Important decisions during enrollment could help save money

percent of your costs.

3. Know the difference between different types of Medicare plans - there may be one that is better for your needs. People often do not know the difference between Medicare Part A, B and Part D, let alone the difference between a MediGap plan, a Special Needs Plan and a Medicare Advantage plan. The PAF case managers reported working with cancer patients who did not realize that they qualified for a Special Needs Plan and missed out on beneficial coverage perks.

4. Look beyond your monthly premium.Your plan will inevitably require out-of-pocket spending beyond your monthly premium. Consider copay and coinsurance costs, along with potential out-of-network costs, particularly for Medicare Advantage plans.

5. Make sure you have a prescription drug plan. People may be unaware and unhappy that they must enroll and pay a separate premium for a drug coverage plan. When you choose a prescription drug plan, choose based on your current medications along with those you may need in the upcoming year.

6. New to Medicare? Consider a Medigap supplement plan.New enrollees have six months to enroll in a supplement plan without being subject to restrictions based on pre-existing conditions. These plans cover copays, coinsurance and deductibles, along with coverage during travel outside the United States. You’ll have to pay an additional monthly premium but may save thousands of dollars over the course of your plan.

7. Don’t be fooled by advertising. PAF case man agers report that many patients assume that Medicare Advantage plans-particularly those labeled “Complete”-will cover 100 percent of costs, even though they will only cover the same 80 percent of costs as traditional Medicare. Medicare Advantage plans may also impose a narrow network on beneficiaries, leaving patients subject to burdensome out-of-pocket costs if they see an out-of-network provider.

8. Review, review, review:Medicare plans, much like an employersponsored or Marketplace plan, can change their benefit structure annually. Even if your plan stays the same, your own medical needs may change. Review your coverage every year to make sure that you are enrolled in the best plan for your needs.

“Choosing the right plan is one of the most important choices you can make, for both your physical and financial health,” said Singleton. “Regardless of whether you are new to Medicare or already enrolled, all beneficiaries should take the time to choose the right plan for your current and projected needs.”

And of course, the case managers have one last piece of advice:

9) Don’t wait until the last minute! Choosing the right plan takes a lot of time, but with projected health care costs in retirement up to $280,000 for a couple on Medicare, you can’t be too careful.