Are You Over Paying For Medicare?

People often overpay for Medicare due to a variety of reasons. Here are some common ones:

1. Not Reviewing Plan Options Annually: Medicare plans can change their costs and coverage each year. If beneficiaries don't review their options annually during the open enrollment period, October 15- December 7th, they might miss out on plans that offer better coverage at a lower cost.

2. Sticking with Original Medicare Only: Some people stick with Original Medicare (Parts A and B) without considering Medicare Advantage plans (Part C) or supplemental plans (Medigap) that might offer better coverage and lower out-of-pocket costs.

3. Overlooking Extra Help Programs: Low-income beneficiaries might qualify for Extra Help or state assistance programs that can significantly reduce premiums, deductibles, and co-pays, but they may not be aware of these programs or know how to apply. For low income subsidy qualification, you can apply online at www.SSA.Gov. For Medicaid and food assistance you can go to your local Health and Human Services office and apply.

4. Choosing Inappropriate Prescription Drug Plans (Part D): Not comparing Part D plans can lead to higher costs, especially if the chosen plan doesn't cover the medications a beneficiary takes or charges higher premiums and co-pays.

5. Not Considering All Costs: Some beneficiaries focus on premiums alone without considering other costs like deductibles, co-pays, and co-insurance, leading to higher overall spending.

6. Late Enrollment Penalties: Delaying enrollment in Medicare Parts B and D without having other credible coverage can result in lifelong late enrollment penalties, increasing overall costs.

7. Not Understanding Plan Networks: Choosing plans without considering the network of doctors and hospitals can lead to higher out-of-network costs if the providers they prefer aren't included.

8. Lack of Knowledge or Assistance: Navigating Medicare can be complex, and without proper guidance or understanding, beneficiaries might make uninformed choices that cost them more in the long run.

9. Failing to Utilize Preventive Services: Medicare covers many preventive services at no cost. Not taking advantage of these services can lead to higher healthcare costs due to untreated or advanced medical conditions.

By staying informed and reviewing their Medicare options regularly, beneficiaries can avoid these pitfalls and potentially save money on their healthcare costs.

Call me if you require help or have questions. Lisa Maas 208-544-5011