Get more out of Medicare with these 4 tips
Why to research Medicare options now, before open enrollment begins Oct. 15.
With inflation on the rise and most Medicare beneficiaries living on a fixed income, many are particularly vulnerable to rising costs. The good news is there are ways to make your Medicare dollar go further — and it starts with picking the right plan for your health needs and budget.
The Medicare annual enrollment period runs Oct. 15-Dec. 7 each year, so now is the time to get smart on the basics and explore your options. Your health care needs are personal, and your Medicare choices should be, too. Of course, you want a plan with the coverage you need. But, you also want one that’s kind to your pocketbook.
Use these tips to help sort through your choices and nail down what’s right for you.
Tip 1: It’s not just about the plan premium
Plan costs may include premiums, deductibles, copays and coinsurance. Premiums are often what people focus on only — usually because this amount is paid monthly and can seem larger than your other costs. This can be a mistake.
Ideally, you want to compare all the costs associated with different plans, not just the premiums. Why? Because while your monthly premiums are consistent, your other costs can vary and add up quickly. You pay toward your deductibles and for copays and coinsurance when you receive covered services, so the more services you use, the higher the other costs may be.
In general, low premiums often come with high deductibles, copays and coinsurance. If you are generally healthy and use few health care services, this option may suit you. However, the opposite may also be true. You may choose to pay a relatively high premium and few or no other costs if you have a lot of medical needs.
It’s key to consider all your costs — not just premiums — when comparing and choosing plans. Also check the limits on annual out-of-pocket costs offered with Medicare Advantage plans (Part C).
Tip 2: Drug formularies are your friends
Medicare plans have a list of covered drugs called a formulary. Each plan creates its own formulary and can change it from year to year. Check each formulary when shopping and steer clear of any plan that doesn’t list the prescription drugs you take.
Once you find a few plans that offer the medications you need, then compare costs and other factors, such as other offered benefits like dental and vision coverage, for the remaining plans you’re interested in. Most plans have pharmacy networks that offer plan pricing to members, so you’ll want to find one that includes the pharmacy you like to use as well.
You can get prescription drug coverage through a standalone Medicare Part D plan or as part of a Medicare Advantage plan.
Tip 3: Consider whether you want specific benefits
Original Medicare (Parts A and B) only covers hospital and medical services and items, respectively. And often some services or health care items you need come with a lot of conditions for them to even be covered. Moreover, Original Medicare doesn’t cover prescription drugs (you need either a Part D or Medicare Advantage plan), and it doesn’t offer coverage for some important things you may be used to getting, such as dental and vision.
If you want specific health items like dental, vision or hearing coverage, you should make a list of what you want. Once you have that list, start exploring plans that may offer these benefits in your area.
Tip 4: Take time to understand available Medicare plans
When it comes to Medicare, one size definitely does not fit all. That’s why it’s great to have choices. Take the time to explore your options and understand the benefits and costs of each plan so you can find the coverage that works best for you.
Don’t rush your decision-making and do your research so you can feel confident about your choice. Consider attending a community education event or explore online resources from the comfort of your home.
To learn more about your options and UnitedHealthcare Medicare plans available in your area, visit UHCMedicareHealthPlans.com.