A Financial Checklist for Managing Healthcare Costs
Navigating healthcare finances can feel like a full-time job. Use this simple checklist to stay on track and ensure you’re making the best decisions for your health and your wallet.
First, get organized. Gather all your relevant documents in one place, including your Medicare card, any supplemental insurance cards, a list of your doctors, and a complete list of your prescription medications with dosages. This will make comparing plans and talking to providers much easier.
Second, create your healthcare budget. Calculate your fixed monthly premiums and make a realistic estimate of your out-of-pocket costs for copayments and prescriptions. Be sure to set aside funds in a savings account specifically for these expenses.
Third, mark your calendar for the Medicare Annual Enrollment Period from October 15 to December 7. Every single year, use this time to review your current plan’s “Annual Notice of Change” and use the Medicare Plan Finder tool to see if a different plan could save you money or offer better coverage for your needs.
Fourth, become a vigilant record-keeper. Keep all your medical bills, receipts, and Medicare Summary Notices (MSNs). Review them carefully for errors and don’t hesitate to call your provider’s billing department or Medicare to dispute any charges you believe are incorrect.
Finally, stay informed about scams. Remember that Medicare will not call you unexpectedly to ask for personal information. Be skeptical of any “free” offers and protect your Medicare number as you would your credit card number.
