Now is the time to assess your current coverage and shop around for perhaps a better deal or a plan more suitable to your current health needs. Here are 10 tips for getting the best coverage and care in the Medicare Open Enrollment Period.
Not everyone knows this, but Medicare plans can — and do — change. So, the first step is to find out what is new with your existing coverage.
Pay particular attention to:
The list of drugs that the plan will cover in the next year
How much those drugs will cost
What the premium will be in 2020
What percentage that the plan will pay for different types of medical expenses
You will likely receive a notice from your insurer in the mail that will outline all of the changes. Keep an eye out for it. If you think you missed it, call your insurer and ask for the “annual notice of change.”
You may want to call your doctors’ offices and ask to speak with the billing department. They should be able to tell you which plans they will be accepting in 2020. If they are dropping your existing plan, then you will want to see if any of the other plans are affordable for you.
Once you know what your existing Medicare Supplemental plan will cover in 2020, you should compare how well that matches your current and anticipated needs.
Will your existing plan still cover the medications you take? Has your health changed and do you now have different needs?
Even if your existing plan works well for you, you should still shop around to see if there is a more cost-effective option.
You can instantly compare Medicare Supplemental Plans here.
Or, you can contact your State Health Insurance Assistance Program (SHIP). SHIP (sometimes called by another name) provides free counseling to any Medicare recipient to help people choose a Medicare plan.
The NewRetirement Retirement Planner also enables you to estimate your lifetime medical costs for different coverage types, health conditions and premium levels.
Once you have identified a plan or plans that may be a good fit for your particular health needs, you can look up how well those plans rate.
Medicare.gov lets you research plan quality and performance ratings.
U.S. News and World Report is also a reliable source. They have evaluated all insurance companies and the plans they offer in each state. See the Best Medicare Advantage Plans and the Best Medicare Part D Plans.
In 2017 there were 147 different counties — mostly rural areas — that completely lacked any Medicare Advantage insurers.
That number may go up or down in 2020.
If there are not any Medicare Advantage plans, you could switch to a Medigap plan.
Even with supplemental coverage, prescription copays can add up. To save money, discuss your concerns with your doctor. Ask if they will prescribe a less expensive alternative or a generic.
Whatever your doctor prescribes, shop around to fill your prescription. Filling the same prescription at Costco versus CVS could save a lot. Ordering a 90-day supply online may save you even more.
If you’re still working and are eligible to contribute to an HSA, take advantage of it. Your contributions are made pre-tax, the money in your account grows tax-free, and you can withdraw funds from the account at any time tax-free, as long as the money is used for qualified medical expenses.
If you are in good health, you’ll spend less on retirement health care costs.
Medicare offers a wide range of immunizations, preventive screenings and well-being programs for free.
Out of pocket medical costs are one of the three biggest expenditures for most retirees.
Studies have shown that the total out of pocket Medicare costs are higher than the total Social Security income for the average retiree. In other words, Social Security income does not even cover what most retirees will have to spend on their health.
So, it is important to make sure that your retirement finances are prepared for this major expense. The NewRetirement Planner is an award-winning calculator that can help you prepare.
This easy to use tool offers very detailed and sophisticated calculations and includes retirement health care costs.
Research suggests that using a standing desk can encourage workers to spend less time sitting. People who sit with poor posture put themselves at risk for a raft of health problems, including misalignment of the spine and knees, which can increase st…