As the cost of living continues to climb, we’re all looking for ways to reduce spending. A prepaid flex card associated with the right Medicare Plan is a valuable option to help seniors cover the rising costs of healthcare.
What are Medicare flex cards?
Provided by private insurance companies (these cards are not part of the government-run program), flex cards can be used to pay for expenses such as:
- Groceries, dental care, vision exams, OTC medications, and sometimes even used as a reward card for obtaining preventive care (like getting a flu shot or annual exam).
The new flex cards are offered through qualifying Medicare Advantage plans throughout the US. Spending limits range from $30 monthly to $2,800 yearly.
Funding healthcare-related expenses with flex or rewards
Although they’re offered through some Medicare Advantage plans, flex cards for seniors are not actually part of the Medicare government program. These cards are for eligible individuals who have enrolled in a Medicare Advantage Plan through a private company. Not all Advantage Plans provide flex cards. Some insurance companies may not offer a flex card but will provide a healthy food card or reward card.
These benefit cards are not a standardized benefit; they’re unique to each company and each market. For example, a healthy benefits card offered in Northern Colorado may not be available at all or may be available but feature vastly different benefits in nearby Cheyenne, Wyoming. It’s important to note that flex cards advertised on TV might make a generalized statement that may not apply to your situation. For that reason, it’s best to operate under the “buyer beware” assumption when answering an ad or calling the phone number in a TV ad.
These Medicare Plans feature varied benefits, networks, and flex cards, so it’s helpful to find a knowledgeable local agent who can help determine which options best fit your needs. Flex card availability varies widely by area, and participation requires the user to sign up during a qualifying Medicare enrollment period. The best time to research whether your plan includes a reward or flex card is either when you’re initially enrolling into Medicare or during one of the sign-up periods such as the Annual Election Period (from October 15 to December 7).
Because flex cards aren’t universally available, we recommend that you reach out to the insurer to make sure your chosen plan offers this particular benefit. Fortunately, enrollment doesn’t require you to answer underwriting health questions, so preexisting conditions won’t prevent someone from being approved.
Flex card pre-application considerations
Before applying, you’ll want to verify that your plan works with your existing physicians to minimize your out-of-pocket costs. If your regular physicians aren’t part of the plan’s network, you could be faced with covering the full cost of office visits. If you take medication regularly, you’ll also want to make sure the plan covers those prescriptions – or you could be responsible for the retail cost of those medications if you don’t have additional coverage.
One final consideration to keep in mind: Like many health insurance plans, costs and benefits can vary year to year, meaning there’s no guarantee that your existing plan will continue to offer flex cards the following year.
At Choice City Health, we’re licensed and appointed with a variety of insurance companies, and we’re happy to help you determine whether a flex card is available and might benefit you this year. Since flex cards are a relatively new benefit, you’ll want to check your plan as soon as possible to ensure you’re not missing out on any benefits you’re eligible to receive. As a local agency, we welcome the chance to sit down with you to look for ways to maximize your benefits and minimize your costs – at no cost to you. To learn more, reach out to our friendly, knowledgeable agents at Choice City Health.