Medicare enrollment used to be easy... but not anymore.

JUST ONE Medicare mistake can cost you thousands of dollars and keep you from getting healthcare services.

Plus, most of these mistakes cannot be undone.

Don't make the critical error of underestimating the complexities of Medicare. The following are just a few examples of thousands of people who make Medicare enrollment mistakes. As a result, they'll overpay for health coverage, will not be able to get certain types of coverage, and/or may not be able to get needed healthcare services or see their preferred healthcare providers – for the rest of their lives.

 

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TOTAL COST: $5,200

Plus,  Carol may NEVER be able to get a Medicare Supplement plan.

CASE STUDY: Enrolling Too soon

Did you know? Some people need to enroll in Medicare immediately at 65 or face late enrollment penalities. However, other people should delay Medicare enrollment or face similarly expensive consequeces.

When Carol turned 65, a professional told her that she had to enroll in Medicare in order to avoid late enrollment penalties. Following this guidance, Carol enrolled in Medicare Parts A, B and D.

Unfortunately, Carol also remained covered by her husband's employer plan. This means that Carol enrolled in Medicare prematurely – paying $5,200 over a 20 month period for Part B and D coverage that she could never use. Plus, she no longer has a Guaranteed Issue Right. This means that, if she has any prexisting health conditions, she may NEVER be able to get a Mediare Supplement plan.

Bottomline: i65 could've saved Carol thousands of dollars and kept all of her coverage options available to her.


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TOTAL COST: $9,814+

Plus, Tom will pay a 10% late enrollment penalty for the rest of his life.

CASE STUDY: Enrolling Too late

Did you know? Your Initial Enrollment Period for Medicare is three months before your birth month, your birth month, and three months after your birth month... UNLESS your birthday falls on the first of the month. Then, everything shifts ahead one month.

Tom was not aware of this nuance and missed his Initial Enrollment Period. As a result, the next time Tom could enroll in Medicare was during the General Enrollment Period (January to March of each year). Then, his Medicare coverage wouldn't begin until July.

The average monthly premium of a private healthcare plan for someone 64 years of age is $701. Since Tom needed 14 months of coverage, this mistake cost him $9,814! Plus, Tom will pay a 10% late enrollment penalty added to his monthly Medicare premiums for the rest of his life.

Bottomline: i65 would've saved Tom almost $10,000 and helped him avoid late enrollment penalties.


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TOTAL COST: Incalculable

Roslyn is stuck with a type of coverage that gets more expensive as well as increasingly restrictive each year.

CASE STUDY: NOT UNDERSTANDING YOUR COVERAGE OPTIONS

Did you know? When you choose a retiree plan, you may not be able to get a Medicare Supplement later – regardless of how your retiree plan may change in the future.

As a retiring teacher, Roslyn opted to take the state-sponsored retiree health plan. When she initially retired, the coverage was fantastic. Over the years, though, her benefits have erroded. Today, her retiree plan provides just a fraction of the coverage it used to. As a result, Roslyn wanted to dump her retiree plan.

Unfortunately, Roslyn never learned that—regardless of how her retiree plan might change—her other Medicare coverage options could be limited. Today, she can no longer get a Medigap plan.

Bottomline: i65 would've help Roslyn understand and better plan for the long-term implications of her coverage decisions at age 65.


CASE STUDY:
NOT UNDERSTANDING YOUR COVERAGE OPTIONS

Did you know? If you opt for certain types of Medicare coverage, you may not be able to get the healthcare services you need from the providers you prefer.

When Lee turned 65, he opted for a zero-premium Medicare health plan. At the time, it seemed like a great option since he rarely needed healthcare services. Then, shortly after his 67th birthday, Lee was diagnosed with Stage 4 bladder cancer.

When Lee began seeing an oncologist outside of his plan's network, he was surprised to find out that he was responsible for 100% of his medical costs. After appealing for coverage and being turned down, Lee now faces a very difficult decision — continue seeing the out-of-network provider who provides the more experimental treatment paying all of the healthcare costs until he can change plans during Open Enrollment, try to find an in-network provider that provides similar services or go without the treatment.

Bottomline: i65 would've helped Lee understand how all of his coverage options worked – for better and worse.

TOTAL COST: $78,000+

Lee must pay out-of-pocket for his cancer treatment for 6 months. Then, he'll pay 20% of all care thereafter.