You watch every dollar in retirement because that steady paycheck no longer arrives each month. You review your budget, trim expenses where you can, and make thoughtful choices about what truly matters. That discipline serves you well. But another area deserves the same careful attention — your Medicare coverage.
Many seniors unknowingly overpay for their plans, or they aren’t sure how to reduce their healthcare costs without sacrificing good coverage. A quick review each year can protect your wallet and give you more confidence in your choices.
Consider keeping an eye on a few key areas:
Part B Premium: This is typically a fixed cost for most seniors, but often times your Part B premium is increased due to previously high income when you were still working (IRMAA). If you no longer make that type of income, you can file paperwork to have your Part B premium reduced (SSA-44).
Medicare Supplement: In many cases, you can switch to a new insurance company while keeping the same exact coverage (Plan G, Plan N, etc.), but the new company has a much lower premium. This is a great way for seniors to save money. We’ve seen as much as $75 a month savings before. The only hurdle is getting past the medical underwriting process (health questionnaire). This can be done anytime during the year!
Part D (RX): Drug plans should be reviewed annually to make sure you’re receiving the best coverage on the specific drugs that you take. You CANNOT leave your drug plan on autopilot. They change too often and constantly get bought out by competing companies. This leads to higher premiums and co-pays. Make sure you’re also using a “preferred” pharmacy (call your plan to ask). Drug plans can only be changed during the fall, so reach out to me if you have questions!
Part C Medicare Advantage: Network, network, network. Make sure you’re using network doctors, or you can be charged higher prices. Advantage plans are more “pay as you go,” so make sure you follow all the rules of the plan. This includes getting prior authorization and referrals. All too often seniors get hit with a surprise medical bill when they thought something was covered.
Inflation is a real problem out there, and it’s no different with Medicare. Make sure you’re doing everything you can to ensure your policies are competitive.
If you’d like to talk through your Medicare questions, please give us a call at 800-750-2407. We’re always happy to help.
God bless!
