Do you spend Sunday mornings looking for coupons in the newspaper inserts? Do you make sure to confirm discounts whenever you are booking a hotel reservation? Do you secretly love the movie theater’s senior discount?
If any of this sounds familiar to you, then you are probably a very savvy consumer who wants to ensure you get the most bang for your buck. But have you considered whether or not you apply those same smart methods when it comes to your Medicare benefits?
When you maximize those benefits, it will not only help to save you money, but it can also improve your health.
The following are five useful tips to help ensure you maximize this year’s Medicare coverage.
Tip 1: Know what the difference is between Medicare Advantage and Original Medicare
Last fall, over 66 million Americans made decisions regarding their Medicare coverage. Some chose Original Medicare. However, one in three Americans selected Medicare Advantage. It combines Parts A and B of Medicare. Numerous Medicare Advantage plans offer prescription drug coverage and many other valuable extras such as vision, hearing, and dental care. Understanding these additional features and benefits can help you get the most from your plan. Take a look at Humana Medicare Advantage Plans 2021.
The Navigate4Me service from UnitedHealthcare is available to members of Medicare Advantage who have various health issues – from a new diagnosis such as Alzheimer’s or cancer to acute health events like a hip or knee replacement, and chronic conditions like congestive heart failure and diabetes. The service offers a personal concierge to members to guide them through the healthcare system, which can be very confusing. The goal is to help ensure members get the care they need at the right time.
Tip 2: Review what is covered by your plan – and use the benefits
Usually, you can find benefits and coverage information on the plan documents that were mailed to you or on your insurance company’s website. As previously discussed, many Medicare Advantage plans include extra features and benefits such as vision and hearing exams, and dental cleanings and exams. Fitness benefits might be included as well.
For example, certain Medicareadvantage2021 plans offer access to a fitness program called Renew ActiveTM for your body and mind, at no extra cost. It features an online brain health program, group fitness classes, a personalized fitness plan, and a gym membership.
UnitedHealthcare eligible members are also given credits to purchase over-the-counter health products such as first aid items, pain relievers, supplements, and vitamins. Make sure to review your plan documents to find out if you have an OTC benefit and how much money you can save by having them delivered to you by not having to pay for those items out of pocket.
Tip 3: Take full advantage of your preventive care benefits
A yearly wellness visit is offered to all Original Medicare beneficiaries. Some preventive screenings, such as colonoscopies and mammograms, are included as well. Those services can help to detect health problems early on when they are normally easier to treat. Your yearly wellness visit is also a good time to consult with your doctor and get a plan developed to help you accomplish your best health in the upcoming year.
A UnitedHealthcare Medicare Advantage plan event brings preventive care right to your home through its HouseCalls program. This program makes it easier for its members to obtain important information regarding their medications and to communicate with their healthcare workers about how their health care fits in with their budget and health needs.
Tip 4: Plan your annual expenses by considering your maximum out-of-pocket expenses
Medical expenses can vary widely depending on the kind of coverage and the individual’s situation.
Original Medicare usually covers 80 percent of an individual’s Part A and Part B costs, which includes such services as lab tests, hospital stays, and doctor visits. The person is responsible for paying the other 20 percent, and here is no yearly limit on their out-of-pocket expenses.
Medicare Advantage plans provide predictable copays and your yearly out-of-pocket expenses are capped. After you reach the out-of-pocket maximum that your plan has set, all other Medicare-covered services costs for the remainder of the year will be 100 percent covered.
This cap can give your peace of mind in the event you are planning to have a major medical procedure or become unexpectedly ill.
Tip 5: Search for a way to save money on you prescription drugs
Original Medicare does not include prescription drug coverage. Some people choose to enroll in a Part D stand-alone plan. However, many select a Medicare Advantage plan with prescription coverage included.
One good way to save money is to use home delivery pharmacy benefits. You also don’t have to drive to the pharmacy. Some home delivery pharmacies allow you to order a three-month supply of your medications at a lower price than you would have to pay for the same medication at a local drug store.
If you prefer using a retail pharmacy, find out whether there is a preferred pharmacy network for your plan. Normally that will result in a lower copay.
Switching to a cheaper alternative drug than the one you are taking currently can be another good way to save money. Consult with your doctor to see if there is a generic drug available or one that is on a lower tier on the formulary (covered drugs list) of the plan that can work for you just as well.
