5 Things You Should Know About Medicare & Inflation
As inflation rates continue to rise, everyone is feeling the squeeze, especially Medicare beneficiaries on fixed incomes. While there are many expenses that cannot be controlled, such as property tax or gas prices, beneficiaries do have the opportunity to review their Medicare insurance coverage every year which could yield some savings. Here are a few tips to consider in the current economic climate:
- You can and should shop around
Take the time to compare the costs with all the available plan options you have. There are many factors to consider when selecting a plan and a thorough review of your options could save you money throughout the year. While your current plan may have not changed much from this year to next, other plans in your area may have made improvements or a new plan option could now be available.
- Consult an expert
A licensed insurance agent, who specializes in Medicare and contracts with multiple insurance carriers will be able to provide you with the greatest awareness of all your options. They will have the ability to review your health and prescription needs as well as analyze your potential annual costs. This is the most effective way to find a plan that provides the coverage that supports your health and financial wellbeing.
- Consider a Medicare Advantage Plan
Medicare Advantage Plans are offered by private insurance companies and can be an alternative to traditional Medicare coverage. While these plans are required, at minimum, to provide equivalent coverage to Original Medicare, they often provide benefits beyond what Original Medicare covers. Medicare Advantage plans can have premiums as low as $0 and offer additional benefits, such as dental, vision, and fitness benefits.
While Medicare Advantage plans can be a great option, many beneficiaries absolutely love their Medicare Supplement plans (sometimes referred to as Medigap). There is not a one-size-fits-all solution when it comes to Medicare insurance. An independent agent can help you navigate the Medicare insurance maze.
- Ask about assistance programs
If you are having trouble affording your Medicare insurance, there may be assistance programs available to help you cover the costs. Contact your agent, local Department of Social and Health Services, or the Social Security Administration to see if you qualify for any type of assistance.
- Review your coverage every year
Over time, your personal healthcare needs can change. Medicare insurance plans can as well. Every year Medicare Advantage and Prescription Drug Plans send out Annual Notification of Change letters to let their members know about changes coming in the new plan year. Some of those changes may include premiums, coinsurance, copays, changes to the formulary or drug tiers, as well as service coverage changes or limitations. This is why it is very important to review your coverage every year as what was true this year for your plan, may not be true next year.
While household expenses seem to be increasing daily, your Medicare insurance doesn’t have to. By following these tips, you might be able to reduce expenses associated with healthcare coverage and make sure you’re getting the coverage you need. Should you have any questions or would like assistance navigating the world of Medicare, our agents are ready to help any way they can. Call us at 866-733-5111 or email us at info@vibrantusa.com.
