Medicare is one of the biggest providers of health insurance coverage in the United States. It covers over 57 million people. Its reach is so wide that it’s no surprise that many seniors rely on Medicare for their healthcare needs. Here’s some insider info that can help solve some of Medicare’s greatest challenges.
Explore the Savings Program
Medicare Savings Programs can help fund Part A and B premiums for people with limited resources. In addition, some programs can help cover out-of-pocket costs associated with deductibles and copays.
Approach Experts
Keeping track of all there is to know about Medicare, including coverage and co-payments, can be a chore. That’s where a reliable customer support team can come in handy. Most beneficiaries are unaware that most Medicare and most Medicare Advantage organizations allow consumers to schedule appointments online or over the phone with a live representative. Customer support teams for one’s doctor and hospital can be extremely valuable assets.
Look out For State Relief
Most state governments have programs that can help ease the burden of high Medicare costs for low-income individuals. For example, individuals with limited finances may be eligible for state and federal benefits to help them pay for Medicare premiums and/or costs like deductibles and co-payments.
There Is Room for Making Adjustments
One often has more flexibility to make changes to their Medicare, Medicare Advantage, or prescription drug coverage than they may realize. Medicare has rules that allow one to change, add, or drop a plan at certain times of the year.
Understand the Nitty-Gritty
Know the nuances of Medicare. Not all supplemental insurance is the same. There are traditional supplemental plans and Medicare Advantage Plans, which include prescription drug coverage. Be sure to review all options and compare them carefully.
Keep Track of Taxable Income
One must understand how their modified adjusted gross income from their taxes two years prior affects their Medicare Part B premiums. Since money taken from an IRA is taxed like ordinary income, controlling how much money comes from the IRA versus other sources will help lower the Medicare premium in a couple of years’ time. If one takes money from an IRA, they’re hit with taxes upfront – before they have a chance to gain any of the growth in their account.
