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Lowering Your Medicare Costs: Top Tips and Tricks from Experts

medical expense

Good medical care is always expensive. And the older we get, the more care and medical assistance we need. According to a recent report, the average cost of premiums for Medicare Plan B is $135.50 per month. For those earning above $85K, the monthly premium is $189.60. If you didn’t pay your taxes while working, you’re liable to pay $437 each month for Medicare Part A as well.

However, if you know how the program works, you can get better access to medical care while saving money in the process. Here are a few tips and tricks from our expert Medicare insurance agents so you can get the most out of your Medicare plan at the lowest possible cost:

Understand what’s covered In Each ‘Part’

When it comes to Medicare plans, knowing your ABCs is very important. The premium-free Part A covers the basics, such as hospice care, hospital stays, and certain types of home care. Combining Part A and Part B was known as the “original Medicare,” as it gives you almost complete coverage.

Lowering Your Medicare Costs

Part C is known as the Medicare Advantage Plan. It is offered by private insurance companies rather than the government and pays for Parts A and B as well as some components of Part D.

Part D is also known as the Prescription Drug Plan. It costs an additional average premium of $34 and covers various drugs. It has a number of tiers based on the cost of the drugs. Cheaper drugs are on the lower tiers and have lower premiums. The drugs on the higher tiers are costlier and have a higher premium rate.

Choose only what you think you’ll need and don’t try to add extra parts just because you think you might need them in the future!

Enroll On Time

Medicare charges various penalties if you don’t sign up on time. A lot of people who fulfill the qualification requirements for Medicare aren’t even aware of the fact that they have to sign up for the program on time. The age for Medicare eligibility is 65 years and the sign-up window is open 3 months before you turn 65. The penalties can be significant in some cases, so you should definitely keep an eye on deadlines.

Manage Your Finances

It’s surprising how many people are unaware of the potential costs of Medicare after retirement. The best way to avoid financial problems is to plan ahead. Make sure you have sufficient savings that will cover all the premium costs.

Another option is to manage your income. Medicare costs are mostly income-dependent. The higher the income, the more you are expected to pay for your Medicare plans. One way to avoid this is by limiting how much you are withdrawing from your retirement account. Make sure you follow the minimum required distributions that are applicable on retirement accounts to avoid hefty penalties.

Get Expert Help!

Looking for Medicare advisors in New Jersey? Senior for Medicare is a top healthcare insurance consultancy for seniors in New York and New Jersey. Our expert team of health professionals and agents can guide you regarding various costs and coverage of different Medicare health plans. We can help you find the best care for your needs at the most affordable rates!

Get in touch with us today by booking a FREE consultation for your Medicare needs!

Call us at 800-276-1753 to learn more.

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