Insurance decisions can feel overwhelming, and that overwhelm leads to mistakes. Here are the most common ones and how to avoid them.
1. Missing Your Enrollment Window
This is the single most expensive mistake. Whether it's Medicare's Initial Enrollment Period, the ACA Open Enrollment, or your Medigap Open Enrollment - missing windows can mean penalties, higher premiums, or being locked out entirely.
2. Choosing the Cheapest Plan
The plan with the lowest premium isn't always the least expensive. Look at total cost of coverage - premiums plus expected out-of-pocket costs.
3. Not Checking Your Doctors Are In-Network
Before enrolling, always verify your current doctors and specialists are in the plan's network.
4. Ignoring Prescription Drug Coverage
Not enrolling in Part D when first eligible (without creditable coverage elsewhere) means a permanent penalty.
5. Not Reviewing Coverage Annually
Plans change every year. What was the best plan last year might not be this year.
6. Not Comparing Across Carriers
Independent agents can show you options from dozens of carriers. A captive agent can only sell their company's products. Schedule a free consultation with an independent agent.
7. Waiting Too Long for Life Insurance
Premiums increase with age, and health conditions can make coverage unavailable. Explore life insurance options today.