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Ten Ways To Save Money On Your Medicare Insurance Policy
Author David Schneider | May 23,2007
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When it comes time to retire, you want to be able to enjoy some of that hard-earned money. You have been saving for many years and the last place you want to spend it is on exorbitant insurance fees. There are ways, however, that you can cut down on some of these fees, and still have reasonably good coverage from Medicare. Here are ten ways you can save money on your Medicare insurance policy.
1. Enroll Immediately in Part B
Just before you turn 65, you need to enroll immediately for Medicare part B. There is a limited three-month period that you can do this, and you don't want to miss it. This will cost you $93.50 (for 2007) per month and gives you the medical insurance part of Medicare. Part A, which is hospitalization insurance, is free to all that have been working most of their life in the United States. If you miss the enrollment period during the first year, you will pay an extra 10 percent for each year you missed.
2. Sign Up for Medicare Advantage Plans
Medicare Advantage is an HMO or PPO based plan that takes care of parts A and B of Medicare. Some of these plans also offer part D coverage, but you will need to look for it before you sign. If it does not have it, part D is still available as a separate option to you. Medicare Advantage can be a little cheaper then original Medicare in some aspects, but you should compare to get the best rates.
3. Get Medigap
If you have need for medical treatment when you enroll, then you also want to get Medigap. This will cover some of those "gaps" in your coverage not taken care of in parts A and B. The savings you receive will be well worth it if you are receiving treatments at the time. The option is that the extra expenses, which can be very high, will fall on you.
4. Get Part D for Prescriptions
Depending on how much medicine you are using at the time, part D can be very helpful for you. There are three levels of coverage, and each one has their own level of deductible and copay. Go for the lowest one if you are not purchasing many medicines yet. There is a 1 percent charge for each year that you are not enrolled after you turn 65, and it is not reversible unless you are covered by another health insurance plan.
5. Get Help from Your State
Depending on how much income you have each month, you may be eligible for help from Social Security. Ask about their "QMB" program, or Qualified Medicare Beneficiary. If you qualify, then your state may pay your part B monthly fee for you, resulting in a savings of $93.50 for 2007.
6. Get Help from Social Security
Social Security also has a program for those with little income where you may receive financial help with your part D of Medicare. They provide this extra help toward your prescription program and may pay both your monthly premium and the deductible amounts. You will need to qualify in order to be eligible.
7. Buy Generic Drugs
Another way to save a bundle is to go with generic drugs instead of the brand names. This will greatly reduce your deductible and co-pay each time you fill a prescription.
8. Buy Larger Quantities of Medicines
When it comes to reducing the cost of medications, here is one way to do it. Besides buying the generic equivalent, you may also want to buy larger quantities of your prescription medicines. There is often a large savings when you buy in larger quantities, but you will need to talk to your doctor about it.
9. Split Pills
Some medications can be purchased in a stronger dose and will cost only a little more. If you get pills with twice the dose then all you need to do is to split the pill. Not all pills, however, can be split.
10. Compare Rates
The rates on the different Medigap policies will vary considerably. This means that your area may be different than someone else just a few miles away. By comparing rates, and learning what to look for, you can soon find a policy that will fit your needs and budget.
Savings can be yours with each of these that you can put into practice. While you cannot do them all, you definitely can save money by using your head and shopping around. If you are already enrolled in Medicare, but wonder if you can get a cheaper plan, you may be able to do so. Medicare allows you to change your plan each fall season if you want.
You can begin finding out what Medicare programs are available in your area by going to QuoteMatch.com. Several quotes from qualified Medicare insurers will be sent your way as soon as you fill out the health care questionnaire. Several insurance brokers will respond to your information and send you their best quotes, as well as more information about their particular program. Why not find out now how you can apply these ten ways to save money on your health care? |
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