Like most seniors, you are probably cost conscious in retirement because you may no longer receive that regular paycheck like you did for most of your life. You comb through your budget and look for where you can cut expenses. I applaud you for doing so, but there is another area you should also double check – Medicare!
Yes, seniors often overpay for coverage without realizing it, or maybe they don’t know how to go about reducing their healthcare expenses. Allow me to give you a short list of things you should keep an eye on.
Part B Premium: This is typically a fixed cost for most seniors, but often times your Part B premium is increased due to previously high income when you were still working (IRMAA). If you no longer make that type of income, you can file paperwork to have your Part B premium reduced (SSA-44).
Medicare Supplement: In many cases, you can switch to a new insurance company while keeping the same exact coverage (Plan G, Plan N, etc.), but the new company has a much lower premium. This is a great way for seniors to save money. We’ve seen as much as $75 a month savings before. The only hurdle is getting past the medical underwriting process (health questionnaire). This can be done anytime during the year!
Part D (RX): Drug plans should be reviewed annually to make sure you’re receiving the best coverage on the specific drugs that you take. You CANNOT leave your drug plan on autopilot. They change too often and constantly get bought out by competing companies. This leads to higher premiums and co-pays. Make sure you’re also using a “preferred” pharmacy (call your plan to ask). Drug plans can only be changed during the fall, so get with me if you have questions!
Part C Medicare Advantage: Network, network, network. Make sure you’re using network doctors, or you can be charged higher prices. Advantage plans are more “pay as you go” so make sure you follow all the rules of the plan. This includes getting prior authorization and referrals. All too often seniors get hit with the surprise medical bill when they thought something was going to be covered.
Inflation is a real problem out there, and it’s no different with Medicare. Make sure you’re doing everything you can to ensure your policies are competitive. I’m happy to help with anything related to Medicare! Simply call me at 972-393-5080 or swing by the office at 2604 Long Prairie Road, Suite 100.
God Bless!
(Sponsored content)
