Being smart with how you use Medicare keeps your health and finances in check. Failure to do so can lead to paying more than you have to. In some instances, you may receive less care than you need. Here are some rules in Medicare that you should keep in mind.
Enroll On-Time
The first thing you should understand when it comes to Medicare is that you will be penalized if you enrolled late. Note that you’re eligible for Medicare by 65 years old. You can sign up anytime within the three months leading up to your birthday, during your birth month, or within the following three months. Miss the seven-month enrollment period and your Part B premiums can increase by 10% annually.
Penalties can be avoided if you’re among those who are already receiving Social Security benefits by age 65. These individuals are automatically enrolled in Medicare. You can also avoid penalties if you’re still working or if you’re volunteering abroad.
Re-think Medicare Advantage Plans
While reviewing your options, consider Medicare Advantage plans or Part C coverage. You can choose this plan instead of Part A and Part B coverage. Doing so makes sense as these plans offer as much coverage as Parts A & B and your out-of-pocket expenses are capped as well.
Part C coverage is offered by private insurers regulated by the government. It covers hearing, vision, and dental care that the original Medicare doesn’t cover. It also has prescription drug coverage. Aside from that, Medicare Advantage Plans offers low copay and out-of-pocket limits. Here’s the catch, though: it limits you to a network of providers.
Take Advantage of the Coverage
While Medicare isn’t free, there are some services that Medicare offers for free. Take advantage of these offers, so you can be live longer and healthier. Note, however, that some may require doctor’s orders.
Here are some offers that are generally free of charge.
- Diagnostic tests
- Lab tests
- Alcohol abuse screening and counseling
- Cardiovascular screening
- Abdominal aortic aneurysm screening
- Obesity screenings and counseling
- Diabetes screening
- Depression screening
- Cervical and vaginal cancers screening
- Mammograms
- Colorectal cancer screenings and colonoscopy
- Prostate cancer screenings
- HIV screenings
- STD screenings
- Hospice care
- Certain home health services
- Hepatitis B shots
- Hepatitis C screening
- Flu shots
- Pneumococcal shots
- Smoking and tobacco-use cessation counseling
- Lung cancer screenings
- Bone density measurement
- Nutrition therapy services
There may be other perks as well, like discounts on gym memberships. Find out the benefits of your plan or the plan you’re considering and make the most out of them.
We, at Medicare Savings Advisors, specialize in Medicare health plans. We will help you understand health insurance well to guide you in choosing the best plans for your needs. Whether you’re a first-time enrollee or you’re switching to a new plan, we are here to assist you! You may call us at 410-852-9100 or visit us today!