One of the biggest misconceptions about Medicare is that enrollment is free once you reach a certain age. In reality, the only part of Medicare that's typically (though not always) free is Part A, which covers hospital care. Part B, which covers outpatient services, charges a monthly premium that's generally standard but can increase for higher earners. So do Part D drug plans and Medicare Advantage plans (though there are some $0 premium plans you might qualify for).
Because you're paying good money for Medicare coverage, it's important to make the most of it. Here's how you can go about that if you're new to Medicare.
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1. Figure out what free preventive services you're eligible for
Many of the covered services you're entitled to under Medicare still leave you subject to some sort of financial obligation, whether it's a deductible, copay, or coinsurance. That's why it's so important to take advantage of the services that are available to you at no out-of-pocket cost.
All new Medicare enrollees are entitled to an initial well visit within 12 months of signing up for Part B. On top of that, you'll generally be entitled to a free annual well visit.
You should also know that many vaccines are available to Medicare enrollees at no cost. This holds true whether you're signed up for original Medicare or have a Medicare Advantage plan.
And while some health screenings will result in a financial obligation on your part, others may not. Medicare will generally pay for an annual mammogram, for example, whose cost you don't need to share in. The same holds true for depression screenings.
2. Determine who your in-network providers are
Original Medicare enrollees can often choose from a wide network of healthcare providers. But if you're enrolled in a Medicare Advantage plan, your provider list may be fairly small.
It's a good idea to review that list, read patient reviews, and take note of different providers' hours and locations. That way, you won't necessarily have to scramble when you start to require different types of care.
3. See if there are ways to lower your prescription drug costs
One of the biggest expenses you might face as a new Medicare enrollee is copays for the medication you take. Choosing the right Part D drug plan could help keep those costs more manageable. But you can, and should, also talk to your providers about ways to minimize your spending.
One option may be to move over to the generic version of a drug you're taking. Another option may be to see if certain conditions of yours can be managed with diet and lifestyle changes so you're no longer required to swallow a daily pill.
Of course, whether these things are possible will depend on your specific circumstances. And only a medical professional will be able to guide you in that regard. But it's definitely worth asking, especially if you're concerned about covering your healthcare costs.
It may take you some time to get used to Medicare. Make these moves early on for the smoothest transition possible.
