When it comes to Medicare, your cost depends on a number of things. Consider when you enroll, how much income you report and the Medicare plan you choose. All of these things can have an effect on what you pay for health care. Read on to discover four ways to save on your coverage.
Save on Medicare FAQs
#1: How Can I Avoid Late Enrollment Penalties?
Medicare beneficiaries can save on their coverage by enrolling in Medicare during their seven-month initial enrollment period.
The Medicare Part B late enrollment penalty is 10% per year for each year you wait to enroll. For example, if you wait two years without credible coverage (employer group insurance), a 20% penalty could be added to your monthly premium.
Medicare Part D deferment penalties can cost you an additional 1% per month. However, there are ways to defer Medicare enrollment without incurring penalties.
#2: What If My Income Decreases?
Did your five-figure income decrease to $97,000 or less? If yes, you may be eligible to pay lower Part B premiums. The income listed on your IRS tax return could qualify you for the 2023 Part B standard premium of $164.90.
You may also qualify for discounted Part B premiums if your 2021 five-figure income decreases to $183,000, $153,000, and $123,000. Find out how much you will pay for Part B premiums in 2023.
#3: Can I Save Money on a Medicare Advantage Plan?
With Medicare Advantage (MA) plans, you must have Medicare Part B and keep paying your Part B monthly premiums. The price you pay varies by plan.
Medicare Advantage plans can offer different benefits than Original Medicare.
Many private insurance companies offer Medicare Advantage plans. You can choose a plan that fits your budget and provides the coverage you need.
#4: How Can I Shop for a Medicare Supplement Plan?
A Medicare Supplement plan, also called a Medigap Plan, can cover the gaps that Original Medicare and MA plans don’t cover.
Medicare Part B may cover 80% of your medical costs. All Medigap Plans (except plans K and L) can cover 100% of your Part B coinsurance or copayment. Compare Medigap plans and discover which plan is right for you.
You can shop for Medicare Supplement plans at Senior Healthcare Direct. Call 1-833-463-3262, TTY 711, to speak with our licensed agents, or click here to get your quote.