Medicare Mistakes That Are Costing Retirees Thousands

Are You Overpaying Without Even Realizing It?

Are you paying hundreds more than necessary for Medicare each month? Many retirees in Colorado Springs are—often without realizing it. That’s thousands of dollars per year that could be covering vacations, padding your savings, or helping with everyday expenses.

The problem? Medicare isn’t “set it and forget it.” Plans change, premiums fluctuate, and small mistakes can lead to big financial losses over time.

The good news? These mistakes are fixable. By making a few smart adjustments, you can cut unnecessary costs while keeping the coverage you need. Here’s how to stop overpaying and take control of your Medicare expenses today.

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Are You Making These Costly Medicare Mistakes?

1. Sticking With the Same Plan Year After Year

Many retirees assume that once they pick a Medicare plan, they’re set for life. But Medicare plans change every year—and so do your healthcare needs.

 Fix It Now: Mark your calendar for Medicare Open Enrollment (Oct 15 – Dec 7) and review your plan every year. A quick comparison could save you hundreds or even thousands annually.

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2. Overpaying for Prescription Drugs (Part D)

Many seniors overspend on Part D drug plans because they don’t check for cheaper alternatives that cover the exact same medications.

 Fix It Now: Make a list of all your medications and use Medicare’s Plan Finder to compare drug plans. Even a small switch could lead to big savings.

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3. Paying Too Much for Medigap Coverage

Did you know that the same Medigap Plan G can cost twice as much depending on which insurance company you choose? The benefits are identical, but prices vary widely.

Fix It Now: Get quotes from multiple insurance providers. You can switch to a cheaper plan with the same coverage anytime if you qualify medically.

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4. Choosing Medicare Advantage Without Considering the Costs

Those $0 premium Medicare Advantage plans sound great, but they often come with high out-of-pocket costs. If you need frequent medical care, you could end up paying more than you would with Original Medicare + Medigap.

Fix It Now: Add up last year’s healthcare expenses. Compare what you would have spent on Original Medicare vs. Medicare Advantage. Sometimes, the cheaper plan isn’t the better deal.

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5. Missing Enrollment Deadlines and Paying Lifetime Penalties

Many retirees miss their Medicare enrollment window and get hit with permanent penalties on Part B and Part D. These penalties never go away and can cost you for life.

 Fix It Now: If you’re turning 65 soon, sign up on time—or ensure you have creditable coverage through an employer to avoid penalties.

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How to Stop Overpaying for Medicare

✔ Review Your Plan Annually – Medicare plans change, so should your strategy.
✔ Compare Prescription Drug Plans – Switching could save you hundreds per year.
✔ Shop for Lower Medigap Rates – The same coverage often costs less elsewhere.
✔ Run the Numbers on Medicare Advantage – Zero premiums don’t always mean zero costs.
✔ Avoid Late Enrollment Penalties – They never go away.

Medicare is one of the biggest expenses in retirement, but you don’t have to overpay. With a few smart moves, you can put money back in your pocket without sacrificing quality coverage.

👉 Think you might be overpaying? Call Barb Swiatek at 719.597.2179 for a no-obligation complementary discovery session today.