Important Medicare Enrollment Information: Avoid Costly Mistakes

Meet Medicare

Enrolling in Medicare on time is essential to avoid significant penalties that can impact your finances for the rest of your life. When deciding between Original Medicare and Medicare Advantage plans, consider the pros and cons carefully.

Original Medicare

• Pros
• You often pay only 20% of expenses.
• It's generally accepted by every provider, anywhere in the U.S.
• You'll typically not need a referral to see a specialist.

• Cons
• There is no out-of-pocket spending cap, so you might end up spending many thousands.
• Coverage is somewhat limited, so many opt to buy a supplemental 'Medigap' plan, as well, to reduce out-of-pocket costs.
• Does not cover hearing, vision, or dental care.

Medicare Advantage

• Pros
• It typically offers more coverage than Original Medicare, such as for hearing, vision, dental, and prescription drugs.
• Your out-of-pocket spending will be capped.
• You can switch out of it to Original Medicare at least annually.

• Cons
• If you're traveling, you may have to go to an emergency room if providers are out of network.
• Your plan may deny you some care that Original Medicare might have covered.
• You'll often need a referral to see a specialist.

Understanding the enrollment process and penalties for late sign-up is crucial, as it can result in higher costs and limited coverage options.