock for some Medicare enrollees is finding out their existing doctor will not accept their Preferred Provider Organization (PPO) plan. A PPO is a health care plan that allows members to see out-of-network doctors, usually for a higher price. Just because your plan allows you to see out-of-network providers does not mean YOUR provider accepts that plan. Double-check with your doctor to make sure everything is compatible before signing up. Listen to this episode for more on Medicare Open Enrollment!

Resources Mentioned

• Retirement Readiness Review
• Chris Humphries
• Medicare

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