3 Signs You’re Not Getting the Most Out of Your Medicare Coverage

Millions of older Americans rely on Medicare for health care coverage in retirement. And unfortunately, this coverage doesn’t come cheap.

There is a monthly premium associated with Medicare Part B that covers outpatient services, as well as an annual deductible that must be met. This is in addition to the premiums you’ll pay for a Part D drug plan or Medicare Advantage plan if you choose one as an alternative to original Medicare.

For this reason, and for the sake of your health, it’s important to get the most out of your Medicare coverage. Here are some signs that you are not without problems in this regard.

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1. Don’t use free preventive care services

Medicare subscribers are entitled to a number of free preventive care services. These run the gamut from wellness visits to vaccinations to screenings for various ailments and conditions.

Taking advantage of these free options could not only be good for your health, but could be a means of preventing medical problems from escalating and costing you more money. So it’s important to know what they involve. You can start by reading this guide and then contact your healthcare provider or Medicare directly with questions about your coverage.

2. Don’t review your plan choices every year during open enrollment

Each year, Medicare has an open enrollment period between October 15th and December 7th. This is not the time to sign up for Medicare in the first place. Rather, it’s a time for existing subscribers to make changes to their Medicare coverage.

During open enrollment, you can change Part D or Advantage plans or switch from Medicare Advantage to Original Medicare. You can also get Medicare Advantage for the first time.

It’s important to review your plan choices each year to make sure you’re getting the best coverage. If you have specific health problems, you may find that a particular Medicare Advantage plan offers benefits to address them that original Medicare won’t cover. Or, there may be a more cost-effective drug plan to switch to based on recent changes in your medications. Do your research each year to make sure you’re signed up for the best plan for you.

3. You don’t use the extra benefits your Medicare Advantage plan gives you

A big reason some people choose to enroll in Medicare Advantage is that these plans typically offer additional benefits that original Medicare won’t pay for. In 2022, more than 99% of Medicare Advantage plans offered at least one additional benefit. And the average number of these added benefits was 23.

But if you’re not using the extra benefits, then you may not be getting much value from your Medicare Advantage coverage. Therefore, it is a good idea to contact your plan administrator and see what benefits you may be losing.

The good news is that starting in 2025, Medicare Advantage enrollees may be less likely to waste their extra benefits. That’s because Medicare Advantage plans will be required to send enrollees a mid-year notice with a personalized summary of additional benefits that their plan offers but that they haven’t yet accessed.

But if you’re enrolled in a Medicare Advantage plan now, don’t wait. Do your own research to see what benefits you can use before the end of the year.

Medicare can be a big expense for many seniors, so it’s important to maximize the benefits your coverage provides. If any of the above apply to you, it’s time to make changes so you don’t miss out Medicare benefits.