Medicare 101: Saving money with Medicare
If you already have Medicare or are planning to enroll, it might be worth knowing some tips and tricks on how to save money with the healthcare program.
If you already have Medicare
Medicare Savings Programs
If you’re having some difficulty with paying your premiums, deductibles, copayments, or coinsurance, then you might consider looking into a Medicare Savings Program. There are four different programs you can qualify and apply for:
- QMB Program: The Qualified Medicare Beneficiary (QMB) Program helps cover costs for Part A and Part B premiums, deductibles, copayments, and coinsurance.
- SLMB Program: The Specified Low-Income Medicare Beneficiary (SLMB) Program covers Part B premiums only.
- QI Program: The Qualifying Individual (QI) Program also only covers Part B premiums.
- QDWI Program: The Qualified Disabled and Working Individuals (QDWI) Program only covers Part A premiums.
To find out if you qualify for one of the programs in your state, call your State Health Insurance Assistance Program. If you do qualify, reach out to a local Medicaid office for instructions on how to apply.
Medicaid
Medicaid is a state and federal program that can help cover any medical costs you have, or cover any other costs that Medicare doesn’t cover. Each state has its own guidelines on who is eligible, so call your state Medicaid program to see if you qualify.
If you’re considering Medicare
Don’t miss your sign-up period!
If you receive Social Security benefits, you’ll automatically be enrolled in Medicare. If this doesn’t apply to you, then you need to be aware of the initial enrollment period for Medicare. This is a 7-month window for when you turn 65 (three months before your birthday month, your
birthday month, and three months after your birthday month), where you can enroll in Medicare. If you miss this enrollment period and enroll later, you will probably be hit with late enrollment fees that you’ll be paying on for years.
Overall, enrolling for Medicare during the right time can save you a lot of money in the long run.
Compare plans
Don’t just settle. Look at what different companies are offering for each Medicare plan and if the payments work for you. Medicare plans don’t just come with premium payments, either. They come with deductibles, copayments, and coinsurance costs that you also have to think about.
When comparing plans, compare your costs and figure out which Medicare plan and insurance carrier can provide you with what you’re looking for.
By speaking with an insurance professional, you can be aware of all the options available to you. At Reichardt Insurance, we can help you decide on the Medicare plan that’s right for you.
Give us a call at (870) 698-2928 and receive a quote.