If you are on the verge of retirement age, it can be scary to quit your job and rely on your savings, especially during a life stage that often incurs higher health risks and medical expenses. But it doesn’t have to be. NewPrimaryCare.com can connect you with a primary care doctor who can help save you money.
To fully understand how you can save, first, you need to understand the costs.
What does Medicare cost?
The cost of Medicare depends on your income, but at the time this blog post was written, the majority of people pay.
Medicare Part A (Hospital Costs)
- Monthly Premium: $0*
- Annual deductible: $1,600**
- Co-payments: Varies according to length of stay
- Late fee: 10% of the monthly premium
Medicare Part B (Medical Costs)
- Monthly Premium: $164.90*
- Annual deductible: $226
- Coinsurance: 20% of costs after the deductible is met
- Late fee: 10% of the monthly premium
What are Medicare’s hidden costs?
Depending on your situation, your costs might vary substantially. Without Medicare Part A insurance, the average cost of an emergency room visit is roughly $1,200, so you can see how easy it can be to reach your deductible. Then you’re left paying up to $800 a day.
You can still incur charges from Medicare Part B’s coinsurance, depending on the amount and complexity of the testing and procedures that the provider orders.
Of course, there is additional supplemental coverage for medications. The price depends solely on the price of the medication.
How to save on medical costs
Traditional fee-for-service model
If you want to save on medical costs, you need to first understand how the health care system works. Traditionally, in the fee-for-service billing system, providers get paid based on the complexity of the patient’s health needs. This can often lead to unnecessary testing and procedures to prove the complexity of the situation.
If you choose a provider that uses a fee-for-service model, you’re more likely to meet (or exceed) your premium because seniors often have complex health issues and medications.
Value based care model
Medical cost savings
Value based care offers personalized care that focuses on preventative measures. When you work with your doctor to prevent illnesses, you can save money on unnecessary testing, reduce the need for prescription medications and avoid costly emergency hospital bills.
Improved care quality
Furthermore, value based care providers are compensated by their ability to improve patient outcomes. This promotes the delivery of excellent care.
Collaboration and coordination
We understand that seniors have unique care needs that are often complex. That’s why value based care encourages a collaborative approach to exchange information and share decision-making. This collaborative approach reduces medical errors and redundancies.
Ready to learn more?
Attend an informational seminar (with a free meal) or find a doctor near you. Discover why so many patients are choosing value based care providers to save on medical costs.
* The cost of Medicare depends on your income, but you can find a more thorough breakdown on the Medicare website.
** The cost of each admission to the hospital, per benefit period.
