Money in the Middle

Sandwich Generation Talking About Money Up, Down and Across Generations

Archive for February 2012

Baby Boomers, Don’t Let Medicare Traps Trip You Up

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Avoid the Traps and Save Money on Medicare

If you are one of the millions of baby boomers turning 65, you’ll soon find yourself facing the Medicare maze.

In fact, your mailbox is probably already filling up with letters and offers for different Medicare plans that are sure to be “just the right fit.”

I talk to lots of people turning 65 and they all say the same thing — why is selecting a Medicare plan so confusing…parts, plans, supplement, advantage?

For example, did you know that if you stay on COBRA too long after you are 65, you’ll miss your initial enrollment period and face enrollment during the general enrollment period — and maybe months without health insurance coverage?  Or that if you don’t sign up for Part B at the right time you can face a penalty; same for Medicare Part D drug plans? Or just selecting the same health insurance company you are currently with may not be the right Medicare coverage.

So if you find yourself getting ready for Medicare — or helping a parent or family member with the Medicare decision, you might find this booklet of assistance:  Getting Ready for Medicare:  7 Traps to Avoid.  I wrote it after hearing too many confused conversations —and frustrated people – struggling to get signing up for Medicare right.

Hope it helps turn the Medicare maze into a bit more of a straight path.

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Written by Laura Rossman

February 21, 2012 at 3:22 pm