3 Signs You're Not Making the Most of Your Medicare Coverage

Millions of older Americans rely on Medicare for healthcare coverage in retirement. And unfortunately, that coverage doesn't come cheap.

There's a monthly premium associated with Medicare Part B, which covers outpatient services, as well as an annual deductible that needs to be met. That's on top of the premiums you'll pay for a Part D drug plan or a 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 make the most of your Medicare coverage. Here are some signs that you're falling short in that regard.

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1. You're not using your free preventive care services

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

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

2. You're not reviewing your plan choices each year during open enrollment

Each year, Medicare runs an open enrollment period between October 15 and December 7. This isn't the time to sign up for Medicare in the first place. Rather, it's a time for existing enrollees to make changes to their Medicare coverage.

During open enrollment, you can switch Part D or Advantage plans, or move 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 ensure that you're getting the best coverage. If you have specific health issues, you may find that a given 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 to your medications. Do your research each year to ensure that you're signed up for the best plan for you.

3. You're not using the supplemental benefits your Medicare Advantage plan gives you

A big reason some people opt to enroll in Medicare Advantage is that these plans commonly offer extra benefits that original Medicare won't pay for. In 2022, more than 99% of Medicare Advantage plans offered at least one supplemental benefit. And the median number of those added benefits was 23.

But if you're not using your supplemental benefits, then you may not be getting great value out of your Medicare Advantage coverage. So it's a good idea to contact your plan administrator and see what benefits you may be missing out on.

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

But if you're signed up for a Medicare Advantage plan now, don't wait. Do your own research to see what benefits you may be able to use before the end of the year.

Medicare can be a big expense for a lot of seniors, so it's important to maximize the benefits your coverage offers. If any of the items above apply to you, it's time to make changes so you don't let your Medicare benefits go to waste.

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