Use This Experts’ Tips to Save Money During the Last Days of Medicare Open Enrollment | Global News Avenue

Medicare, the government health insurance program for Americans with disabilities and seniors over 65, has gone through some The most significant changes since its founding in 2006.

Experts recommend applicants Watch the changes carefully their Medicare plan during the open enrollment season, which ends Dec. 7.

Investopedia spoke with Tim Smolen, Statewide Health Insurance Benefits Advisor Program Manager for the Washington State Insurance Commissioner’s Office, to learn how enrollees can lower the price of their health insurance plans and lower their health care costs. The interview has been edited for brevity and clarity.

INVESTOPEDIA: How do enrollees find the health insurance plan that best suits their needs and budget?

Tim Smolen: We definitely recommend the Medicare website. They have a great tool called the Plan Finder Tool that allows you to compare all Medicare Advantages The plan is there. These plans are sold locally. So, it makes sense to go there because it has the latest information on plans available in the zip code you live in, and it provides tons of details about the plans, such as coverage exclusions and Out-of-pocket expenses.

For many seniors, prescription medications are very important. On the plan finder website, you start by listing your covered drugs, including dosage, strength, and frequency. This can result in significant premium and out-of-pocket costs for you.

We also recommend that people go ahead and download what’s called the evidence of coverage form because the plan finder only has the title, right? It will say, “Yes, we have a hearing aid benefit,” but won’t describe to you in detail what that means. Often, there are conditions or qualifications for additional benefits included in Medicare Advantage plans.

Have a heart-to-heart conversation with yourself, or have a good friend interview you and say, “Okay, what are your must-haves compared to your nice-to-haves?” That way you don’t get stuck. In such painfully detailed comparisons of things you don’t really care about.

INVESTOPEDIA: How do people decide on higher or lower premiums?

Tim Smolen: It happens in the pre-conversation you have with yourself. Some registrants just like having a Medicare Supplement Plan Because they know that if Medicare pays, insurance will pay, and they essentially don’t see any bills or incur any charges. Some people like this because it’s very predictable.

Generally speaking, what people prefer about Medicare Advantage plans is that their premium costs are very low. Again, it depends on where you live, but many people still have zero premiums.

People say, well, ‘I like zero premium. I feel better about being able to save a little money each month in case I have a doctor’s bill or need to pay a deductible, and I’m willing to live with the uncertainty of the total cost because I like the zero premium.

INVESTOPEDIA: What can enrollees do if they can’t afford their current Original Medicare plan?

Tim Smolen: Make sure you’re not paying too much for basic health insurance. For most people, Medicare Part A is free because they have worked enough quarters to pay the Medicare trust fund.

However, almost everyone has one Medicare Part B Excellent quality. The standard premium for 2024 is $174.70, but some people pay more. They charge a surcharge on high-income individuals, which we call IRMAA (Income-Related Monthly Adjustment Amount).

Looking ahead to January 2025, if your Medicare Part B coverage requires a surcharge, it’s worth checking to make sure it’s correct. The challenge here is that the way Medicare Part B premiums are calculated in 2025 is based on the income (taxes) you file in April 2024, which in turn is based on your income from January to December 2023. A lot of people, when they retire, their income drops significantly. This was not immediately reflected in their tax returns. The appeal process is very simple.

There are plans for low-income people for which the state will pay Medicare Part B premiums. Get $175 back every month social security check It’s really a big deal and it means a lot to people. The application process is very simple. You can apply on the Social Security website or call your local state Medicaid office and they can help you apply.