What People Don't Realize About Medicare
By Daniel Petkevich
Mar 27, 2023
Avoid these pitfalls, and save money on your healthcare spending
Our team of experts has seen and done it all when solving the puzzles of Medicare. Here's what they say are the most common issues new to Medicare beneficiaries experience:
Speak with a Medicare Advocate
1. Misunderstanding the Part D Deductible
The deductible is how much you need to pay before insurance kicks in. Check out this excerpt from our blog post on Estimating Prescription Drug Costs:
"Many PDP plans are marketed as having a single deductible, but if you read the fine print, you'll see that some plans cover tier 1 and tier 2 drugs before the deductible is met."
Your deductible may vary with your choice of Part D plan. Deductibles cannot be higher than $590 per calendar year in 2025.
2. Missing out on Over-the-Counter Benefits
Some of our clients do not realize their Medicare Advantage plan might give them credit (sometimes ranging between $20-$300) to use for over-the-counter purchases of everything from daily supplements to wearable fitness trackers.
Check out our online OTC Catalog for some of the top insurance carriers:
3. Not adding the Part B premium to the Medigap/Medicare Advantage premium
You've probably seen "$0 premium" marketing for Medicare Advantage plans. But paying $0 per month is extremely rare. At the very least, you should expect to pay the standard Part B Monthly Premium of $185 in 2025. The standard premium is added to your Medicare plan monthly premium amount.
4. Higher-income beneficiaries paying more through IRMAA
Check out this chart to see how your income might affect your monthly Part B and Part D premiums:
If you're interested in doing a deep dive into IRMAA and what it means for you and your family, check out this article
Medicare can be confusing, but we're working to simplify it. Our licensed advisors are here to take your call. Click the button below, or dial (888) 454-2383.
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