Most retirees can drive down their out of pocket medical spending by taking a few steps:
Yet, wading through the many plans that are available to find the best choices for you can be difficult. There are many factors to consider and a lot of plans to compare and consider. Many beneficiaries find to their regret that choosing the plan with the lowest premium often isn’t the best decision. Some financial advisors estimate that about 90% of Medicare beneficiaries pay more in out-of-pocket medical expenses than they need to, because they didn’t sign up for the best coverage for them.
Fortunately, there are two free sources that can make it easier for your to evaluate and compare the different options.. The program’s been improved over the years. It has an easier-to-use design and guides you through the factors to consider and decisions to make when choosing among the options. It links to Medicare’s database of the details of the plans available, so it can compare the specific details of the plans that are open to you.
In addition to being available through a computer, the Medicare Plan Finder is mobile friendly. It can be used on any phone, tablet, or other mobile device.on the Medicare web site. After doing that, you’ll be able to store more of your personal information in the Plan Finder. That’s especially important when comparing prescription drug plans, and also makes it easier to compare all types of plans in your area.
The second resource to consider is SHIP, the State Health Insurance Assistance Program. Each state has its own SHIP, though some states give it different names. SHIP is free and open to anyone, regardless of income or net worth. SHIP offers local, personalized, one-on-one counseling and assistance when navigating Medicare. The programs generally are staffed by trained volunteers. While SHIP offers help and information with most aspects of Medicare, a valuable part of the service is helping Medicare beneficiaries and their families evaluate their medical insurance needs and compare the different choices available to them.
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