Avoid These 5 Common Medicare Mistakes

Avoid These 5 Common Medicare Mistakes

Learn from others so you don’t pay the price.
“By failing to prepare, you are preparing to fail.” — Benjamin Franklin

Medicare isn’t just a government program—it’s a personal decision with real financial consequences. Unfortunately, thousands of people make preventable mistakes every year that cost them time, money, and peace of mind. The good news? With the right guidance and preparation, you can avoid the most common Medicare pitfalls.

Here are the top five Medicare mistakes—and how to avoid them with confidence.

1. Missing Your Enrollment Window

The Mistake:
Not enrolling during your Initial Enrollment Period (IEP)—the 7-month window that starts 3 months before you turn 65—can lead to lifetime penalties.

The Consequence:

• Part B late enrollment penalty: 10% added to your premium for each 12-month period you delayed

• Part D late enrollment penalty: 1% per month you delayed, permanently added to your premium

How to Avoid It:
Enroll on time, even if you're healthy. If you’re still working, speak with an advisor to coordinate your group plan with Medicare properly.

2. Assuming Medicare Covers Everything

The Mistake:
Thinking Medicare is “full coverage” when, in reality, it doesn’t cover:

• Dental, vision, hearing

• Long-term care

• Prescription drugs (Part D is optional)

• Out-of-pocket maximums under Original Medicare

The Consequence:
Surprise bills and gaps in your care—often when you need help most.

How to Avoid It:
Work with a licensed Medicare advisor to fill the gaps with a Medigap plan, Medicare Advantage, or supplemental coverage like HIP and CHAS.

3. Ignoring Medicare Advantage Network Restrictions

The Mistake:
Choosing a Medicare Advantage plan without checking if your doctors and hospitals are in-network.

The Consequence:

• Higher costs for out-of-network care

• Potentially losing access to your preferred physicians

• Delays due to referral or prior authorization rules

How to Avoid It:
Verify your providers before enrolling in an MAPD plan. If flexibility is more important to you, consider a Medigap plan instead.

4. Not Reviewing Your Plan Annually

The Mistake:
Signing up for a Medicare plan once and never reviewing it again.

The Consequence:
You could be stuck with rising costs, dropped coverage, or better options you’re missing.

How to Avoid It:
Take advantage of the Annual Enrollment Period (AEP) from October 15 to December 7 to review and update your plan. KEyO offers free annual plan reviews to help clients stay protected.

5. Trying to DIY Medicare Without Help

The Mistake:
Going it alone, relying on mailers or outdated info, and picking a plan without fully understanding it.

The Consequence:
You might choose the wrong plan, overpay for coverage, or miss out on important benefits.

How to Avoid It:
Work with a trusted advisor. At KEyO, our team walks you through every step of the process, offering personalized options and zero-cost guidance.

Bonus Tip: Don’t Rely Solely on Employer Coverage at 65

Many people assume that if they’re still working and covered by an employer, they don’t need to worry about Medicare. But failing to coordinate correctly could result in coverage gaps or penalties later.

Always check with your HR department AND a Medicare specialist to avoid missteps.

Final Thought:
Medicare mistakes are easy to make—but even easier to avoid with the right support. At KEyO, we help you do Medicare right—the first time.