78% of Medicare Beneficiaries Estimate Medical Costs with Some Accuracy

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Author: Georges Baxter

A survey which operates the nation's largest Medicare exchange, found that of the 377 seniors who participated, 41% try to estimate their out-of-pocket medical costs in advance of appointments, services and treatments. And of those who try 78% get it right at least part of the time. In fact, over 33% said they get it right most of the time.

"Knowing your health care costs in advance of treatment is important to maintaining your peace of mind and your budget," suggests Alan Weinstock, insurance broker with MedicareSupplementPlans.com. "It isn't always easy because insurance companies are the ones who usually negotiate prices with health care providers and pay for medical services, not consumers."

What the Extend Health Survey Found

Many seniors on Medicare want to know in advance what it will cost for any of the services or treatments they receive. In fact, the survey found that just under half of participants said they specifically ask about the cost of medical services in advance. And nearly 13% have even tried to negotiate the price of medical services with a health care provider.

Here's what the survey found:

1. 41% of Medicare beneficiaries surveyed try to estimate their out-of-pocket medical expenses in advance

2. 78% of those seniors are able to accurately estimate their medical costs sometimes or most of the time

3. 46% of surveyed seniors indicated that they ask their health care provider about cost for medical services ahead of time sometimes or most of the time

The ultimate goal would be for the health care industry to empower not just Medicare beneficiaries, but all patients, and ensure transparency in the cost of services provided.

How Medicare Beneficiaries Can Control Costs

Naturally one of the best ways to manage your personal health care budget and control costs is by asking questions about the care you are receiving. However, here are a few other ideas you might want to keep in mind as well.

4. Review your prescription drug coverage. This is one of the biggest Medicare expenses for older adults. And not all plans cover medications the same. So be sure to review and consider asking for generics whenever possible.

5. Check out Medicare Savings Programs and Medicare Low Income Subsidies. There is financial support for those with limited income and resources.

6. Take advantage of free preventive services. There are several including annual health screenings, screenings for breast and colorectal cancer, diabetes, lipid disorders and osteoporosis, and more.

7. Compare a Medicare Advantage Plan with a Medigap Policy. Whichever you choose, make sure you understand your own needs and review which makes more sense for your particular medical situation.

8. Review your plan annually. Your needs may change. So it is important to look at what services you need, how often you need them and then how much you pay for each. If you're rarely ill and have no diagnosed illness, you can save money with a low monthly premium, high annual deductible plan.

The best Medicare Supplemental Insurance is one that provides full security to the people and hence is called Medigap, Medicare supplemental plans should be beneficial for the people.