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Five Ways To Save Money On Your Medicare Insurance Policy
Author David Schneider | May 23,2007
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Providing health insurance for you and your family is a very important necessity. Health care is very expensive and you want to be able to find a cheaper source - but still have a quality health insurance program. You qualify for Medicare and wonder if there is a way to reduce some of your costs. Here are some ways that you can save money on your Medicare insurance policy.
1. Join During The Enrollment Period
Medicare uses an enrollment period in which you need to sign up for part B, the medical insurance part. This enrollment period lasts for three months, and you should apply before you turn 65. Once you miss that period, there is an extra period available later in the year. Missing that, however, and you may need to pay an additional 10 percent per year that you missed. As you can see, it will get pretty expensive real quick, so get it while the rates are best. Some exceptions can be made, but it will need to be reviewed. To save money you need to get part B when it is offered, unless you are still working.
2. Get Covered By Your Spouse's Insurance
If your spouse is still working and belongs to a group insurance with his or her employer, then see if you can get on to their policy. As long as you are covered by a group policy then you will not be penalized for not getting part B medical insurance. The current cost for 2007 is $92.50, so this will give you some savings. You will want to make sure that you are on their policy, or it will cost you that extra 10 percent per year that you are not covered if you are over 65.
3. Buy Medigap Insurance
Because Medicare does not cover all of the costs for your medical treatment, it is important to have some extra insurance. Medigap is a provisional insurance designed to fill in the gap between coverage limits and out of pocket expenses. The fees that some encounter during hospital stays and for other treatments can become quite large real fast. By purchasing Medigap insurance, it results in a reduction in the overall costs for most people. However, if you still are in rather good health, you may want to wait a little while before you get it.
4. Pharmacy Prescription Plans
Medicine costs a lot these days. Medicare offers three different levels on their part D coverage for prescriptions. If you currently do not have a lot of prescriptions, then you could probably save on this plan - it is optional. Or, if you feel that you would like to have it, but do not really need it yet, then you can purchase the lowest level for greater savings.
5. Seek Other Financial Help
Depending on your income, you may be eligible for further financial aid. If you make less than $1,000 each month, you can qualify for Medicaid, which will pay part B for you. You can also qualify if you make more than this if you are married.
One way that you can quickly find a Medicare insurer is by going to QuoteMatch.com and get some free quotes from them. They will supply your information to several health insurance brokers who will then send you their best quotes. Then after looking the information over, you can choose the Medicare provider you want and the right plan for you and your family. |
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