- Figure out costs
Medical expenses can be a huge part of costs when you are planning for retirement, but if you see the number on a monthly basis, the month may not appear so scary. A Medigap policy can save you most of your out-of-pocket expenses, and you can use any doctor or facility that accepts Medicare.
- Health Savings Account
Health saving account (HSA) is a type of savings account in which the money is typically used for healthcare expenses for taxpayers in the United States. One of the biggest advantages of HAS is that the money deposited in it is not taxed as long as it is for qualified medical expenses such as deductible and coinsurance, thus the overall health care costs can be lowered.
- Medicare Open Enrollment
It would be advised for you to check out your coverage options every year, since the premiums and copayments for your medications may change over time. The costs, coverage and provider networks of Medicare Advantage plans are all subject to change, so it is always wise to think and plan ahead. In addition, your health conditions may also change over time, so it’s particularly important to compare your plan with new options.
- Contest the Medicare High-Income Surcharge
This high-income surcharge is calculated based on your last tax return. But if your income decreases due to some life-changing event, you might be able to reduce or eliminate the surcharge. If a surcharge change is needed, you will be required to get the notice of your Medicare Income-Related Monthly Adjustment Amount (IRMAA), and then file Form SSA-44.