4 ways to save money on Medicare costs

Shop options now to save during open enrollment from Oct 15 - Dec 7

Figuring out healthcare as you age is not easy, especially if you are trying to save money. The much anticipated Medicare open enrollment is coming up. Whether you are shopping for yourself or helping a loved one, there are some big changes you need to know about. Plus, we have information on free help.

Medicare open enrollment opens October 15th. You can shop plans now to see what is available in your area. See details on Medicare.gov website. (Copyright 2020 by KPRC Click2Houston - All rights reserved.)

October 15th is the first day of open enrollment for Medicare Advantage Plans.

Original Medicare vs Medicare Advantage

Medicare is federal health insurance for people over 65 and for certain younger people with disabilities. You can shop dozens of options on Medicare.gov right now but choosing the wrong plan could cost you.

You may see celebrity Medicare commercials for Advantage plans, also known as Medicare part C from private insurance companies. Advantage plans offer additional benefits beyond the original Medicare coverage. This year there are about 60 to choose from in the Houston area depending on your zip code. So how do you pick the one that’s best for you?

1. Check to see if what you need is covered

“First and foremost you want to make sure your medications are covered. If your medications are not covered you will pay a lot more in co-pay on that end,” said Alex Rischan, Houston-Galveston Area Agency on Aging.

Rischan says you’ll also want to call your current doctors to make sure they are in-network for the plan you want. Make sure they will still be in the network when the plan takes effect next year.

“If you are near a hospital you are close to in case of an emergency, make sure they are in-network as well to also keep your costs down,” said Rischan.

2. Pay attention to extras you can get for free

Medicare Advantage plans must include the same basic coverage as standard Medicare from the government but most include added benefits like dental or vision care, free transportation, or gym memberships.

You can individually search benefits on the compare section of the Medicare website.

3. Read reviews including patient experience details

Shopping around during the Medicare open enrollment can help you save money. (Copyright 2020 by KPRC Click2Houston - All rights reserved.)

You can check the Medicare star rating program to see how certain plans have done in the past. Go for three stars or higher. These reviews will also show details of other people’s experiences.

“Claims, things denied, length of referral, if you are on HMO you have to have a referral from your primary doctor into the specialist world,” explains Rischan.

You can search specifically for hospitals, care facilities, and various other types of healthcare centers.

4. Additional Medicare savings already included

And good news for new plans. Premiums for Medicare Part B are going down from $170 a month to $164.90. You can compare plans here.

The shingles vaccine (and all CDC-recommended vaccines) will be covered at 100%. If you need insulin the cost is capped at $35 a month.

“All of those medications could be $300-$400 so capping it at $35 a month is huge.”

Consider changes to cover added expenses

Many seniors use the fall Annual Enrollment Period to drop their Medicare Advantage plan and enroll in a Medigap plan if they qualify. Medigap plans cover the costs Original Medicare leaves behind.


Free help in the Houston area to find the best Medicare plan for you

The Area on Agency offers free help for navigating this process. You can call 1-800-437-7396 to make a one-on-one appointment or go in person to a community check-up day. Open enrollment runs from October 15 - December 7th. (See Richan’s full interview on Medicare open enrollment here.)

*We’ve seen this many times so we want to warn you. Be careful when googling “Medicare” with other search terms for example, “Medicare plans.” Sometimes the top search results for popular topics are fake websites trying to steal your information. Medicare.gov is the best place to start your search and shopping process.


About the Authors:

Award-winning TV producer and content creator. My goal as a journalist is to help people. Faith and family motivate me. Running keeps me sane.

Passionate consumer advocate, mom of 3, addicted to coffee, hairspray and pastries.