Two of the federal government’s biggest programs help older Americans make ends meet in retirement. Social Security offers monthly income, but for many people, Medicare’s healthcare coverage is worth even more.
Getting the most out of Social Security usually just requires making a single smart decision. But Medicare participants have the opportunity to make changes to their coverage every single year during the open enrollment period, which runs from Oct. 15 to Dec. 7.
The choices you make can help you tailor your healthcare coverage to your particular needs — even as those needs change. Below, we’ll go through three ways that you could save money by looking closely at your options during open enrollment.
1. Switching from regular Medicare to Medicare Advantage or vice versa
Open enrollment gives you a lot of flexibility in deciding what kind of coverage you want from Medicare. If you’ve previously chosen to get traditional Medicare coverage, which includes hospital coverage under Part A and medical outpatient coverage under Part B, then you can switch to a Medicare Advantage plan. These plans are offered by private insurance companies and often offer lower premiums and more comprehensive coverage in exchange for limiting access to specific networks of healthcare providers. Read from source….