If this title got your attention, I highly recommend you read each of these tips below. Your medical care coverage is extremely important to understand in order to both save you money and take care of your health. Here are 5 important tips:
Know Your Coverage:
This sounds basic but it can be tricky. This is because Medicare is divided into several parts: Part A covers hospital stays, Part B covers medical services, Part C combines Parts A and B (known as Medicare Advantage), and Part D provides prescription drug coverage. Supplement plans are an alternative to part C for a higher premium. They are widely accepted and will cover many or most of the out-of-pocket costs when using Parts A and B. If you chose an Advantage Plan, be sure to keep track of the services and treatments covered under your plan to ensure you make the most of your benefits. This is easy to do you just may need to learn how. We are here to help.
Know Your Costs:
Medicare Part A has no premium. The part B premium just increased to $174.70 for 2024. If you buy a supplement plan, you pay an extra premium to know that when you need coverage you will have many options for care and low out-of-pocket expenses. However, you are paying a guaranteed $1k-$3K extra each year in premiums for this peace of mind. You will also need to add a Prescription Drug Plan, which is an additional premium.
Those who choose an Advantage plan may have low premiums but need to understand their deductibles, copayments, coinsurance, and of course max out-of-pocket expenses. One big change that happened for Advantage Plans starting in 2024 is the introduction of Part B Giveback. Many HMO and PPO plans have become available that will give back a portion of the Part B premium. This can result in some significant savings. These were very popular during AEP. We actually have some great options here in the Panhandle. If you missed this opportunity to change Advantage plans during AEP you still have one more chance until the end of March to make a one-time adjustment. Be sure to contact us for more details on any of this information.
Know Your Network:
I honestly can’t emphasize this part enough. Don’t be fooled into switching plans without first reviewing the network of care providers. Knowing which doctors, specialists, hospitals, and pharmacies are in-network can significantly impact your out-of-pocket expenses, as well as how often you will use their services. If you decide to change plans, be sure you are comfortable with the network of providers that will be covered under your new plan.
Know the Benefits:
Each Medicare plan offers different benefits beyond basic coverage. Some plans (Medicare Advantage) include additional perks like dental, vision, hearing, fitness programs, and even transportation services. Understanding these extra benefits can significantly enhance your overall healthcare experience. For instance: Part B Giveback, OTC Allowance, and access to specific wellness programs or health services tailored to the community are all extra perks worth knowing about. Take advantage of these offerings to optimize your Medicare plan.
Know Your Local Independent Broker:
This is honestly very important. A knowledgeable independent broker can provide personalized guidance, answer your questions, and help you explore various Medicare options available specifically to the area. We understand the local healthcare landscape and can assist in finding a plan that aligns with your unique needs and preferences. Whenever you have a question about your coverage you know exactly who to call and don’t have to worry about some random operator giving you biased or inaccurate information. We are not bound to any specific carrier and can therefore educate you on most/if not all of your options. Plus, this service is at no cost.
I hope you learned something here, but I’m sure you still have plenty of questions. Not to worry, we are just a phone call or email away to help. Reach out anytime! Email Christian@evergreenhealthins.com of call (850) 687 7606.
Author: Sowal Editor
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