Money saving tips for Medicare users

JACKSON, Tenn. — Inflation is continuing to raise prices, which also includes Medicare spending.

“The premium for Medicare Part B went up $22 per month from last year to just this year. A 14.5% increase which outpaces inflation,” said Ari Parker with Chapter.

Individuals 65 years and older are usually on fixed incomes, which means meeting those cost increases is hurting their monthly checks.

“It is deducted right out of their Social Security check. Social Security, cost of living adjustment only increased 5.9% for this year. So the 14.5% increase to Medicare Part B is huge,” Parker said.

Parker has a few tips for Medicare users to save their money.

“Make sure that your doctor is in network. This means they either accept original Medicare or they are in network. Make sure that your prescription coverage is covered affordably. This goes down to the dosage, frequency, and the pharmacy you go to,” Parker said.

Parker says Medicare individuals can use the chapter website to check if their provider is in network.

And he also says to consider switching Medicare plans that best fit your lifestyle.

“If you go to the doctor several times per month, then you ought to consider a different type of additional Medicare coverage than someone who uses care infrequently,” Parker said.

Parker says the best way to make sure you are using the right plan is with a yearly reassessment.

“Each year the plans are changing, and we typically save clients $1,100 per year by reconfirming that they are actually on the right plan,” Parker said.

For more information on how you can utilize these tips, click here.

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