Buffalo, N.Y. (WBEN) - 'Tis the season for Medicare open enrollment.
While one expert says the premium for Medicare Part B is going up, there are ways to get discounts each month.
Brian Faraci of the Financial Guys says the Medicare Part B premium is going up about $10, from $164 to $174 per person each month. "Unless you're low income, and on Medicaid, you're stuck paying the $174 70," says Faraci. He does note there are some supplemental coverages that you can purchase that will give you discounts.
Faraci says that doesn't mean you have to give up your current insurance company. "You don't necessarily have to switch your insurance company. If you're happy with them, we may just want to look into a plan that gives discounts off of that premium each month," explains Faraci. He admits the open enrollment period can be overwhelming for some, it can be as simple as reviewing your doctors and looking at prescription costs. "There have been some changes in the prescription coverage area as well, that should benefit a lot of people. But just going by going through and looking to see what the hidden stuff is that's not always put out there on the TV commercials or the ads. But, how long does the hospital stay covered for, is there going to be out of pocket expenses for certain line items," says Faraci.
Faraci recommends looking at the improvements in the coverage gap, which can reduce prescription costs. "I've found good RX is a good resource. Mark Cuban's pharmaceutical company is a good resource. Even just looking outside into mail order pharmacy from Canada, you'd be surprised how much money you can actually save," says Faraci.
Faraci says the key is sitting down with a licensed broker to go over the options to find the best for you.