5 Ways to Maximize Your Medicare
Benefits

Enrolling in Medicare might seem like the realization of many years of careful planning, strategic saving, and graceful aging, but it is hardly the last step in achieving long-term financial stability in retirement.

Managing your Medicare is an effective way to stretch every single one of your healthcare dollars, and it’s not as complicated as you might think. As a special bonus to our loyal clients, we’ve put together a deep-dive into some of the most effective ways to maximize your Medicare benefits.

No upgrades or plan changes required; just a few helpful tips from your on-call insurance professionals.

1.) Utilize Preventative Care

If there is one thing I would tell every single Medicare beneficiary the moment they enrolled, it would be to take advantage of the preventative care services that are offered free of charge, no payments involved. Things like physical screening, mental health services, and vaccines all come completely free of charge, and they can lead to long-term health benefits that will hopefully keep you out of the hospital altogether.

For a complete list of the types of preventative care services that are offered under Medicare, check out the Medicare.Gov website.

2.) Don’t Skip Your Annual Wellness Visit

Medicare coverage includes one annual wellness visit in which you are required to pay nothing out of pocket. These visits are an opportunity to review your overall health with your doctor and discuss ways to make improvements, prevent illnesses, and avoid expensive injuries. Unfortunately, many people who feel healthy will skip out on this benefit simply because they think they don’t need it.

Some Medicare plans offer additional wellness-related perks like discounts on health clubs and gym memberships. With the amount of money modern retirees are likely to pay for health expenses in their later years, staying healthy might be much more affordable than getting healthy.

3.) Know that Part D Prescription Coverage is Not Always the Cheapest

Enrolling in Part D prescription coverage under Medicare is usually a good idea, but a significant number of enrollees are simply gobsmacked when they find out how much the out-of-pocket costs can be. Depending on your prescription needs, the $10 co-pays associated with Part D are sometimes more expensive than simply paying cash for your prescriptions. Retailers like Costco and Target offer a number of common generic medications for a fraction of the cost.

The downside to paying cash for prescriptions is that the cost does not go toward your Part D deductible, but for people with low to moderate prescription needs, it could very well be an easy way to save a few bucks.

4.) Learn About Telehealth Services

One of the other lesser-known benefits covered under Medicare is the ability to consult with doctors and healthcare professionals electronically, using your computer or smart tablet. These no-hassle consultations can be less expensive than a traditional doctor’s visit, and they have the added benefit of not requiring you to drive anywhere.

Telehealth services are not an option for many Medicare enrollees, but those with a Medicare Advantage plan can enjoy the service the moment they enroll.

5.) Have an Annual Look at your Medicare Plan(s)

The costs and coverage details of specific Medicare plans can change from year to year, which means the plan that was serving you well in 2019 might not be the best financial decision for 2020. Spending some time every year with your trusted insurance professional is a great way to make sure you are enrolled in the most beneficial package for you and, if not, to get you there as soon as possible.

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At MediGap Advisors, our goal is to not only get people enrolled in a Medicare Advantage Medicare Supplement, or Part D prescription coverage, but also to make the details of these plans easy to understand. Your Personal Benefits Manager’s job does not end when you are enrolled; on the contrary, they are there to provide ongoing assistance under our flagship mission to save our clients money on medical expenses.

Call today to see what kinds of hassle-free options are right for you.

To your health and wealth,

Wiley P. Long, III
President – MediGap Advisors