3 Experts Share Their Best Tips For Saving Money
Recently we asked 3 specialists to share their ideas for saving money and living in retirement. Here’s what each told us:
- Kevin L. Lawrence, MD pulmonologist of Sentara Martha Jefferson Medical Group says, “Know your Medicare drug plan. Often doctors have a choice of several prescriptions that they can prescribe to treat your condition, but plans vary a lot on which drugs they cover. Plans can require you to try older, less expensive medications or can suddenly drop coverage of a drug you already take. Get a copy of your drug plan’s formulary by calling your drug plan or downloading a copy from your drug plan’s website. Take it with you to your doctors’ appointments. You may also try accessing and bookmarking your drug plan’s formulary on your smart phone.”
- Mark Miller, writes and publishes “Retirement Revised” website and newsletter, as well as writing for The New York Times. He recently featured a story on the high cost of getting your Medicare sign up wrong. “Medicare requires enrollees to sign up during a limited window before and after their 65th birthday. Failing to do so leads to stiff late-enrollment penalties that continue for life, and potentially expensive, long waits for coverage to begin. There is one major exception: People who are still employed when they turn 65 can stay with employer-provided group coverage.” Read the rest of the article — https://retirementrevised.com/transitioning-to-medicare-how-to-do-it-right/
- Millicent G., a retiree living in the Williamsburg, Virginia area who’s a specialist in stretching retirement income shared the following — Always buy store brands whenever possible, but compare prices with several stores. Over-the-counter drugs, vitamins, bandages at Walmart (the Equate brand) tend to be lower than large pharmacies or grocery stores which can be double or more than those found at Walmart. Check out “special deals” every year to get the best price on cable TV, phone and internet services. Comparison shop for all types of insurance yearly. Use the library to borrow movies as well as books. Buy dried beans, peas, rice, barley, etc. instead of canned or pre-prepared items, then cook and freeze a big batch.