Medicare is essential for the health of almost 60 million U.S. citizens. Yet, many of its advantages are overlooked, underused, or misunderstood. If one is looking for incentives to maximize the bang for their Medicare buck, there are many strategies.
According to stats from The Kaiser Family Foundation, in 2013, the average typical Medicare beneficiary signed up for Part A and Part B and shelled out $6,150 upfront on doctor visits, Medicare and Medigap premiums, drugs, and other health care needs. That figure seems more significant when one factors half of Medicare beneficiaries don’t have an annual income over $26,200.
Here are some easy ways to get better care without pinching one’s wallet, from Medicare.
Accept the Medicare Freebies
A majority of Medicare beneficiaries aren’t aware that there’s a huge list of things they can get without having to pay a co-payment. These can range from screenings for depression and cardiovascular disease to counseling to help one quit smoking and flu and pneumonia vaccines.
Pick the Right Medicare Provider
If one is on Original Medicare and has found a great doctor who treats Medicare patients, the job is still far from over. They need to know whether the doctor accepts the amount approved by Medicare as the total payment for services called “assignment.” This means that one can’t be billed for costs exceeding the Medicare deductible and co-insurance.
Several doctors treating Medicare patients are accepting of this. However, those who don’t are classified into two groups: nonparticipating providers, who can charge nearly 15% more than a lowered Medicare-approved amount for services covered by Medicare and leave one responsible for the additional charges; and “opt-out” providers, who can bill whatever they like, as detailed in a private contract with the patient.
Save Money on Drugs
Even if one has Medicare Part D that covers prescription drugs, their out-of-pocket costs can be significantly high, partly due to the fact that Part D doesn’t have a limit on out-of-pocket spending. Once their spending has reached an eye-opening coverage threshold of $5,000, a majority of people still are required to pay 5% of the cost of covered drugs.
Take Note of Medicare Home Health Benefits
Even health providers don’t have an easy time understanding Medicare’s home health care benefits. To be eligible, one needs skilled services like nursing, speech therapy, or physical therapy. And one needs to be “homebound,” i.e., they have difficulty leaving the house without help or leaving home isn’t advisable because of their condition.
