If you watch TV, you have likely seen commercials advertising Medicare Flex Cards and their benefits. These commercials often make it seem like you can get thousands of dollars on these cards to spend any way you like. It also appears that anyone who is enrolled in Medicare can get one. However, that is not the case.
A Medicare flex card for seniors can provide significant benefits, but you must know the truth about these cards. Enrollment in Medicare is insufficient to get one, and you cannot buy just anything with the card.
The cards can only be used for eligible medical expenses. If you want to learn more about the flex card, keep reading. We will tell you how these cards work and how you can get one.
What Is A Medicare Flex Card?
So, what is a flex card? A Medicare Flex card for seniors is similar to a debit card or credit card that can be used to pay for qualified medical expenses. In most cases, the flex card is tied to a flexible spending account (FSA).
When you visit the doctor or need to purchase medical supplies, you swipe the card to pay. For example, you could swipe your Flex card to pay for the copay at your doctor’s visit. In most cases, you can also create an online account that allows you to easily see your Flex card’s balance, purchase history, and other details.
Some flex cards come pre-loaded with a certain amount of money already available. Many health insurance companies use these flex cards to incentivize people to enroll in their plans. Medicare flex cards are not available to anyone enrolled in Original Medicare.
These cards are only available to Medicare beneficiaries enrolled in a Medicare Advantage plan. Not all Medicare Advantage plans come with a flex card. Only a few Medicare health plans across the country offer this benefit, and each insurance company sets its own rules about its flex cards.
KEY TAKEAWAYS
- A Medicare Flex card for seniors is similar to a debit card that can be used to pay for qualified medical expenses. It’s usually tied to a flexible spending account (FSA).
- You can only get a Medicare Flex card if enrolled in specific Medicare Advantage plans. They are not available under Original Medicare.
- The Medicare Flex card can only be used for eligible medical expenses such as copays, deductibles, coinsurance, glasses, dental care, etc. In most instances, it can’t be used for groceries or clothing.
Eligibility Requirements For A Flex Card
What are the Medicare Flex Card eligibility rules? Remember that Original Medicare does not distribute Medicare flex cards. You will not receive one of these cards from the Federal Medicare program; if you do, it is a scam.
- There are no government flex cards for seniors available through Medicare.
You must enroll in a private Medicare Advantage plan to get a Medicare Flex Card. Enrolling in a Medicare Advantage plan requires you to meet the essential eligibility criteria for Medicare.
Qualify for Medicare
To be eligible for Medicare, you must be 65 or older, be a younger person with a disability, or have end-stage renal disease. If you meet one of these requirements, you can enroll in Medicare. Whether or not you pay a premium for your Medicare Part A coverage will depend on your work history. All Medicare beneficiaries pay a premium for Part B coverage, and most Medicare Advantage plans require the payment of a monthly premium.
Enroll in a Medicare Advantage Plan
Once you have determined that you are eligible for Medicare, you must enroll in a Medicare Advantage plan that offers the flex card benefit. You can visit the plan finder tool to locate Advantage plans. Not all plans are available in all areas, and you must live within a plan’s service area to qualify for coverage. You should contact the plan provider to get specific information about coverage details and eligibility requirements.
Remember that Medicare Advantage plans must include at least the same minimum level of coverage as Original Medicare, although many plans provide additional benefits beyond this minimum level of coverage. The flex card is one benefit that some plans offer.
How To Find A Medicare Advantage Plan With A Flex Card
Once you have confirmed that you are eligible for Medicare coverage, it is time to find a Medicare Advantage plan that offers the flex card benefit. We have already mentioned that not all Advantage plans include a flex card. The majority of plans do not have this benefit. However, you can find plans from reputable insurance companies providing this benefit.
Searching for Advantage Plans
Since the private insurance companies who administer these Advantage plans set their own rules, you need to check each plan individually to determine whether a flex card is part of their plan. The Medicare plan finder tool is the easiest way to do this. This tool makes searching for and comparing plans in your area easy. Since not all plans are available in all locations, you will want to ensure that you are explicitly looking for plans available where you live.
