What is the biggest decision mistake people make with Medicare?
The short answer
The biggest mistake is choosing a plan based on premium alone, without checking whether your doctors are covered, what your prescriptions will cost, and what you'd owe in a serious medical situation.
The full explanation
Most people turning 65 are used to picking employer health insurance where the plan options are pre-vetted and the differences between them are minor. Medicare is different. The range of what plans cover, what they cost, and which providers they include is genuinely wide. And the stakes are higher because you're often making this decision at an age when you might actually need significant care. The most common mistake is fixating on the monthly premium. Someone picks a $0 Advantage plan, feels good about saving money, and then discovers their cardiologist isn't in the network, or their expensive maintenance medication has a high tier cost under that plan's drug formulary. By the time they realize the mismatch, they may have to wait until the next open enrollment period to change, which could be months away. The second most common mistake is not reviewing the plan annually. Medicare plans can change their premiums, their drug formularies, and their provider networks every January. What fit you perfectly last year may not fit you this year. Every fall, during the Annual Enrollment Period from October 15 to December 7, it's worth spending an hour checking whether your plan still covers your doctors and your medications at a reasonable cost.
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