Six Medicare Tips That Could Help You Save Money

• Enroll during the appropriate enrollment periods: One of the most common myths about Medicare is that people can join whenever they want. The reality is that a person must meet certain requirements and enroll during certain enrollment periods.

For example, most people are eligible for Original Medicare when they are about to turn 65, but others may also qualify because of certain disabilities and medical conditions. Individuals have a 7-month Initial Enrollment Period, which includes three months before their 65th birthday, the month of their birthday, and the three months after.

• Learn about Medicare Advantage: Did you know that Original Medicare doesn’t cover all medical expenses? Medicare Parts A and B cover certain medical and hospital services. Other benefits such as prescription drugs, dental care, vision, hearing, international emergency coverage, physical exercise, and transportation to medical appointments are not usually covered by Original Medicare.

Medicare Advantage Plans (Medicare Part C) are sold by private insurance companies and include the same benefits as Original Medicare. Many Medicare Advantage plans may also offer prescription drug coverage, and some may even offer additional benefits like vision, hearing, and more.

This may seem like a lot of information, however, companies like I long provide 100% Spanish language and culture focused resources to help you compare Medicare Advantage plans and find the best option for you.

• Calculate Your Expected Health Care ExpensesWhen you choose the Medicare coverage option that meets your needs, think about the premium or the monthly or annual cost of being enrolled in the plan. Also, take into account other expenses that you may encounter over the course of that time, such as deductibles, coinsurance or copayments, since out-of-pocket expenses can increase.

For some people, a higher premium plan may be a more cost-effective option if it includes lower deductibles, copays, or other out-of-pocket costs. The plan that meets your specific medical spending needs may be different than a plan that works well for someone else.

• Think about how to pay for health care not covered by Original Medicare: As mentioned above, Original Medicare covers many services and items, however, it does not cover everything.

For example, prescription drugs, dental, vision and hearing care are not included and can leave you with some surprise last minute expenses. Some Medicare Advantage plans may offer a coverage package for some or all of these areas (in addition to all Part A and Part B coverage). Medicare Part D plans cover prescription drugs. And there may be individual dental and vision plans available where you live. Regardless of what you choose, you have a plan to cover the cost of all that unaccounted for care so you don’t have to pay out of pocket.

• Find out if you can qualify for savings or assistance programs: Federal and state governments can offer savings and assistance programs to those who qualify. State Pharmaceutical Assistance Programs, Medicare Savings Programs, and Extra Help from Medicare are just a few of the options available to people who qualify. Contact your State Health Insurance Assistance Program for assistance.

As you can see, there are many ways to save money while taking care of your health. As time keeps flying by, it’s important that you prepare ahead of time to weigh your options, so that you can enjoy what really matters: quality time with family and friends.