“The average American retiree spends over $6,600 a year on healthcare costs.” That’s a hefty chunk of change—and if you’re relying on Medicare, knowing how to unlock its full potential could save you hundreds, if not thousands, each year.

Whether you’re just getting started with Medicare or you’ve been enrolled for years, it’s time to review what you’ve got and make sure you’re getting every dollar’s worth of coverage. Medicare isn’t just about paying medical bills. It’s a tool to enhance your health, reduce stress, and keep your finances on track. Let’s dive into some clear, actionable strategies you can use to maximize your Medicare benefits and set yourself up for a healthier year ahead.

1. Use Medicare’s Free Preventive Services

Many people overlook preventive services—and that’s money left on the table. Medicare covers a variety of these services at no extra cost, all designed to keep you healthy and help you avoid costly medical issues down the line.

Some of these fully covered services include:

• Annual wellness visits to stay on top of your health.
• Vaccinations, such as flu or pneumonia shots.
• Screenings for diseases like cancer and diabetes.
• Counseling for issues like weight management or quitting smoking.

💡 Pro Tip: Schedule your annual wellness visit early in the year to identify any health concerns while you have plenty of time to address them.

2. Decide Between Original Medicare and Medicare Advantage

When it comes to Medicare coverage, not all plans are created equal. You’ve got two main choices: Original Medicare or Medicare Advantage (Part C).

• Original Medicare includes Part A (hospital insurance) and Part B (medical insurance). It’s straightforward and widely accepted by doctors, but it doesn’t cover things like dental, vision, or hearing care.
• Medicare Advantage offers all the benefits of Original Medicare and more. It often includes prescription drug coverage and perks like vision, dental, hearing, and fitness programs.

💡 Action Step: If you need additional coverage—like dental or vision—consider switching to Medicare Advantage during open enrollment. It could bundle everything you need into one plan and save you time and money.

3. Save Big with a Medigap Policy

Even with Original Medicare, you could face hefty out-of-pocket costs. This is where Medigap policies come in handy. A Medigap policy fills the gaps left by Medicare, covering deductibles, copayments, and coinsurance.

• Who qualifies? Medigap policies are only available if you’re enrolled in Original Medicare, not Medicare Advantage.
• Why consider it? Original Medicare only covers 80% of your medical costs. Without a Medigap plan, that 20% can add up—fast.

💡 Pro Tip: If you travel often, check for Medigap plans that cover foreign healthcare expenses. It’s an added layer of security if you need care abroad.

4. Cut Prescription Costs with Extra Help

Prescription drugs are often one of the most expensive parts of healthcare, but Medicare’s Extra Help program can lower those costs significantly.

• Automatic enrollment: If you’re on Medicaid and Medicare, you automatically qualify.
• Income-based eligibility: If you don’t automatically qualify, check if you meet the income limits—many people do without realizing it.

💡 Reminder: Even if you aren’t currently on medication, enroll in Part D (prescription drug coverage) to avoid penalties later if your medication needs change.

5. Review Your Plan Every Year During Open Enrollment

Here’s the deal: Medicare plans change every year. So do your healthcare needs. That’s why it’s crucial to review your plan during open enrollment (October 15 to December 7) every year.

• Look for changes in your current plan’s costs or coverage.
• Make sure your doctors and preferred providers are still in-network.
• Compare new plans that might better fit your needs or budget.

💡 Action Step: Set a calendar reminder for October 15th. Doing a quick review could help you uncover new benefits, cut costs, or avoid unwanted surprises.

Wrapping Up: Take Control of Your Medicare Benefits

Maximizing your Medicare benefits doesn’t have to feel overwhelming. By using free preventive services, choosing the right coverage, reducing out-of-pocket costs, and reviewing your plan every year, you can stay ahead of the game and make sure your healthcare works for you.

At UQuote, we’re here to help you navigate the complexities of Medicare and healthcare insurance. If you have questions or need personalized guidance, contact us today for a consultation. Let’s ensure 2024 is your healthiest, happiest year yet!