How to save money on your Medicare Part B premium.
A dollar saved is a dollar earned. This phrase although simple, can make a huge impact in your life once you understand the meaning behind it. In this short but informative blog post, I will be sharing with you a few tips which you can use to save money on your Medicare Part B premium.
Medicare Savings Program
For those of you on Medicare, there exists an alternative to paying for your Medicare Part B premium known simply as the Medicare Savings Program. Although similar to Medicaid, it differs in the sense that it will only help pay for the Part B premium. In order to qualify for this program, a Medicare beneficiary must have both parts of Original Medicare and their monthly income and resources must not surpass certain figures which will vary based upon which state you live in. If approved, the benefits should take no more than 90 days to kick in. With the current monthly premium averaging 164.90 per month, that’s savings of around 1978.80 on a yearly basis!!! With almost 2 grand at your disposal, a plethora of opportunities await you.
Part B reduction benefit through a Medicare Advantage Plan.
Another method that Medicare recipients can use to save money on their Medicare Part B premiums would be to choose a Medicare Advantage Plan that offers a Part B reduction. Unlike the Medicare Savings Program, this benefit will not take into account the income and resources that the applicant has in their possession. This in and of itself can be ideal for those of you who are on Medicare with incomes that are higher than the Medicare Savings Program guidelines. Now before you proceed to go through this route, keep in mind the following drawbacks. First and foremost, the part b reduction offered might not be enough to cover the entirety of your Part B premium. Aside from that, the medical expenditures that members have with these plans tend to be higher when compared to other Medicare Advantage Plans that don’t offer this benefit.
Employer contributions towards your Medicare Part B premium
Although rare, it’s possible that your employer might be able to cover your Medicare Part B premiums during your employment or possibly even after your retirement. If you are unsure if you are entitled or not to this benefit, feel free to ask someone from your employer’s human resource department to learn more about that potential benefit.
Conclusion
With so much information to digest, it can be quite overwhelming for those of you who are new to Medicare to choose what’s in their best interest. If after reading this post you still have questions or concerns, feel free to reach out to me by following this link in order to set up an appointment. As always, thank you very much for taking the time to read my content. May you have yourself a wonderful rest of the day.
Sincerely,
Javier A Gonzalez Jr
