Dollars saved on Medicare can make a big difference for many people. Are you hearing the kind of things we are: “Everything costs more now”. “I want to take a family trip but the airline tickets are outrageous.” “Took the wife out for dinner and we spent so much.” Then into some more serious concerns and basic needs. “I went to go get gas and couldn’t believe what I spent to fill up my tank”. “You should see my grocery bill last month”. Can you relate to this one, “Wow, on the power bill”?!
We are hearing this as well in the Medicare and retirement world. For some, the increases are manageable and they make it work. For others, it is tough and really hitting their pocketbooks. Medicare Part B Premium had the highest increase ever from 2021 to 2022 ($148.50 to $170.10). On top of this, clients will pay for either their Medicare Supplement Plan and Medicare Part D Rx plan or a Medicare Advantage Plan. It all adds up!
Dollars saved on Medicare can make a big difference and it is a win for us if we can be part of helping you with this!
One of the biggest ways we help clients save money is by tweaking their Medicare Supplement plan a little. In Washington state you can change your supplement plan year-round. Just today we helped a couple stay with the same exact Medicare plan N (same benefits), but switched the carrier. This saved them about $30 dollars each a month. That is $60 that can go towards a different bill! This week we reached out to multiple clients about their rate increases. Many of our clients have also moved from a Medicare Supplement plan G to a Medicare Supplement plan N. The difference? You pay a $20 co-pay when you see the doctor. The savings? About $50 a month each! This is a great way to save money, especially if you don’t go to the the doctor very often.
BOTTOM LINE: get a review on your current plan, call your agent when you get a rate increase notice, and make sure you are on the best Medicare plan for you.
As always, during the fall Annual Enrollment Period, you might need to make a Medicare Part D – prescription plan change. If you receive a plan increase or change notice, or your medications have changed, reach out to your agent. A (new to us client last fall) saved $1000 a year by making a drug plan change for 2022!
Are you at a place where you have been on a Medicare Supplement plan and it is time to weigh the option of instead being on a Medicare Advantage Plan? You can only make this change during special enrollment periods, for most this would be during the fall Annual Enrollment Period (AEP from October 15th – December 7th). You will save premium dollars each month BUT you could have more out of pocket costs if you get sick. This is something to talk over with your agent and see what is best for you.
Today’s lesson? Don’t fall asleep at the wheel. Be proactive and make sure you are on the best plan for you. It does our heart good when we can help with this and take some of the burden off of you.
Check out this video on one of the ways we have helped our clients save money.