Another day, another installment of Money Magazine’s tips for financial success in 2006. Today’s topic is your health, and it comes complete with three tips designed to improve your bottom line, and to help make sure that you’re around to enjoy your savings…
(1) “Take advantage of new Medicare plan.” If you’re eligible, sign up for the new Medicare prescription drug plan before May 15, 2006. If you’re eligible but don’t sign up, you may end up paying a higher premium in the future if you eventually choose to enroll. Once enrolled, you’ll be able to switch plans without penalty between Nov. 15 and Dec. 31, 2006. If you need more information, visit medicare.gov or call 800-MEDICARE.
(2) “See what your job offers.” Many employers (including my own) are offering wellness programs in an attempt to cut health care costs. Not only are these programs a great way to get healthy, but they’re often incentivized, earning you a bit of cash each month for participating.
(3) “Consider generics.” This really should go without saying. If you’re filling a prescription and you can get a generic, then you’re a fool not to do so — name brand drug prices are high and getting higher, whereas generic prices are more or less flat over the past year.