A few months ago I decided to do a social experiment with my clients in an effort to find the reason why I continually come across so many people on Medicare that have made the same exact expensive mistake when it comes to Medicare. To conduct the experiment, I simply asked two basic questions upon meeting each new client for the first time.
My first question was:
“What is the first word that comes to your mind when you think about enrolling in supplemental Medicare coverage?“
Here are the top three answers I received….
Confused. Overwhelmed. Frustrated.
What I found after working with over 100 clients who were vastly over paying for their coverage was that they all were all having the same problem prior to when I began working with them.
- They were confused by the mostly vague Medicare information they were able to find online.
- They were overwhelmed from all of the sales people calling and advertising junk mail they were getting each week.
- And they were frustrated with the whole process because they didn’t know who to trust or where to turn next.
My second question was…
“How did you ending up making the decision to enroll in your current plan? “
Their answer… “I just gave up and picked one!””
Now if you have been to one of our webinars, seminars, or even read an article or two on our blog you probably know that Medicare Advantage, Medicare Supplement, and Part D Drug plans are not one size fits all (even though insurance companies and sales people would have you believe so).
So What’s The #1 Most Expensive Medicare Mistake?
Not Shopping Around For Your Coverage!
If I could only tell people I meet one thing about how to save money on their Medicare coverage THIS WOULD BE IT!
By simply picking a plan and signing up without finding out which one would work best for their needs, each person in this group ended up paying hundreds or even thousands of dollars per year more than they needed to.
WHY It’s So Important to Shop Around
There are different reasons why you need to shop around depending on which type of coverage you are looking for but they are all equally important… Here is some more information when it comes to shopping around for specific coverage:
Medicare Supplement: Medicare Supplement plans are all standardized which means each insurance company provides the exact same coverage for the plan you select. The only difference between companies is the premiums you pay!
Medicare Advantage: Medicare advantage plans all have different premiums, co-pays, networks of doctors and hospitals, and more. It is vital be sure that your current doctors take the plan and the premiums and co-pays are affordable to you.
Part D Drug Plans: Each company that offers Part D drug plans covers different medications, for different prices. It is very important to select a drug plan that not only covers your medications but also covers your medications for the lowest cost possible.
So now that you know the #1 Medicare mistake… Are you ready to start shopping around for your coverage?
Click HERE to get a side-by-side comparison from the top insurance agencies!