3 Ways To Get The Most Out Of Your Medicare Plan

When enrolling in Medicare, it makes sense to pick a plan that suits your needs — both in terms of benefits and cost. But it’s no secret that navigating the world of Medicare can be a bit confusing, no matter how long you’ve been enrolled in the program. With so many coverage options, costs and other considerations to take into account, how do you know if you’re getting the most out of your Medicare?

In order to ensure you’re making the right choices — and taking advantage of all those well-deserved benefits — it’s important to educate yourself on your current Medicare plan, as well as the other options you may want to consider in the future. And fortunately, you’ve come to the right place.

Whether you’re already enrolled in Medicare and are giving your coverage an annual checkup or you’re signing up for the first time, this comprehensive guide offers some important information to factor into your decision-making.

Although Medicare’s Annual Enrollment Period for 2022 isn’t until later in the year (October - December), it’s never too early to start weighing your options and deciding which ones are right for you. In the meantime, take a look at these tips for better understanding Medicare and ensuring that you get all the benefits that your plan has to offer.

1. Make sure you understand the various Medicare coverage options available

Most Americans become eligible for Original Medicare (Parts A & B) when they turn 65, based on theirs or their spouse’s work history. While Original Medicare will cover many of the basic services and procedures you’re likely to need throughout your retirement years, it definitely doesn’t cover everything. In fact, some of the most common and most costly health costs seniors face — like hearing aids, prescription drugs, vision and dental care — are NOT covered by Original Medicare.

In order to fill in some of these “coverage gaps” and to help with the costs associated with these benefits, many Medicare enrollees purchase some form of additional coverage. While there are various options for additional coverage, the most common are Medicare Advantage, Medicare Supplement, and Medicare Part D plans.

Medicare Advantage

Medicare Advantage, often referred to as Medicare Part C, is basically an “all in one” alternative to Original Medicare that encompasses Part A, Part B and usually Part D (prescription drugs) benefits. These plans set a limit on what you’ll have to pay out-of-pocket each year for covered services, which can help protect you from unexpected costs. Plus, many Advantage plans also include extra benefits like vision, dental, hearing and gym memberships.

One thing you may want to consider when choosing a Medicare Advantage plan is the fact that they have smaller networks, so your preferred doctor or hospital may not be covered. Networks are also local, so you may not have coverage when you travel outside of the U.S.

Medicare Supplement (or “Medigap”)

Medicare Supplement, or Medigap, plans are sold by private companies. These plans help fill coverage "gaps" in Original Medicare, and they also help cover an additional share of health care costs, such as:

• Copayments
• Coinsurance
• Deductibles

In addition, with Medigap, you can visit any doctor that takes Medicare, and on some plans, even doctors that don’t. Some plans also include international coverage options.

Medicare Part D

Medicare Part D helps cover the cost of prescription drugs, which is often the largest expense for Medicare enrollees. When enrolling in a Medicare Part D plan, be sure to check your plan’s list of covered drugs, also known as a “formulary.” While all plans must include a wide range of medications, certain medications may not be covered by your plan.

Even if you aren’t taking any prescription drugs when you enroll in a Medicare plan, you should still consider getting Medicare drug coverage. If you decide not to get it when you’re first eligible, a permanent late enrollment penalty will be added to your monthly premiums if you join a plan later.

2. Take advantage of Medicare’s Preventive Care Benefits

Preventive care can help keep you healthy by identifying medical issues before they become problems. And fortunately, Medicare offers a wide variety of free services for you to take advantage of. Here are just a few examples of covered services:

• Welcome to Medicare preventive visit
• Annual wellness visit
• Vaccines
• Counseling
• Cancer Screenings
• Mental Health screenings

Keep in mind that each preventive service has its own eligibility requirements and guidelines. Find out which other preventive services and screenings are available and covered by Medicare.

3. Let GoodRx help lower your out-of-pocket prescription costs

Just because you have a Medicare plan — and even Part D coverage — doesn’t mean that you’re guaranteed to get the best prices on your medications. Each formulary is different, and even when your plan does cover your medications, they may not offer it at the lowest possible price.

Luckily, GoodRx, the leading resource in health care savings, makes it easy to compare your Medicare copays against GoodRx coupon prices to see which can save you more. And although you cannot use GoodRx and Medicare at the same time, GoodRx prices may be less than your Medicare copay at certain pharmacies.

Visit GoodRx to find savings on your Medicare prescriptions.

In an effort to better understand where any confusion lies surrounding Medicare, we’re asking Patch readers to fill out this short survey with any questions or concerns they may have regarding Medicare.