Worried About Rising Medicare Costs? Here’s How to Save During Annual Election Period

October 31, 2016

You’ve probably heard that healthcare costs are rising, and wondered, What can I do about it?

With the annual election period happening now, it’s time to take advantage of savings that can reduce your healthcare expenses and put a little more spending money in your pocket each month.

What to expect

It’s been reported that about one-third of Medicare beneficiaries could incur significant Part B premium increases, with wealthier individuals facing as much as a 22 percent increase.

The rest of Medicare beneficiaries will see rate increases of approximately 3 percent

An increase of $50 a month can be a strain, and sometimes just a couple of dollars can seriously affect your fixed income.

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Take control of your healthcare

No matter what happens in 2017, you don’t be passive about the changes the government makes to Original Medicare costs.

Here’s how to reduce your costs and take an active role in your healthcare:

  • Reduce prescription drug coverage costs. When shopping for coverage, be sure to examine several plans that can meet your needs. In addition, look into assistance programs that can help cover some of the expenses  –  such as programs at the national or state level. Ohio (and many other states) have a State Pharmaceutical Assistance Program (SPAP), designed to help with medication expenses and premiums. Be sure to investigate discount programs offered by pharmaceutical companies, too.
  • Investigate supplemental insurance. One way to save on out-of-pocket expenses is to consider the value of a supplemental plan. Many supplemental plans eliminate or greatly reduce out-of-pocket expenses. This can be especially helpful for individuals dealing with a chronic condition or requiring ongoing treatment, as Original Medicare does not limit out-of-pocket expenses. Or, if you travel, you’ll have coverage within the U.S. as long as the doctor/healthcare facility accepts Medicare.
  • Try Medicare Advantage. An alternative to Original Medicare, an Advantage plan (or Part C) offers a few strategic advantages, such as out-of-pocket limits, lots of choice for coverage, and options such as vision and dental that aren’t included in original plans.
  • Stay on top of your health. Perhaps the easiest and lowest-cost way to deal with Medicare healthcare costs is to stay as healthy as possible and to catch problems early on. To do that, you need to see your doctor often. Catching chronic conditions early on will help you to not only survive and thrive, but it’ll save you money, too.

While Original Medicare helps significantly with healthcare costs, not having the right Medicare health insurance plan can leave you with a serious financial burden. Talk to a Medicare Medicare Plan Specialist at UROne Benefits™ about how you can save on Medicare healthcare costs during the annual election period.