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"Health Insurance Rates Looking Scary? Don't Worry, Talk to Larry"
Larry Medcalf, CLU®
Medicare,Medicare Advantage,Medigap,Part B Buyback,savings
|
March 22, 2020
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Larry Medcalf, CLU®

Four of the Best Ways to Save Money on Medicare

Healthcare costs a lot of money, and this is why insurance is a necessity. Getting Medicare Advantage coverage or a supplement, instead of paying out-of-pocket deductibles and co-insurance expenses, is a great way to save money.  However, beyond the basic benefits of getting a Medicare supplement or Advantage coverage, you can save even more with the measures I will be sharing.coins and potato balancing

Having previously shared several articles on how to sign up for Medicare and the different options you have, I’m excited to share these measures of saving more money on Medicare with you. I highly recommend these methods as they are sustainable for making Medicare more cost effective. They are also very simple measures that can save you a lot of money after signing up for Medicare.

#4 Prescription Manufacturer Assistance Programs

Prescription manufacturer assistance programs are offered by different pharmaceutical companies and other organizations. They provide financial assistance to persons that do not have health insurance, persons that have insufficient insurance cover and persons that have insurance but cannot afford certain drugs. You can access these plans after signing up for Medicare if you meet the requirements.

Requirements differ according to the programs and are determined by the organization offering them. Although these programs are not common, I recommend them as an effective way of saving money. I advise that you look out for them and apply for as many as apply to you.  Our association MedCard assist members in applying for these benefits at no extra cost.  You can also visit Needy Meds if you prefer to research and apply for programs on your own.

#3 Plans with extra benefits

Choosing a plan should be a very deliberate process. I believe that you should never leave your Medicare on autopilot. You should review your plans regularly and confirm that they serve your healthcare needs and are cost effective.  Many of my customers are surprised to learn that there current Medicare plan is offering a plan that has the same medical coverage as theirs but includes extras like over the counter items, food deliveries, gym memberships, dental, Part B buybacks (we’ll talk more about that one), etc that their plan doesn’t offer.  This is because people are usually overall happy with their Medicare coverage.  But new Medicare age-ins that are aggressively shopping for new coverage are looking for the best plans with all the extras.  So instead of adding all of the extras to your current plan, every few years the carriers create a new plan to compete with all the other new plans that are being offered.Puzzle $100 Bill

I recommend talking to your agent every couple years, specifically looking at your current carriers plans that are offering extra benefits, without any extra charges.  Even if your plan is best suited for your prescriptions and doctors (and if your agent did their job it should be), there may be an identical medical plan that includes even more extras than you currently have.  As mentioned, these extra benefits could be in the form of free dental care, gym membership, hearing aids and more. Such benefits save significant costs in the long run.

#2 Health insurance agents

Health insurance agents are professionals that work to serve the best interests of their clients by finding the best plans. I will always recommend a multi-carrier health insurance agent because I believe the average person will not find good quality cost-effective plans without professional help.  There is just too much out there these days and too many rules and complex strategies that most people not involved in the financial industry on a full time bases would have trouble making sense of it all.  If you’re not up to reading about Medicare for the next couple weeks and have better things to do, call someone that does it everyday.  Find a credible health insurance agent and discuss your needs with them. That is a guaranteed path to maximum savings on Medicare.Talk to Larry square Ad

As an advisor focusing on senior health insurance and Medicare I’ve seen an increasing number of seniors enrolling in no cost Medicare Advantage plans and then supplementing these plans with indemnity coverage to help pay the hospital, surgery, ER, ambulance and other high copay services. These senior indemnity plans typically cost $40-50 a month compared to buying a comprehensive Medigap plan that can run as high as $200 a month when first aging into Medicare. This isn’t necessarily a bad approach if the person is currently in relatively good health. But they need to know the pros And cons of this approach and ensure it is designed correctly to meet their needs.  Something a good agent should be able to do for you.

#1 The Next Big Thing in Medicare – Part B buy-back plans

When you hear about part B buy-back plans for the first time, it is easy to believe that they do not exist. Yes, there are part B buy-back plans, and you can save big money with them. Let me walk you through these plans.

They are Medicare Advantage plans with which you receive a portion of your Part B premium every month. You sign up for these plans at no extra cost and get monthly Part B premium reductions. The reduction in part B premiums could come as an increase in your social security check. The monthly premium reduction could also be directly credited on your Part B premium statement if you aren’t taking social security. The form in which you receive the reductions is dependent on how you pay your premium.

The only requirements are part A and part B Medicare. To access buy-back plans, you must have parts A and B Medicare coverage and have buy back plans available in your area.  I can help you determine if these plans are currently available in your county, but more and more counties are getting them every year.

With Part B buy-back plans, we wrap up the ways of making Medicare more cost effective. If you need more clarity on any of these methods, you can reach out to me directly on my website here at indyhealthagent.com or text/call me directly at 317-296-8881.

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Larry Medcalf, CLU®

Larry Medcalf, CLU®

A graduate of Marian University in Indianapolis with a BS degree in Human Resources and Management. Larry has over 15 years experience in financial services serving individuals, families, and small business owners primarily in Central Indiana and Northern Alabama. In the last 10 years, he's focused on providing group health, Medicare and individual benefits. If you have questions or need help with your benefits, you can reach Larry directly at 317-514-8696 (call or text) and larry@indyhealthagent.com

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Larry Medcalf is an Alabama & Indiana health insurance agent licensed in Indiana, Ohio, Michigan, Alabama, Texas, New Jersey, Georgia, Tennessee, Florida, West Virginia, South Carolina and North Carolina. Not all Services and products are available in all states. Agent may be compensated based on enrollment in a health plan. Agents will not provide tax or legal advice. Contact a tax or legal professional to discuss details regarding your individual circumstances. Quotes are provided for your information only. All quotes are estimates and are not final until you are enrolled.
Attention: Medcalf Advisors is a local Alabama & Indiana health insurance broker and the operator of this website and is not healthcare.gov. In providing the website Medcalf Advisors is required to comply with all applicable laws, including the standard to protect the security of PII (personally identifiable information). This website may not show all data on ACA Plans being offered in your state. To see all ACA Plan options in your state, go to HealthCare.gov. If you are looking for an Alabama or Indiana health insurance you came to the right place. Larry Medcalf is a local Alabama & Indiana health insurance agent with almost 15 years experience. We can help you with Alabama & Indiana health insurance (and most other states), life insurance, dental insurance, vision insurance, long term insurance, disability insurance and more.

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