Key Points Enrolling in Medicare on time could save you money down the line. Buying supplemental insurance is crucial, but get your timing right. Certain Medicare costs apply universally, and it's important to know what they entail. The $23,760 Social Security bonus most retirees completely overlook › Medicare, like Social Security, is a program that millions of older Americans rely on heavily. Whereas Social Security pays monthly benefits to eligible retirees, Medicare provides health coverage t ...

Core Insights - The article emphasizes the importance of understanding the potential drawbacks of switching from original Medicare to Medicare Advantage plans during the fall open enrollment period [1][11] Group 1: Medicare Advantage Benefits - Medicare Advantage plans can limit annual out-of-pocket spending and often provide additional services not covered by original Medicare, such as dental care, eye exams, and hearing aids [2] - Access to more covered benefits through Medicare Advantage could help retirees manage healthcare costs, especially for those relying primarily on Social Security for income [3] Group 2: Potential Drawbacks of Medicare Advantage - The $0 premium trap: Many Medicare Advantage plans advertise $0 premiums, but beneficiaries still need to pay for Medicare Part B and may face additional costs through copays, deductibles, and coinsurance [4][5] - The limited provider network trap: Unlike original Medicare, which allows access to any doctor accepting Medicare, Medicare Advantage typically restricts beneficiaries to a specific network of providers, which can complicate care access, especially for those who travel frequently [6][7][8] - The prior authorization trap: Medicare Advantage plans often require prior authorization for higher-cost services, which can lead to delays and denials in care. The Kaiser Family Foundation reports that 99% of Medicare Advantage enrollees are subject to this requirement, compared to a limited number of services under original Medicare [9][10]