Video: Saving Money on Medicare
Narrator: There are a lot of ways to save money. You may clip coupons, look for discounts on travel and shop around advertised sales. But did you know there are also many ways you can save money on your health care?
Most Medicare plans are designed to care for your physical health, but most also include many ways to protect your financial health. Let's start with the most basic ways to save.
Read your benefits plan guide. You may have additional discounts, savings and perks available to you that you don't know about. So read through it, take notes, flag pages—because with a little effort, you can enjoy big savings.
If your plan has a network, use it. In-network doctors have worked out special pricing with the insurance company, offering members lower costs. If you see an out-of-network doctor, you will pay more for the same service, which is like throwing money away.
The same goes for filling prescriptions. If your plan includes prescription coverage, use network pharmacies because many offer plan members extra savings and deeper discounts. And get to know your pharmacist.
Narrator: Many of the most common brand name prescription drugs have a generic version. The same drug, just under different packaging, can save you anywhere from 20 to 80 percent. The pharmacist can help you find generic versions of the drugs you take.
Many Medicare plans also offer mail-order services. These mail-based pharmacies often offer bulk quantities and lower prices.
And there are many savings to be had outside of doctor visits and prescription fills because a good health plan isn't just there for you when you're sick—it's there to help you stay healthy.
So take advantage of everything your plan offers including preventive exams and screenings, wellness programs, nutrition coaching, disease-management programs and a 24/7 nurse line. And look for discounts on things like hearing aids, glasses, dental exams, gym memberships and more.
All in all, there are lots of ways for you to cut the costs of health care. Invest in your health, in what you do and in what you spend.
Want to know more? Go to medicare.gov or watch the other videos in this series at medicaremadeclear.com.
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