American retirees keep making these 5 costly Medicare mistakes — how to avoid them and grow your nest egg

Core Insights - Understanding Medicare coverage is crucial for the 67 million Americans enrolled, as it can significantly impact health expenses [1][3] Group 1: Medicare Enrollment - Individuals receiving Social Security benefits for at least four months before turning 65 will be automatically enrolled in Medicare Part A, but must sign up for Part B and other coverage [2] Group 2: Common Mistakes - Failing to research coverage options can lead to overpaying for unnecessary features in Medicare and Medicare Advantage plans [4] - Not verifying if current doctors and preferred providers are covered under the chosen plan can result in substantial out-of-pocket costs [6] - Neglecting to budget for out-of-pocket expenses is a significant oversight, especially considering that approximately 70% of Americans turning 65 today may require long-term care services, which Medicare typically does not cover [7]