When deciding which Medicare plan to enroll in this year you should make a concerted effort to really compare plans with this handy tool that Medicare has provided folks on their website. After all you would comparison shop if you were buying a spatula, why not with your health insurance?
While some may log on to the website and find the plan with the lowest premium each month and just sign up for that plan, the team at Medicare.gov is suggesting that picking the plan with the lowest monthly premium may not always be the plan that, in the long run, saves you the most money. You need to make sure when you’re comparing plans you’re getting a complete picture of the total out-of-pocket expenses that you will incur while using your plan.
For instance, as part of this tool, Medicare.gov wants you to enter your prescription drugs that you take regularly into the comparison tool. You should NOT skip this step. This should be taken into account along with the monthly premium that you’re paying. You will want to make sure that the plan that you’re choosing covers your prescription medications so that you don’t end up having to pay for them out-of-pocket.
Another thing you should look for that could, in the end, save you money, is a plan that may cover some of the extras that you otherwise would be putting money out-of-pocket into over the course of a year. Some of these extras that are covered by certain plans include things like vision, dental, hearing coverage, fitness benefits, or even transportation costs. These are costs that if left off of your plan could lead to significantly higher costs even if you have a plan with a lower monthly premium.
There is also a Medicare Savings Program that helps those with an income of below $18,000 per year. If you fall into this category you should speak with someone at Medicare who can help you get the most out of your plan without breaking the bank.
Now is the time to be comparing Medicare plans so that you can get the most out of the program all year long. Take the time to investigate all of your options and you will save money in the long run.