We’re already three months into the new year. It seems time to put together all the information you might need to be on top of your Medicare health care costs and how to save money in 2022.
What are your typical costs? Even with Medicare, health care costs can be quite high. The typical person spends more than $6,000 out of pocket on premiums, deductibles and coinsurance.
- 2022: Medicare out-of-pocket costs
- 2022: Medicare Part D coverage and costs
- What are Medicare premium and other costs in 2022?
What are the advantages of traditional Medicare and the risks of Medicare Advantage plans? Unlike Medicare Advantage, traditional Medicare covers your care from most doctors and hospitals in the US without administrative obstacles. The key reason people do not opt for traditional Medicare is that they need to buy supplemental coverage to fill coverage gaps. because traditional Medicare has no out-of-pocket cap. (People with Medicaid and some people with retiree benefits from their jobs have that coverage.) Supplemental coverage can cost more than $2,000 a year. But, once you have Medicare supplemental coverage, your out-of-pocket costs are quite small. Medicare Advantage has an out-of-pocket cap, but depending upon the plan you choose, you could be responsible for as much as $7,550 out of pocket, posing a serious financial barrier to care. You can’t buy supplemental coverage to fill gaps in Medicare Advantage and generally are limited to coverage for care from a restricted network of doctors and hospitals.
- Four things to think about when choosing between traditional Medicare and Medicare Advantage plans
- Ten ways Medicare Advantage plans differ from traditional Medicare
How to save money on care Medicare does not pay for?
- 2022: Programs that lower your health care costs if you have Medicare
- Important national resources for older adults
- Area Agencies on Aging help with free local resources for older adults
How to save money on drugs?
How to save money on emergency care?
Who to call with questions about Medicare? Avoid agents and brokers, many of whom profit from steering you to coverage that benefits them and might not benefit you. Instead, for free unbiased assistance, call your State Health Insurance Assistance Program or SHIP.