Mistake #1: Missing Your Initial Enrollment Period
Your Initial Enrollment Period (IEP) is a seven-month window: three months before your 65th birthday month, your birthday month, and three months after. If you miss it and don't have qualifying employer coverage, you'll face a late enrollment penalty on Part B premiums — 10% for every 12-month period you were eligible but didn't enroll. This penalty is permanent and compounds every year.
Mistake #2: Not Understanding the Medigap Window
Your Medigap Open Enrollment Period starts when you turn 65 AND are enrolled in Part B. During this six-month window, insurers must sell you any Medigap policy they offer, regardless of your health. After the window closes, they can deny you, charge higher rates, or impose waiting periods for pre-existing conditions. This is a one-time opportunity — don't waste it without understanding your options.
Mistake #3: Forgetting About Part D
Even if you don't take medications right now, skipping Part D (prescription drug coverage) can cost you later. The late enrollment penalty is 1% of the national base premium for every month you went without creditable coverage. After just two years without Part D, you'd pay about $8 more per month — every month — for the rest of your life.
Mistake #4: Assuming Employer Coverage Counts
If you're still working at 65 with employer health insurance, you generally can delay Medicare enrollment without penalty — but only if your employer has 20 or more employees. If your employer has fewer than 20 employees, Medicare becomes your primary insurer at 65, and delaying enrollment can leave you with coverage gaps and penalties.
Mistake #5: Choosing a Plan Based Only on Premium
A $0 premium Medicare Advantage plan sounds unbeatable — until you realize your cardiologist isn't in the network, the plan requires prior authorization for imaging, and the out-of-pocket maximum is $7,550. Always evaluate the total cost of coverage: premiums + expected copays + potential out-of-pocket maximum, not just the monthly premium.
How to Protect Yourself
Start planning at least three months before you turn 65. Compare all your options — Original Medicare + Medigap + Part D vs. Medicare Advantage — with someone who can show you the real costs specific to DFW providers and your health situation. That's exactly what we do, at no cost to you.
