REMINDER: Medicare Open Enrollment ends December 7th and Health Insurance Open Enrollment ends January 15th.
TIPS to Reducing your Medicare Premium…
*Consider a Medicare Advantage Plan. If you are already in one, you may want to consider another carrier. Be sure to pick a plan with a low maximum out of pocket and confirm that your doctors accept the plan before switching.
*Consider switching the type of Supplemental Plan you are in currently (i.e. Plan N is less expensive than a Plan G). I will caution, that changing your plan may require you to pay for services that you have not paid for in the past.
*Consider switching carriers for your Supplemental Plan. Plan coverages are the same regardless of who the carrier is. Please note, you may be medically underwritten which means the new carrier can charge a higher rate or deny you based on your medical history.
*Review your drug lists with other carriers. Medicare.gov is a great source for reviewing rates with other carriers. Simply plug in your drug information, select your pharmacy, and review the different plans available (based on the drugs you have been prescribed).
*Consider switching pharmacies. First, make sure your pharmacy is still in the Preferred Network with your prescription drug plan. Second, find out what the different pharmacies charge for your drugs. You may see a difference that can save you some time in reaching the donut hole.
TIPS to Reducing your Health Insurance Premium…
*Be prepared to discuss your household, estimated adjusted gross income for 2022. This will be used to determine if you qualify for assistance. Thanks to the American Rescue Plan, the threshold has increased. Some families making $250,000 per year can qualify for assistance!
*Those without pre-existing conditions should consider a short-term medical plan. These plans do not provide coverage for pre-existing conditions, maternity, and limited wellness visits. However, these plans are a fraction of the cost of plans offered through the Marketplace and they have a PPO network.
*If you are going to opt to self-insure, protect yourself with an accident or critical illness plan. The plan works separate from health insurance and pays you in the event of an accident (slip, fall, and break an ankle) as well as a diagnosis of a critical illness (cancer, heart attack, or stroke). The purpose is to use the funds to pay towards the unexpected treatment.
Consider splitting your household. If one of you need to be on a plan that covers pre-existing conditions the other can look into the short term medical plan. You can also split plans through the Marketplace.