Costly Medicare Missteps to Avoid in 2021

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

As we complete another round of annual election period craziness in Medicare, it’s time to pause, reflect and figure out what in the heck to help you all with next year!

I repeat this daily, but it truly is amazing how many Medicare mistakes I see made by Medicare beneficiaries. A person’s entrance into the Medicare system doesn’t come with a very good user’s manual. There is a lot of chaos surrounding the event. It feels like the system is designed to confuse. I’m often asked, “How does the average consumer do this alone?”

My only answer is, “You don’t stand a chance, unfortunately”.

So, my agency becomes the consumer’s user manual – the guide that they need to make proper Medicare moves. We specialize in that very first transition to Medicare that a person makes. They may be coming up to their 65th birthday and worrying about how to get to the system properly or they may be 68 years old and ready to retire, also wondering how to get to the Medicare system without any penalties or gaps in coverage, for example.

It’s critical to point that piece out. I best help those who are new to the Medicare system. It takes multiple steps and hours to counsel a person in what to do to get from point A (generally employer insurance or individual coverage) to point B (the Original Medicare system and Medicare products that they might require). It is not a straight line and there never seems to be a 100% answer for anything. Questions are often met by our advisors with an answer such as “Wellllll, let’s talk that through”.

Getting into the system the right way is key. When I get calls about someone who is 72 and didn’t know this or that and now has a health crisis, a penalty, a gap in coverage? It can be unfixable. We’re not miracle workers.