Medicare enrollment doesn’t come with many second chances.
While most financial missteps can be corrected over time, this is one area where missed deadlines can permanently lock in higher costs
Read Next: The Most Common Retirement Mistake, According to an Expert Find Out: 10 Clever Ways Retirees Are Earning Up To $1K per Month From Home GOBankingRates asked experts to describe how this one mistake can add up to thousands more than expected and suggest how to avoid it. The Most Common Medicare Enrollment Mistake to Avoid Many seniors assume they can delay enrollment without consequences. However, by not enrolling in Medicare Part B or Part D when they’re supposed to is the most expensive medical insurance mistake people make, according to Brandon Hill, senior advisor at Beckett Financial Group.
Seniors need to make sure they do not have any periods of time without medical or drug coverage after they are eligible for Medicare. “If they have gaps, that can lead to late enrollment penalties,” Hill said. “Missing Medicare deadlines is not just a paperwork issue; it is a permanent premium error,” added Evan H. Farr, a certified elder law attorney and retirement planner at Farr Law Firm, P.C. For You: Warren Buffett’s Advice To Prepare for a Recession Is S-Tier How Medicare Late Enrollment Penalties Actually Work Late enrollment penalties can increase monthly premiums for life.