When it comes to Medicare, there are a lot of different parts that are important to keep in mind. One aspect of Medicare is flex cards. However, many people don’t know that these cards exist, let alone know how they are important. They may be more important than people realize!

Understanding Medicare Flex Cards

People can think of Medicare flex cards similarly to debit cards. However, they are only designed to buy medical equipment and other qualifying items. Generally, these cards are connected to a flexible spending account and are a part of eligible health plans all over the country. The cards themselves are issued by private insurance companies. It’s important to keep in mind that these plans will vary by plan and carrier. For example, one spending limit for one plan can be different from the spending limit on another plan offered by another carrier. Besides that, since flex cards are issued by private insurance companies, they are a feature of Medicare Advantage plans.

How to Use a Flex Card

People that can use flex cards can only use the cards for eligible medical expenses. The specific plan will have the exact details on what is considered qualifying. However, some eligible items can include:

• Co-payments
• Deductibles
• Dental care
• Diagnostic devices
• Hearing care
• Medical equipment
• OTC medications
• Prescriptions
• Vision care
• Other medically necessary expenses

How to Get a Flex Card?

There are two types of Medicare. There is Original Medicare and there is Medicare Advantage. The difference is important because only Medicare Advantage Plans are the ones that provide these cards. While these plans generally don’t offer these cards, it is still a possibility that is out there for certain plans available through certain carriers! If you are interested in getting one of these cards, you will need to live in an area that has at least one of these plans available. If there is an eligible plan that you can consider, you will need to sign up for your Medicare Advantage plan during an eligible Medicare enrollment period.

One of the benefits of Medicare Advantage plans is the fact that applicants do not need to answer underwriting health questions. Since these questions don’t need to be answered, people won’t have to worry about being denied if they have a pre-existing condition. However, there are still guidelines that people need to follow. This includes abiding by the plan’s rules which can include strict networks and larger out-out-pocket expenses. That is why it is important to make sure the plan you sign up for can provide the care you need.

How Much Can Flex Cards Provide?

The exact amount that a flex card can provide will vary depending on the plan. However, the average flex card in 2022 was worth $500. This amount is pre-loaded onto the card.

What to Know About Flex Cards and Medicare Supplement Plans?

Medicare Supplement plans (known as Medigap) are different from Medicare Advantage plans. That means they don’t provide flex cards. On the other hand, Medigap plans are an extension of Original Medicare (even though it is available through private insurance companies). Medigap plans can help recipients lower their out-of-pocket spending by covering the gaps that Original Medicare has.

What’s the Difference Between Original Medicare and Medicare Advantage Plans

It’s important to know this difference since flex cards are only available with Medicare Advantage plans. Before understanding the different plans, you will want to have a clear understanding of the different parts of Medicare. There are Parts A, B, C, and D. Part C refers to Medicare Advantage plans–we will circle back to that later in this article! In regards to Parts A, B, and D:

• Hospital Insurance (Part A): This part refers to the coverage that covers a majority of medically necessary hospital inpatient care. It also covers skilled nursing facility (SNF) care, home health care, and hospice care.
• Medical Insurance (Part B): This part refers to the coverage that covers a majority of medically necessary services from physicians, preventative care, durable medical equipment (DME), hospital outpatient care, x-rays, laboratory tests, mental health services, and more.
• Medicare Prescription Drug Benefit (Part D): This part refers to the coverage that covers prescription drugs. This part is available through private companies either as a singular plan for people enrolled in Original Medicare or as a set of benefits for people that have a Medicare Advantage plan.

Now that you understand what the parts of Medicare are, you can learn about the difference between Original Medicare and Medicare Advantage plans. Original Medicare refers to a fee-for-service health plan that includes Part A and Part B. On the other hand, Medicare Advantage plans are an alternative plan option that can provide Part A and Part B coverage (and Part D coverage for the most part). This plan is known as Part C and is available through Medicare-Approved private companies that need to abide by guidelines and rules that Medicare sets. They can come with extra benefits depending on the plan which is why they can provide flex cards!

Bottom Line

There are so many different important parts of Medicare. That is why it can be confusing to understand everything and it’s easy to overlook some benefits. One benefit, in particular, is flex cards. These cards work similarly to debit cards and are pre-loaded with funds that can go towards qualifying medical items which can include:

• Co-payments
• Deductibles
• Dental care
• Diagnostic devices
• Hearing care
• Medical equipment
• OTC medications
• Prescriptions
• Vision care
• Other medically necessary expenses

It’s important to keep in mind that the specific terms will vary depending on the plan and carrier. However, for 2022, the average flex card pre-loaded amount is $500. They are only available through Medicare Advantage plans. If you want to learn more information or have any questions about these cards, then you will want to check out the Medicare.gov website. They will have all the necessary details that can point you in the right direction. These cards may be able to help more than you think!