Beginners and informed individuals both can benefit by learning how to maximize Medicare benefits. This blog shares valuable tips to help one make the most of their Medicare coverage. From understanding the enrollment periods to taking advantage of cost-saving opportunities, these practical insights will ensure full utilization of the benefits. Read on to know more.

Prepare

Educating oneself about the advantages and disadvantages of Medicare is important. This helps individuals decide whether or not they want to sign up for Medicare when they turn 65. Proper assessment of one’s medical needs will help make the best decision.

Pick the Right Drug Coverage Plans

Many people add Part D, a standalone prescription plan, to their Original Medicare. It’s also offered as a part of a Medicare Advantage Plan. However, not all Part D plans are the same. Each plan has different premiums, copayments, deductibles, and coinsurance. One can also request an exception if they need a prescription that isn’t on their formulary.

Take Advantage of No-Cost Preventive Services

Medicare Part A doesn’t have a monthly premium for most people. It’s also referred to as “hospital insurance.” Part B, also known as “medical insurance,” doesn’t have a premium on many Medicare Advantage Plans. Individuals enrolled for either or both plans can receive a no-cost preventive screening known as “Welcome to Medicare.”

Know how Medicare Affects Your HSA Account

Participants with High Deductible Health Plans (HDHPs) can opt for a pre-tax contribution to a Health Savings Account (HSA). The HSA can be used to pay medical expenses.

Once an individual is on Medicare, they can’t contribute to their HSA. However, they can use those funds to pay for their medical expenses. Remember to stop contributing to the HSA at least six months before enrolling in Medicare to avoid a tax penalty.

Be Prepared in Case of Travel Plans

With Original Medicare, one can visit any doctor who accepts Medicare. Individuals who have signed up for Medicare Advantage have access to a network of providers. Some Medicare Advantage plans do offer network solutions for when one is traveling. However, Medicare coverage out of the country is limited.

The tips above will help individuals decide whether to enroll in Medicare. It will also help participants make the most of their benefits.