Flex Card Benefits
In addition to finding a plan that includes a flex card, you should also look at the details of the flex card benefit. Some plans offer a higher spending limit on the flex card than others.
Since this is essentially free money that the insurance company gives you, the higher the amount, the better. Sometimes, you can also reload money onto the card and carry over unused funds from year to year. However, strict rules govern flexible spending accounts, so you should confirm these details with the plan administrator.
Avoid Medigap Plans
Finally, ensure that you are looking for Medicare Advantage plans and not Medicare Supplement plans. There are significant differences between them. Flex cards are not available through Medicare Supplement plans (Medigap plans). Medicare supplement insurance is an extension of Original Medicare that helps pay for out-of-pocket expenses not covered by Original Medicare. The flex cards are only available through certain Medicare Advantage plans.
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Signing Up For A Flex Card For Seniors
Now that you have found a Medicare Advantage plan with a flex card, how do you sign up? The process varies a little depending on whether or not you have already signed up for Medicare.
New Enrollees
If you are signing up for Medicare for the first time, you should do so during your initial enrollment period.
Contact the insurance company that manages the Advantage plan to get started. The process usually requires providing them with your basic personal information to get you signed up. Your health insurance and flex card should arrive in the mail a few days after completing your enrollment.
Existing Medicare Beneficiaries
Current Medicare enrollees who wish to switch to a Medicare Advantage plan with a flex plan benefit will follow a slightly different process.
You cannot simply change Medicare plans at any time during the year. You must wait until the annual open enrollment period unless you qualify for a special enrollment period.
Thankfully, Medicare Advantage plans do not require health questionnaires or a complete underwriting process in most cases. You will need to contact the insurance company to sign up, but you can often enroll for health care coverage with the company online.
Other Factors to Consider
Remember that there are other things to consider about these Medicare Advantage plans beyond the flex card benefit. Although it might seem significant to get free money, there are many different factors you should take into consideration.
You will want to look at the cost of the monthly premium, deductible amounts, copay amounts, coinsurance amounts, and other expenses related to the insurance plan. Make sure that you closely examine your total expected out-of-pocket costs related to your health care, and don’t let the appeal of the flex card entice you into a wrong decision.
Eligible Expenses For A Medicare Flex Card
So, what can you purchase with your Medicare Flex Card? Many TV commercials would have you believe you can use the card to buy groceries, clothing, shoes, and other items. However, this is seldom the case. Flex cards can only be used for eligible medical expenses.
Flex cards usually purchase items like over-the-counter medications (OTC), eyeglasses, or other medical necessities. Medical equipment, like a wheelchair, walker, or glucose monitor, might also qualify. You can also use the card to pay copays or coinsurance when you receive medical services and prescription drugs at the pharmacy. Here is a relatively comprehensive list of items that can be paid for with your Flex card.
- Copays
- Deductibles
- Coinsurance amounts
- Medical Equipment
- Prescription drugs
- Over-the-counter (OTC) medications
- Vision exams
- Glasses
- Contact Lenses
- Dental care
- First aid equipment, like bandages
- Diagnostic devices
- Other medically-necessary expenses
Shoes and groceries are rarely considered eligible purchases, although it is possible in some limited situations. For example, if your doctor agrees that it is medically necessary for you to wear a specific type of orthopedic shoe, your flex card could likely be used to buy it.
Similarly, chronically ill patients prescribed a special diet by their physician can generally use their flex card to buy the special foods they require. However, the senior flex card cannot be used on these items unless your doctor considers them medically necessary.
TIP
Receiving a Medicare Flex card to cover medical expenses can be appealing. However, you will want to review the overall cost of each Medicare Advantage plan to ensure you’ll save money in the long run.
Avoiding Flex Card Scams
Unfortunately, there are many scams out there today that advertise free flex cards. Since the free money associated with these cards is enticing, scammers get many people to fall for their tricks. So, how do you avoid these scams? There are several things that you can do to stay away from these traps.
