How to Save Money on Health Insurance in the US

Medicare definitely offers health care to seniors as well as those with disabilities. While the federal programs can lessen the costs of the health care as compared to paying for much more expensive insurance health plans, still, it is not free. Those Medicare beneficiaries should pay deductibles, monthly premiums, and some other costs for the services. Knowing how to save money on Medicare will surely help Medicare beneficiaries control their health care spending.

Always Sign Up on Time

Not all Medicare beneficiaries are aware of the Medicare’s deadlines. For those beneficiaries who sign up late, they might pay expensive fines, which could last for years. In some cases, as long as the beneficiaries have Medicare. Many people are there who believe that they would be automatically enrolled in Medicare and would not have to pay their late fees. However, this is only true for some Medicare beneficiaries. Take note that Medicare has penalties for those who do not sign up right within the right time frame.

Choose the right plan

Keep in mind that everyone’s medical needs are not the same. Many components are there that comprise Medicare and beneficiaries should decide which among those they want to enroll in. Every part has its own costs mainly associated with it.

  • Part A: Covers the inpatient hospital expenses with an exclusion of physician fees. This is the component of the Original Medicare.
  • Part B: Covers the outpatient medical expenses along with the inpatient provider fees. This is the component of the Original Medicare.
  • Part C: Also called as Medicare Advantage, it mainly includes the services mainly covered by the Original Medicare.
  • Part D: It covers the drug prescription and is Medicare’s optional component.

Choose the right providers

Since not all the healthcare providers are involved in Medicare program, beneficiaries should find those who accept Medicare for payment. However, even if the provider signs a certain contractual agreement with Medicare, still, it does not necessarily mean that the provider also agrees to charge you mainly based on the recommendations of Medicare.

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Read Carefully Right before You Sign

You will need to sign several forms in a medical office. Some forms will refer to your medical records’ privacy while some are for insurance purposes. Among the forms, that you must be aware of is the ABN or Advanced Beneficiary Notice. This may save you an amount of money most especially if you understand how it really works. ABN pertains to a form that will be signed at your every visit. This needs to outline the particular tests in question and the expected costs. The beneficiaries are tasked to sign the form to acknowledge that they should pay the tests out of their own pocket. If there was no offered or signed ABN, the beneficiaries might be off the hook. Since the provider did not notify the beneficiaries in advance and was not given a choice to decline the testing, the beneficiaries are not obliged to pay. Never forget to ask to see an ABN copy when Medicare denies the service coverage.

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