Make Sure You Don't Fall For 9 Biggest Medicare Mistakes

Knowing how and when to sign up for Medicare can be overwhelming with all of the Medicare marketing and rumors you hear. Should you take Medicare at 65? Should you stop your HSA contributions? Who should you turn to for advice?

Watch this video to make sure you avoid the 9 biggest Medicare mistakes.

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⏰ TIME CODES ⏰
0:00 Context
0:14 Waiting Too Long
1:02 Taking Too Soon
3:44 Taking Too Late
4:59 IRMAA Costs
6:22 Not Appealing IRMAA
7:33 Not Reviewing Each Year
10:01 Calling Commercials
10:52 Out of Network
13:45 Listening to the Wrong People

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#medicare #theretirementnerds #socialsecurity #retirementnerds #finance

Federal Disclaimer:

[judieloux]

Wow, thanks! I had to go on disability, and couldn't understand why I had to wait 2 yrs for Medicare. Not one person explained why. Now I know it is because they look at your wages from 2 yrs prior. Thanks.

[eduardooramaeddie]

Wow you're right about listening to the wrong people

[ResidualSelfImage]

Medicare is considered the primary insurance rather than the employer's insurance when the employer has less than 20 employees.

[betsydoc]

I love your passion for helping seniors!!! Thank you

[eduardooramaeddie]

That is so true about advantage plan, true

[StevenBanks]

I have been covered by my postal benefit plan (PSHB Coverage) for TEN years after first being eligible for Medicare B. When and IF I decide to switch over to Medicare B there will be no penalty. My employer did not make it clear to me that this was an option andonly mentioned it in the fine print. I got good advice and kept my full coverage.

[leilanihimmelmann]

Excellent video. And your story example of your mum and her friend was definitely on point. Thank you again. You always provide great content.

[diannalocke]

I have learned so much by watching your videos! Thank you!!!

[eduardooramaeddie]

Thank you for the updates on Medicare, great information Eddie 👍 thank you

[jeffmiller]

Exceptional advice!! Thank you, Jon! I have already been in the "why did you go with that plan" conversation with other family members. Their situation and mine are very different.

[Paul-GrnHil]

I retired with a significant last year salary due to a retirement bonus. I appealed my IRMAA charge for me as well as my spouse. For some reason we received a different decision even though we were joint filers with only my income to consider. Since we received 2 different decisions for the same income, I had to appeal the decision. It was a hassle but I was able to get the IRMAA fee rescinded for both of us after my appeal. In the end the appeal process worked. It takes some effort but if the facts are in your favor you can avoid thousands of dollars of IRMAA fees if you take the time to file the appeal.

[tomm]

Mistake #9 in real life: I was speaking to the guy where I take my car for service. He just turned 65 in April like me. We showed each other our Medicare cards. I also showed him my Supplement Plan card and asked him if he had one as well. He said that his "friend" told him that "he doesn't need a Supplement plan since he didn't have one as well." I warned him about not having a Supplement plan and the dangers of unlimited costs if he were to have a hospital stay, etc. I also warned him about not having a Part D plan and that there are penalties in the future if he ever gets one. I gave him the name and phone number of my Medicare broker company and highly advised him to call them and talk with them. I hope he does

[JagLite]

Fast and furious!
Excellent information condensed to just the facts, thank you.
I really don't watch people who take 60 minutes to say what you did.
I'm retiring in September so I will be contacting you next month to get an agent who can help me... in Alaska but moving to AZ after retiring.
Thanks again for all of your very informative and enjoyable videos.

[anthonygardner]

What an information-packed video, Erik (as always). Thank you. You’re the absolute best in this space. Appreciate you!

[christineolexa]

Thank you! We sadly experienced #2 when a neighbor kept telling us I would be "penalized" if I did not sign up for Part B (when my husband was still working full time and I was on his insurance!) WRONG

[pilarskifamily]

The huge issue I see with the 'free' plans(MA), is those networks. They can change at ANY time and they do. Plus the recent news that major provider groups and hospital groups are no longer taking MA plans at all!!

[davidfolts]

Thanks for the super-duper content, The Retirement Nerds; combining niceness with great information is a winning combination! Well done!

[ItsMe-rrnh]

I am patiently waiting for Medicare soon to be as I am paying $1200 per month on an ACA plan where I don’t qualify for a government subsidy so Medicare will be a BARGAIN for me!

[tinalippincott]

Excellent content for those approaching Medicare or as a review for those already covered. Well done, Erik!

[rickarmstrong]

Thanks for the video devilishly handsome Erik.