Secure Personal Information
First, never give your personal information to any company you do not know, particularly online. Please do not give them your name, address, Medicare number, Social Security number, or other personal information. Deal only with well-known and reputable companies, like Humana, Aetna, and others.
Trusted Agent
Next, ensure you are not following the advice of someone with ulterior motives. For instance, you could be taking advice from an insurance agent who is getting a commission from making a sale. They might not always be giving you the best advice for your situation. However, if you have a trusted insurance agent that you already know, you should consider asking them for guidance in navigating the Medicare Advantage plan landscape.
Independent Organizations
Lastly, you can look for help through independent organizations. There are many organizations out there that help seniors with Medicare planning and other similar items, so finding one of these organizations can provide a great benefit. These organizations can help you through these complex decisions, and they can provide all the details you need to make the most informed decision.
The Bottom Line
The Medicare Flex card program is actual, and these cards can be a great benefit in some cases. They are similar to debit cards; you can use them to pay for eligible medical expenses.
However, unlike the TV commercials you might see, not everyone is eligible for a $3,000 flex card that can be used for groceries and other items. Flex cards are only available through certain Medicare Advantage plans, and the average amount loaded onto the cards is about $500. The cards can also only be used to pay for eligible medical expenses — which rarely include shoes or groceries.
If you are considering a Medicare Flex card, you need to find a Medicare Advantage plan that offers the Flex card benefit in your area. You can use Medicare’s plan finder tool to locate these plans, but compare each plan’s full coverage details.
You might be giving up valuable coverage just to get the Flex card. Finding a trusted advisor to help walk you through the process can be extremely important. They can help you make the right decision on the best Medicare Advantage plan for you.
Frequently Asked Questions
There are a few things you must do to qualify for a senior flex card. First, you must be eligible for Medicare. However, enrollment in just any Medicare plan won’t do it.
Flex cards are only available to enrollees of qualified Medicare Advantage plans. So, you will need to enroll in a Medicare Advantage plan that includes the flex card benefit. Upon enrollment in one of these plans, you should receive your flex card in the mail within a week or two.
You should refer to your plan’s documentation for specifics on how much money is loaded onto the card and what expenses the card can be used for.
There is not really an application process for Medicare Flex Cards. As long as you are enrolled in a participating Medicare Advantage plan, you will receive the flex card.
Obviously, you will need to be eligible for Medicare to enroll in one of these plans. Contact the insurance company that manages the plan in which you wish to enroll. Provide them with your personal information, like your name, address, and other identifying information, to get signed up.
Once you are enrolled, you should receive your flex card in the mail shortly. It’s that easy! Once the card arrives, you can begin using it for qualified medical expenses like copays, deductibles, OTC medications, and other expenses.
You can use your Medicare Flex Card to pay for out-of-pocket expenses associated with your Medicare coverage. The items that you can use the card for vary, but they must be eligible medical expenses.
Some examples include copays, coinsurance amounts, eyeglasses, prescription drugs, over-the-counter medications, dental care, vision exams, and contact lenses.
Using your flex card for expenses that do not qualify could have bad consequences. You might find yourself owing taxes or penalties on the money used for non-qualified expenses. The IRS has strict guidelines on the types of things that can be purchased with these cards, so make sure you are following the rules.
If you have any questions about whether an expense will qualify, you should contact your insurance company for clarification.
Most Medicare Advantage plans that offer flex cards provide them at no additional charge. However, make sure that you closely examine all the coverage details offered by the plan. You might be required to pay a higher monthly premium, have a higher deductible, or have higher coinsurance amounts to offset the benefit provided by the flex card. Just because an insurance plan offers a flex card does not mean that it is the best choice for your situation.
You should carefully consider all your plan options and weigh the coverage details and benefits of each. Your situation also dictates which plan is best for you. Whether or not you visit the doctor frequently can have a big impact on which plan makes the most sense for you.
Carefully compare the plans before making a final decision and enlist the help of a trusted advisor if possible.
You can find a Social Security Administration office near you by using our SSA office locator and searching for your closest location.
