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Four Ways on How to Fight Inflation with Medicare!!


Four Ways on How to Fight Inflation with Medicare!!


We can all tell that the prices of everyday items are going up, and Medicare is no exception. Medicare raised their Part B premiums up 14.5% to $170.10. They also raised the Part B annual deductible up $30 to $233. On the contrary, Social Security only increased 5.9% for 2022. As medical procedures increase in price due to inflation so does everyone's insurance. The questions is how can you help combat these increases? Here is four ways you can fight inflation.



1. Medicare Supplements


Many people don't realize you can change your Medicare Supplements anytime of the year. Medicare Supplements are different than Part D and Medicare Advantage, which can normally only be changed once a year during the Annual Election Period. The Annual Election Period is from October 15 through December 7 and takes effect on January 1 of the following year.


Since you can change your Medicare Supplement anytime, it would be a good idea to see if you can change Medicare Supplement companies or plans that may have a lower premium. This is one way you can help lower your monthly bills. The one thing to be aware of is if you do apply to change your Medicare Supplement you will most likely need to go through underwriting. What that means is you will need to answer some health questions, give them a list of medications you take, and any procedures you may have planned. During underwriting, the Medicare Supplement carrier can deny your application. They do not have to approve it unlike when you first apply for a Medicare Supplement when you first turned 65 years old. I help people change Medicare Supplements all the time and this is a wonderful way to save a great deal of money.


2. Part D


It is a good idea to always keep up on your Part D of Medicare, which is your prescription drug plan. I have noticed that many people do not check their plan each year and are overpaying either on their premiums or on their medication. This is another way to save some more dough by making sure your in the plan that fits you the best. Like we discussed before you can only change these plans during the Annual Election Period, so don't forgot to check this out October 15 through December 7.


3. Switch to a Medicare Advantage Plan


If someone's Medicare Supplement premium is getting to high, and they cannot pass underwriting to switch their Medicare Supplement; they can look at switching to a Medicare Advantage Plan. Medicare Supplements are great to have here in Wyoming, but if the premiums are too high a Medicare Advantage plan would be a notable solution to help lower costs and still have medical coverage. Remember most people will need to wait until the Annual Election Period to sign up for these types of plans.


4. Medicare Savings Program


The final way someone can save money during this hard time is to see if they can qualify for the Medicare Savings Program. You can check out this program by the Wyoming Department of Health on their website at https://health.wyo.gov/. You can qualify for this program by having your income at or below 135% Federal Poverty Level. You can check out that chart by clicking HERE. You can also apply for extra help from Social Security for you prescription drug plan as well. Click HERE to find out how.



These our four simple ways to help fight inflation. As prices get higher and Social Security checks our not keeping up, everyone will need to be a little more proactive to cut costs.

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