The primary intention of Medicare is to save its beneficiaries money on health insurance costs, making sure that they can afford needed medical care. While saving money is an important feature of Medicare, it does have its own costs. Making sure that you plan for these costs is important.
Medicare policies have a monthly premium that must be paid, even if you don’t use your coverage during that month. Policies will also have a deductible that must be met. Copayments will also most likely be a part of your Medicare policy.
Making sure that you’re aware of these costs is essential so that you can have realistic financial expectations.
While Medicare does have some costs that are associated with its policies, there are some options that you can explore if you’re looking to reduce your Medicare costs. If you think that a Medicare policy won’t fit within your budget, then it’s most likely a good idea to consider these programs and see if they could be the right choice for you.
How to Lower the Costs of Medicare
There are a few different options for lowering the costs of Medicare. One of the most popular options is Medigap.
Medigap is a supplemental insurance option that’s only available for those that are enrolled in Original Medicare. If you’re enrolled in Medicare Advantage, then Medigap is not going to be an option for you. Medigap consists of ten different policies that can cover some of your Original Medicare costs. It’s important to note that Medigap will not allow you to access extra benefits, but instead will save you money on the benefits that you already have within your Medicare policy.
It’s also possible to enroll in both Medicare and Medicaid, so that you can have as much coverage as possible.
You may also be eligible for a Medicare Savings Program (MSP), which can help lower your premiums, deductibles, copayments, and coinsurance. Your MSP options include:
- Qualified Medicare Beneficiary (QMB) Program
- Specified Low-Income Medicare Beneficiary (SLMB) Program
- Qualifying Individual (QI) Program
- Qualified Disable and Working Individuals (QDWI) Program
Are You Eligible? Find Out Today!
Saving money is important, so if you’re ready to learn more about all your options and determine which ones could be the right choice for you, give us a call and we’ll set up an appointment. We understand the importance of knowing all your Medicare options, and we love providing our clients with the answers they need to make the right enrollment decisions.