Every year during the fall and winter months around October to December, your local TV channels may show a bunch of new commercials to get you enrolled in Medicare. A recent incentive called the Medicare Flex Card For Seniors may be making the rounds on TV during your favorite shows. However, these ads can be aggressive and confusing, which doesn't help you make an informed decision.
In this article, with information taken from the MedicareFAQ website, we help clarify some of the common misconceptions relating to the Medicare Flex Card and help you determine whether this is the right choice for you.
What is the Medicare Flex Card?
In short, it's a debit card for seniors that is presented as a bonus benefit for those who register in certain Medicare plans with some insurance providers.
Seniors can pre-load this card to pay for specific categories of medical needs that are not covered in standard Medicare plans, like dental care, vision, hearing or insurance copayments. It can also be used for OTC or prescription medication that is specific to your needs. The pre-loaded card is usually filled by the insurance provider in amounts around $500 - but note that this is not "free money" since you will continue to pay the premiums.
The most beneficial use of the Flex Card is that it gives you more freedom to pay for non-standard medical equipment that is usually excluded from your Medicare plans.
What the Medicare Flex Card is NOT?
It is not available under the government-run Medicare plan, but only through certain insurance providers.
It is not a "free money" benefit either, since you will have to purchase and pay the premiums of the offered insurance plans.
It is not offered by all Medicare insurance companies and has restrictions based on the type of plan you enroll in, meaning you need to research the card's benefits before you get the plan.
How can I get a Flex Card?
Some Medicare plans offer the Flex Card as an added bonus, so talk to your medical insurance provider to find out which plans can qualify.
There are usually no further medical tests required to obtain the Flex Card, especially if you are already with your current provider. However, if you switch to another Medicare insurance company, you may have to redo your medical questionnaire and submit tests to get approved for the new plan.
So should I get a Medicare Flex Card?
It's important that you research all the possible options and to know exactly what your Flex Card will cover. Remember that the Flex Card is useful for those with very specific medical needs that are not covered under standard Medicare policies.
For example, if your regular plan does not include dental, vision, hearing or other medical needs, the Flex Card may be worth exploring. However, in some cases, you actually save more money by finding a Medicare plan that does cover your specific needs, so be sure to ask experts who can point you in the right direction. And it's even better if you get multiple opinions so you can make a well informed decision.
As a senior care manager, my clients trust me to help review their existing Medicare plans and recommend the best options for their specific situation. Schedule a free initial consultation with me, or call (424)333-0081 to learn more about making senior living easier.
Please note this article is for informational purposes and based on personal opinion. Age Well South Bay LLC does not endorse or promote any product or service discussed on this page unless expressly stated. For any questions, please contact blanca@agewellsouthbay.com