- RetireHub
- Posts
- Save Big on Medicare
Save Big on Medicare
Trivia: Which Beatles album features the song "Hey Jude"?
RetireHub
November 25, 2024
Good morning from RetireHub!
It’s Monday and today we're diving into ways to save big on Medicare during Open Enrollment. As always, we have exciting deals, tips, and more to brighten your day!
Most people don’t realize the medevac benefits of travel insurance ONLY get you to the “nearest acceptable” hospital. Not home. Getting moved to a hospital at home can cost $200,000 out of pocket. That’s a big dent in retirement savings. A $99 Medjet Membership gets you moved home at $0 additional cost.
Top Deals From Around The Web
Each day we find the best online deals so you don’t have to!
On this day in 1914, American baseball player Joe DiMaggio, who was one of the best all-around players in the history of the game, was born.
RetireHub Poll
What’s your biggest financial priority right now? |
How to Save Big on Medicare During Open Enrollment
It's that time of year again — Medicare Open Enrollment is upon us (October 15 to December 7). Let’s discuss how you can potentially save some serious cash with just a little effort.
Review Your Current Plan
Grab a cup of tea (or coffee!) and take a good look at your current Medicare plan.
Have your health needs changed over the past year? Maybe you're on new medications or seeing different doctors.
Plans can change annually, so the coverage that worked for you last year might not be the best fit now.
Compare Your Options
Use the Medicare Plan Finder—it's like shopping for the best deal online.
Look at Medicare Advantage (Part C) and Prescription Drug Plans (Part D) available in your area.
Pay attention to premiums, deductibles, and out-of-pocket maximums.
Check Prescription Drug Coverage
Medications can be a major expense, so make sure your prescriptions are covered.
Even if you're happy with your plan, it's worth checking if another plan offers your meds at a lower cost.
Formulary changes happen, and a quick check can save you a bundle.
Explore Extra Help Programs
If your income is limited, you might qualify for programs that reduce your Medicare costs.
The Extra Help program assists with prescription drug costs.
Your state might offer Medicare Savings Programs to help with premiums and other expenses.
Consider Medigap Policies
If you're sticking with Original Medicare, a Medigap (Supplemental Insurance) plan can cover out-of-pocket costs like co-pays and deductibles.
While there's an additional premium, it could save you money in the long run if you have frequent medical needs.
Take Advantage of Preventive Services
Medicare covers many preventive services at no extra cost to you.
Stay on top of screenings, vaccinations, and annual wellness visits.
Preventing health issues now can avoid costly treatments later.
Get Personalized Assistance
Medicare can be confusing—don't hesitate to seek help.
Reach out to a State Health Insurance Assistance Program (SHIP) counselor for free, unbiased advice.
They can help you navigate your options based on your specific needs.
Mark Your Calendar
Don't procrastinate! The Open Enrollment period is short.
Make any necessary changes before December 7 to ensure your new coverage starts January 1.
Remember, a little time spent now can lead to significant savings and better coverage next year. So let's make the most of Open Enrollment together—your wallet will thank you!
Yesterday’s Poll Results - How do you feel about joining neighborhood bingo nights?
While most RH members prefer a quieter evening at home (49%), the second highest vote getter was “I’m curious, but I’m not sure if it’s my scene.” We’re in the habit of encouraging everyone to try new experiences, so please let us know if you do!
Thanks to the many of you who vote and comment every day.
Our Favorite Comments:
“I used to call Bingo numbers and I have had my fill of the game. ”
“If we lived in a friendly neighborhood, that would be fun! Our neighborhood has younger people who are all busy and on the go. ”
“they have bingo at the senior center but I do not partake, I'd rather a quiet evening reading a good book.”
“Love It - Go to senior center ”
While we can’t publish them all, we do read and appreciate every comment. Some comments are edited to make room for more contributions.
WHAT WE’RE READING
Here’s a free downloadable book we think you’ll enjoy today. Limited-time promotion!
 | By Nova Walsh First in a funny new culinary cozy series! Chef Abby Hirsch returns to her hometown to cater a wedding at her aunt's B&B, but when the bride's enemy shows up dead, Abby turns to amateur sleuthing. Together with her best friend Cassie will she be able to solve the crime before the killer crashes the wedding? Clean slow-burn romance, warm friendships, & plenty of plot twists and humor! |
Senior Living News From Around the Web
Helping Adult Children Financially – Post-Boomer Challenges
In my first Sixty & Me blog about helping adult children financially, I noted that today, adult children of the Baby Boom generation live in a different financial reality. In this blog, I’ll cover specific issues, such as housing, student loan debt, and other challenges they face in their quest for financial independence.
Many Baby Boomers achieved the goal of home ownership in their young adult years. Their offspring have not been so fortunate. A 2021 CNBC analysis showed a troubling gap between the average income of $144,192 needed to afford a home and the actual median income of $69,178.
Follow us on Social Media!
Join an online community thriving in retirement! Find us on:
Every day we post retirement tips, highlights from our newsletter so you can comment and discuss in the community, and some fun retirement-themed motivation!
Longevity Tip of the Day
Spice it up — Eating hot chili peppers may add years to your life. In a 2016 analysis of the dietary habits of more than 16,000 men and women over 23 years, those who reported eating hot peppers reduced their risk of dying by 13 percent. Not a fan of those peppers? Even a little spice can have health benefits. That’s because the body produces endorphins to reduce the heat from the capsaicin in the peppers; those endorphins also reduce pain and inflammation.
Slang Phrase of the Day
Phrase: “Ghosted”
Meaning: To end a relationship by cutting off communication
In a sentence: “He got really clingy after just one date so I had to ghost him.”
Good News of the Day
Town Gets Go Ahead to Sell 300-Year-old Marble Bust Found Propping Open a Shed–And Worth $2 Million
A town council in Scotland has been given the go ahead by a local court to sell a marble bust found propping open a garden shed, and turn the proceeds into a multitude of good for the community.
The bust was purchased by the Invergordon Town Council in 1930 for just $5 and depicts the man after whom the town gets its name—Sir John Gordon.
Other Publications We Like
Check out these other email newsletters we think you’ll enjoy!
RetireHub Trivia
Want more trivia? Try our brand new “Nostalgia Trivia Game” on our website! New questions daily!
If you’re a fan of other classic games, you can try any of these below:
Which beverage, introduced in 1985, famously flopped and led to a consumer backlash, forcing the company to bring back its original formula just 79 days after its launch? |
Which Beatles album features the song "Hey Jude"? |
What is the term for scoring three goals in a single game of soccer? |
How was today's newsletter? |
(*RetireHub may receive affiliate compensation for links clicked within this newsletter)