Medicare, the government health insurance plan for disabled Americans and those over 65, has undergone some of the most significant changes since 🔴its inception in 2006.

Experts recommend that enrollees 澳洲幸运5官方开奖结果体彩网:take a close look at changes in their Medi✨care plans during open enrollment season, which runs through Dec 7.

Investopedia spoke with Tim Smolen,𓆉 program manager for Statewide Health Insurance Benefits Advisors, a section of the Washington State Office of the Insurance Commissioner, about how enrollees can decrease the price of their Medicare plan and health care costs. The interview has been edited for brevity and clarity.

INVESTOPEDIA: How can enrollees find the best Medicare plan that fits their needs and budget?

TIM SMOLEN: We absolutely recommend the Medicare website. They have a terrific tool called the Plan Finder tool, which allows you to compare all of the Medicare Advantage plans there. These plans are sold on a very local basis. So, it makes sense to go there because it has the most current information for the plans that are available to you in the zip code where you live, and it provides a lot of details about the plans, such as coverage exclusions and 澳洲幸运5官方开奖结果体彩网:out-of-pocket costs.

For a lot of older people, prescription drugs are a very big deal. At the Plan Finder site, you start by listing your covered drugs, including dosage, strength, and frequencꦍy. That can drive a lot of costs for you in terms of your prജemium and out-of-pocket costs.

We would also suggest that people go ahead and download what's called the Evidence of Coverage form because the Plan Finder just has the headlines, right? It's going to say, 'Yes, we have a hearing aid benefit,' but it's not going to describe the details for you about what that means. Typically, for those extra benefits that the Medicare Advantage plans include, there are conditions or qualifiers around that.

Have a heart-to-heart conversation with yourself, or have a good friend interview you and say, 'Okay, what are your must-have things compared to your nice-to-have things?' Then, you won't get in there and get swamped with comparisons at this excruciating level of detail about stuff you don't really care that much about.

INVESTOPEDIA: How would someone decide between having a higher or lower premium?

TIM SMOLEN: That goes in the pre-conversation you have with yourself. Some enrollees just like having a 澳洲幸运5官方开奖结果体彩网:Medicare Supplement Plan because they know that if Medicare pays, then the insurance pays, and they essentially don't see any bil🐬ls or have any costs. Some like that because it's very predictable.

In general, what people prefer about Medicare Advantage plans is that they're going to have very low-cost premiums. Again, depends on where you live, but lots of them still have a zero premium.

People are going to say, well, ‘I like that zero premium. I can put aside a little bit of money every month in case I have doctor's bills or in case I need to make my deductible, and I feel better about that, and I'm willing to live with the uncertainty about what my total costs are going to be because I like that zero premium.’ 

INVESTOPEDIA: What can enrollees do if they can’t afford their current Original Medicare plan?

TIM SMOLEN: Make sure that you're not paying too much for your basic Medicare coverage. For most people, 澳洲幸运5官方开奖结果体彩网:Medicare Part A is free because they have worked enough quarters to pay into the M🐲edicare trust fund.

However, almost everyone has a 澳洲幸运5官方开奖结果体彩网:Medicare Part B premium. The standard premium for 2024 is $174.70, but some people pay more. They have🅰 a surcharge for high-income individuals, which we refer to as IRMAA (Income-related monthly adjustment amount).

Looking ahead to January 2025, if you have a surcharge for your Medicare Part B insurance, it's worth checking to make sure that it's right. The challenge here is that the way that the premium for Medicare Part B is calculated for 2025 is based on the income you filed [on your taxes] in April 2024, which is based on your earnings for January to December 2023. A lot of people, when they retire, their earnings decrease substantially. That's not reflected immediately in their tax return. It's a very simple process to appeal that. 

There are programs for low-income earners where the state will pay their Medicare Part B premium. Getting back that $175 a month in your 澳洲幸运5官方开奖结果体彩网:Social Security check is a really big deal and means a lot to people. The application process is pret𝕴ty straightforward. You can do it at the 🔜Social Security website, or you can call your local state Medicaid office, and they can help you apply.