Medical Insurance 101: Tips for Securing a Policy and More

Tips To Save Money On Healthcare Costs With A Medicare Advantage Plan

As someone retired and on Medicare, you may be looking for ways to save money on your healthcare costs. One popular way to do that is by enrolling in a Medicare Advantage plan. Private insurance companies offer Medicare Advantage plans and provide the same coverage as Original Medicare (Part A and Part B) and additional benefits such as dental, vision, and prescription drug coverage.

Here are some tips to help you save money with a Medicare Advantage plan:

Tip: Compare Plans Every Year During Open-Enrollment 

Medicare Advantage plans can change yearly, including their benefits and costs. That's why it's essential to review your options annually during the Medicare Annual Enrollment Period. During this time, you can compare plans and switch to a new one that fits your needs and budget better. Use the Medicare Plan Finder tool on or speak with a licensed insurance agent to compare plans.

Tip: Consider Your Specific Healthcare Needs

When choosing a Medicare Advantage plan, consider your healthcare needs. If you have a chronic condition or take prescription medications, you may want a plan with comprehensive drug coverage. You may want a plan with lower copays and deductibles if you need regular medical care. By choosing a plan that fits your healthcare needs, you can avoid paying for benefits you don't need and save money on out-of-pocket costs.

Tip: Always Use In-Network Providers

Medicare Advantage plans have a network of providers, such as doctors, hospitals, and pharmacies. Using in-network providers can save money because they have negotiated rates with the plan. Out-of-network providers may charge higher rates, and you may be responsible for paying the difference between the provider's charges and the plan's allowed amount. To find in-network providers, check your plan's provider directory or speak with your doctor's office.

Tip: Take Advantage of Preventative Services

Medicare Advantage plans offer preventive services at no cost to you, such as annual wellness visits, screenings for cancer and other diseases, and flu shots. These services let you catch health problems early on, when the issues are more straightforward and less expensive. Plus, you can avoid costly medical bills and hospitalizations by staying healthy.

Tip: Read the Plan's Drug Formulary

Finally, if your Medicare Advantage plan includes prescription drug coverage, take the time to review its drug formulary to see if your medications are covered. The formulary is a list of drugs that the plan covers and their costs. If your prescription isn't on the formulary, you may have to pay the total fee or switch to a different medication. You can ask your doctor to prescribe a covered medication, or you can speak with your plan's customer service to request a coverage exception.