Protecting Those You Love the Most

5 Tips To Getting The Most Out Of Your Medicare Insurance

Medicare provides healthcare for seniors and people with disabilities. As of June 2021, over 83 million people received Medicare. While supported with government money, recipients still need to contribute to their health care expenses. Learn how you can get the most value out of your Medicare insurance.

1. Learn About Your Plan In Detail 

The 3 basic Medicare plans are: 

  • Part A -  inpatient/hospital coverage
  • Part B - outpatient/medical coverage
  • Part D - prescription drug coverage

A rep can help you pick the best plan for you and explain the details to you. Use this opportunity to ask any questions you have about co-pays, deductibles, and what is not covered. 

There is also an option to supplement your Medicare with additional insurance (at your expense). If you have medical concerns that will cost a lot through Medicare, talk to someone about your supplemental options.

2. Take Advantage of Free Preventive Appointments 

Many medical issues could have been caught early with checkups and other preventative medical appointments. Some illness screenings and checkups don't require a copay at all. Take advantage of free appointments available to you, even if you're feeling well. You never know what the doctor may find. 

3. Opt For Generic Prescriptions

You have two options for prescriptions: name-brand and generic. The generic medication uses the same active ingredient as the name-brand ingredient, producing the same results for significantly less money. 

You can also ask your pharmacist about their favorite prescription discount cards.  The pharmacist may know of a program that will lower the cost of your medication every month. However, the program you qualify for will vary based on your current insurance, the prescription, your location, and various other factors. 

4. Use Telehealth Services 

Many patients struggle to get to and from the doctor, especially when the doctor recommends regular appointments. Ask about telehealth appointments. Telehealth appointments allow you to meet with your doctor via video chat from the comfort of your home. Telehealth appointments can replace many in-person appointments but not all of them. Ask your doctor for more details.

5. Schedule Appointments After You Pay Your Deductible 

A deductible is the amount you pay before your account goes into co-insurance. Think of a deductible of $5000 as an example. The patient visits the doctor and gets a bill for $2500. The patient visits the doctor again and gets another bill for $2500. For the next appointment, Medicare will pay based on the coinsurance agreement. If the third appointment costs $2500 and the coinsurance is split 30/70, the patient will pay $750, and Medicare will pay $1750. 

Take advantage of the coinsurance rates after you reach your deductible. It will reset at the end of the year. 

For more information about Medicare insurance, contact a local provider.