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Trusted Senior Specialists shares how to save money on Medicare

How to Save Money on Medicare

If you have a Medicare plan, you can use it to save money on medical expenses instead of having to pay out-of-pocket. Trusted Senior Specialists has prepared a list of cost-savings tips. Saving money isn’t always easy, but with our help, you can get the health coverage you need — and have more cash leftover to spend how you want. 

Understand Your Enrollment Periods

Many Medicare beneficiaries don’t know the different enrollment periods. If you miss your enrollment period, you’ll likely pay a late enrollment fee — when you choose to enroll in Part A, B, and/or D later. Don’t let this be you! 

You’re first eligible for Medicare during your Initial Enrollment Period (IEP), which begins three months before your 65th birthday. By enrolling in Original Medicare (A and B), Medicare Advantage, or prescription drug coverage during this window, you’ll save big money on Medicare. 

Note: You can make changes to your Medicare coverage, without penalty, during the Annual Enrollment Period (AEP). It runs from October 15 to December 7 each year. 

Consider Medicare Advantage

If you’re looking for an alternative to Original Medicare, consider Medicare Advantage (Part C). There are many types of advantage programs that vary based on your area. However, they cover everything that Parts A and B do, and some offer additional benefits, like prescription drug coverage, and dental, vision, and hearing. Utilize these extra benefits, and you’ll save money on Medicare in more ways than you can imagine.

Related Post: 5 Reasons Why Having a Medicare Checklist Is Important

Choose Prescription Drug Coverage

Medicare users have two options for obtaining prescription drug coverage. First, you can join a Medicare Advantage program that includes Part D benefits, OR you can enroll in a separate Part D plan. 

For those who take any medications, either option is worth it — you don’t want to pay out-of-pocket for prescription drugs. To compare prescription drug plans in your area, you can give us a call at (844) 325-8710.

Stay within the Provider Network

If you enroll in Part C or Part D of Medicare, your plan may have a network of providers or pharmacies. We suggest you stay in this network when you get care or prescription drugs. Going outside of it will likely cost you more.

If you’re enrolled in Parts A and B, make sure any provider accepts Medicare before scheduling a visit. 

Related Post: Four Ways to Adjust Your Medicare Coverage

See If You’re Eligible for Medicare Savings Programs

Medicare has certain savings programs to help people with low incomes and few resources. The programs are:    

  • Qualified Medicare Beneficiary (QMB) 
  • Specified Low-Income Medicare Beneficiary (SLMB) 
  • Qualifying Individual (QI) 
  • Qualified Disabled and Working Individuals (QDWI) 

If you qualify, one of these programs can help you pay for some (or all) of your Original Medicare premiums, along with other costs. Also, there’s a program called Extra Help — which helps cover the costs of prescription drug plans. To find out if you’re eligible, contact your state Medicaid program.

Work with a Trusted Medicare Agent

You can spend hours doing research online, but how do you really know which Medicare plan can save you money? And if it does, how can you be sure it fits your needs? This is why it helps to work with a licensed Medicare agent. Having a TSS agent work on your behalf, and with many carriers, can save you money on your Medicare expenses. 

Concerned about Medicare costs? We’ll make sure you have the best Medicare plan — with the most savings — that suit your healthcare needs. The best part? We help you for FREE. Contact us today to get started.