The Medicare Perks Retirees Leave on the Table Every Year
People pay into Medicare for multiple decades before finally getting to tap into it for themselves. Once you do, it’s important to take advantage — for your health and your wallet.
While Medicare won’t cover all your health care costs, there are plenty of items you may not realize you get coverage for. Here are some ways you could be leaving money on the table.
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The preventative benefits
Medicare Part B plans cover a wide range of preventive and screening services that are designed to detect conditions early, prevent disease or help beneficiaries manage their health, such as bone mass measurements and lung cancer screening for those who are eligible. However, some retirees miss out on this benefit because they do not know what is covered and don’t ask medical providers if a service is covered in Medicare Part B.
There is a one-time "Welcome to Medicare" preventive visit that you get for free if you do it within a year of enrolling in Plan B. Annual wellness visits are covered, too. Many vaccines are also covered under Medicare.
You will have to find Medicare providers, which you can do via Medicare’s online tool. However, additional tests or frequent services may cost you money. Part B offers a lot of coverage, but doesn’t address every medical expense.
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Benefits that can save money beyond screenings
You can already save a good amount of money by having Medicare Part B cover screening costs, but the perks go well beyond that. Some counseling and support services are covered if you’re eligible, including tobacco cessation counseling, alcohol misuse counseling and obesity behavioral therapy.
Some diabetes-related services are also covered, and medical nutrition therapy for eligible people with diabetes, kidney disease or a kidney transplant is also covered by Medicare Part B. It’s good to check all of the services covered in Medicare Part B or ask a medical provider if the services you are looking for are included in the plan.
However, these services may have eligibility rules and frequency limits. You can confirm coverage before scheduling an appointment and ask the doctor’s office any questions related to Medicare Part B coverage.
How retirees can stop leaving benefits unused
One of the easiest ways for retirees to stop leaving benefits unused is to ask about them. Before scheduling an appointment, ask the doctor’s office if Medicare covers it, how much you will owe if extra tests are done and when you should return for the next screening. You should also confirm that your provider accepts Medicare.
Your medical provider should give you a better idea of how Medicare Part B addresses the specific services you need right now. However, you can fill in any gaps by logging into your Medicare.gov account to review preventive services and coverage details. This option gives you a more comprehensive overview of what Part B covers. You will also have to review plan rules and networks if you use Medicare Advantage, since there are differences between that option and Original Medicare.
It’s important to take preventive measures to prevent small health issues from becoming major. Medicare can help with that while keeping your costs low. If you know everything that your plan has to offer, you can end up saving a lot of money while accessing critical services.