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Key Considerations When Selecting Medicare Plans: Steering Clear of Common Pitfalls

January 28, 17073 min read

Introduction:

As individuals approach the decision-making process for their Medicare plans, it is imperative to navigate potential pitfalls with a discerning eye. This article outlines five critical mistakes to avoid and underscores the importance of professional guidance when making these significant choices.

Mistake 1: Relying on Group Health Plans without Verification

It is crucial to ensure that your Group Health Plan is deemed credible coverage by Medicare standards. While many group plans meet these criteria, some may require proper documentation for validation. Individuals over the age of 65 should refrain from opting for the Cobra option, as Medicare does not recognize it as credible coverage. Obtaining documentation from the HR department is essential to confirm compliance with Medicare standards.

Mistake 2: Seeking Advice from Non-Licensed Individuals

When navigating the complexities of selecting the most suitable Medicare plan, confiding in licensed insurance agents is paramount. Friends and family can contribute to general discussions, but discussions involving financial and medical health information should be reserved for licensed professionals. These individuals undergo rigorous training, licensing, and continuous education to provide tailored advice based on individual circumstances.

Mistake 3: Failing to Confirm Part A Start Date with Medicare

To avoid complications with Health Savings Account (HSA) contributions, it is essential to verify with Medicare that the Part A start date will not be backdated. The 7-month window around the 65th year provides an opportunity to sign up for coverage, ensuring a seamless transition without legal issues related to simultaneous HSA contributions and Part A coverage.

Mistake 4: Neglecting Part D Enrollment at 65

Enrolling in Part D (drug plan) during the initial enrollment period is critical to avoiding lifelong penalties. Failure to secure credible drug coverage may result in a penalty of 1% per month based on the average drug plan cost in the individual's zip code. Verifying the credibility of drug coverage with the HR department is essential.

Mistake 5: Placing Trust in Celebrity Endorsements

Avoid the common error of relying on celebrity endorsements from television or radio advertisements. While call center agents may claim to be licensed insurance professionals, not all of them hold licenses. Seeking assistance from these sources may lead to biased recommendations, limited policy options, and persistent calls from multiple agents.

Conclusion:

To navigate the intricacies of choosing Medicare plans successfully, leveraging the expertise of licensed insurance agents is crucial. Professional associations, such as The National Association of Benefits and Insurance Professionals, can assist individuals in finding reputable insurance professionals tailored to their specific needs. To sidestep potential pitfalls, it is advisable to consult with licensed agents who can provide personalized guidance on health insurance coverage during the senior years.

Karen Burkholder Insurance Agency, LLC

469-425-3220

Karen@karenburkholder.com

100 N. Central Exp 510

Richardson, Texas 75080

https://www.karenburkholder.com/

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Texas Agency License # 2154657, Texas Agent License # 2023386 IMPORTANT: All calls will be recorded for quality assurance purposes. 

We represent Carriers that offer Home Insurance, Auto Insurance, Life Insurance, Annuity Plans and Health insurance. We also represent 11 MAPD organizations (insurance carriers) and 9 Med Sup Organizations,   that offer over 100 products (MA, MAPD, PD, Med Sup) in Texas.

You can always contact Medicare.gov, 1–800–MEDICARE, or your local State Health Insurance Program (SHIP) for help with plan choices.

Karen Burkholder

Senior Health Insurance Specialist

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100 N Central Expy, Richardson, TX 75080, USA


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Website Managed by Karen Burkholder Insurance Agency, LLC (Karen Burkholder Agent, Owner)

DBA: LoneStar Legacy Insurance

https://lonestarlegacyins.com/

https://karenburkholder.com/

Agent Texas License # 2023386

Agency Texas License # 2154657

All calls will be recorded for quality assurance purposes. 


Karen Burkholder Insurance Agency, LLC represents Carriers that offer Home Insurance, Auto Insurance, Life Insurance, Annuity Plans and Health insurance. We also represent 11 MAPD organizations (insurance carriers) and 9 Med Sup Organizations, which offer over one hundred products (MA, MAPD, PD, Med Sup) in Texas.
You can always contact Medicare.gov, 1–800–MEDICARE, or your local State Health Insurance Program (SHIP) for help with plan choices.

DBA LoneStar Legacy Insurance.

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