Tuesday, September 26, 2023

Saving Money on Medicare

Like most seniors in retirement, you are probably more cost-conscious now that you’ve stopped receiving a regular paycheck. Maybe you’ve combed through your budget looking to cut expenses. I applaud you for doing so, but there is another area you should double check – Medicare! Seniors often unknowingly overpay for coverage, unsure of how to reduce their healthcare costs. Allow me to give you a short list of things to keep an eye on.

Part B Premium: This is typically a fixed cost for seniors, but often times your Part B premium is increased due to high income when you were previously working (IRMAA).  If you are making less now, you can file paperwork to have your Part B premium reduced (SSA-44).

Medicare Supplement: In many cases, you can keep your current coverage (Plan G, Plan N, etc.), but switch to a new company with a much lower premium. This is such a simple way to save money (even up to $75 a month)! The only hurdle is getting through the medical underwriting process, which includes a health questionnaire. You can make this switch anytime throughout the year!

Part D (RX): Have your drug plan reviewed annually to ensure you’re receiving the best coverage for your prescriptions. Drug plans are constantly changing and being bought out by competing companies, which leads to higher premiums and co-pays, so you cannot leave your plan on autopilot. Also, call your insurance provider and make sure you’re using a “preferred” pharmacy. Drug plans can only be changed during the fall, so call me if you have questions!

Part C Medicare Advantage: Network, network, network. Make sure you’re using network doctors or prepare to be charged higher prices. Advantage plans are “pay as you go,” so it is vital you follow the rules of the plan, including getting prior authorization and referrals. All too often, seniors get hit with surprise medical bills on things they assumed would be covered.

Inflation is a real problem, and even Medicare is affected. Do everything you can to ensure your policies are competitive. I’m happy to help with anything Medicare related! Simply call me at 972-393-5080 or swing by the office, 2604 Long Prairie Road, Suite 100.

(Sponsored Content)

CTG Staff
CTG Staff
The Cross Timbers Gazette News Department

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