So you’re about to turn 65…
And just like that, a whole new world of Medicare opens up.
For the first time in your life, terms like Medigap, Medicare Advantage, Medicare A, B, C, and D (the whole alphabet it seems) start following you wherever you go, and it can be SO confusing.
Maybe you’ve even seen television advertisements selling you the all-new FLEX CARD, and you have no idea whether it’s a scam or not.
But don’t worry—we’re here to help.
In this article, we’ll go over everything you need to know about Flex Cards for seniors. We’ll go over what you can use it for, how to qualify for one, how to use it, and whether or not getting a Flex Card is worth it in the first place.
Key Takeaways:
1. Flex Cards for seniors are often pre-loaded debit cards that may be used for benefits such as dental, vision, and hearing services, over-the-counter medications, assistive devices, and other qualified health and wellness purchases.
2.Flex cards are included in some Medicare Advantage plans. They are provided by private insurance companies, NOT the federal government.
3.The amount you get can vary from plan to plan. On average, Flex Cards usually provide roughly $500 a year.
4. In some cases, Flex Cards may be used for groceries and meals. However, these benefits usually only apply to people on D-SNP plans, LIS (Low-Income Subsidy), or people who have a chronic condition.
5. There are lots of false advertisements about flex cards on television. To stay informed on what’s true and what isn’t, read our complete guide below!
What are Flex Cards?
Flex Cards are often pre-loaded debit cards for seniors provided by private insurance companies. They typically come from Medicare Advantage plans, and can help pay for several health and wellness products and services.
Some people call these “Medicare Flex Cards.” However, it’s important to note that these are NOT provided by the government.
What do Flex Cards Cover?
Flex Cards could cover several health and wellness expenses such as:
- Dental, vision, and hearing services
- Medical equipment
- Assistive devices
- Diagnostic devices
- Prescriptions
- Over-the-counter medication
- Qualified co-pays
Flex Cards are NOT standardized. Each insurance company is free to decide what their Flex Card includes, and what it doesn’t.
That’s why before getting a Flex Card, make sure you review what exactly you can use it for!
Can You Use Flex Cards for Groceries?
Sometimes. Some Flex Cards cover groceries, utility bills, and fitness centers. However, most Flex Cards that offer these have a qualifying process.
Flex Cards that cover groceries usually require you to have a Medicare + Medicaid plan (D-SNP), Low-Income Subsidy (LIS), or be someone with chronic illness.
What’s more, the groceries that these Flex Cards cover are typically only “healthy” foods.
Again, Flex Cards are not standardized. So double-check your Medicare Advantage plan details, and read your Flex Card’s terms and conditions to see what you can use it for and any requirements you might need.
How Can You Get a Medicare Flex Card?
You can get a Flex Card by enrolling in a Medicare Advantage plan that offers a Flex Card. These cards are NOT government handouts.
Medicare Advantage plans are provided by private insurance companies. You can enroll in one of these plans to get more coverage than Original Medicare (parts A and B).
Unlike Original Medicare and Medicare Supplement plans (also known as Medigap), Medicare Advantage plans are not standardized.
There is some talk in the news about standardizing this, but right now the coverage of Medical Advantage varies wildly between providers and plans. That’s why some Medicare Advantage plans offer a Flex Card, while others don’t.
How Can I Enroll in a Medicare Advantage Plan to Get a Flex Card?
To enroll in a Medicare Advantage plan to get a Flex Card, you must:
- Be enrolled in Medicare Parts A and B
- Find a Medicare Advantage plan that covers your area
- Be a U.S. citizen
- Find a Medicare Advantage plan that offers a Flex Card
- Enroll 3 months before or after you get your Original Medicare
Your Medicare Advantage plan typically kicks in at the same time as your Original Medicare (if you enroll before getting it), or the month after you sign up for the Advantage plan (if you enroll after getting Original Medicare).
According to Medicare.gov, if you miss the initial enrollment period, you can sign up for a Medicare Advantage plan during the Open Enrollment period, which runs from October 15-December 7 every year. Your Advantage plan will normally start on January 1st of the following year.
To find and enroll in Medicare Advantage plans, you may call a Medicare insurance provider or talk to a licensed insurance agent. They’ll discuss your needs, help you find a good plan, and get you started on the paperwork.
While discussing, you can mention that you want a plan with a Flex Card.
IMPORTANT! Keep in mind that Flex Cards are a bonus, NOT the main product. You should never settle for a Medicare Advantage plan that doesn’t fit your needs just for a Flex Card.
How To Qualify for a Flex Card with Grocery Benefits
Flex Cards with grocery benefits usually require you to be on a D-SNP plan, LIS (Low-Income Subsidy), or have a chronic condition.
Most Flex Card plans don’t include grocery benefits, this is something that is catered more towards low-income persons.
How Do You Use a Medicare Flex Card?
Many Flex Cards work just like debit cards. Your insurance company may load the card with money, and you could use it upon checkout for qualified services and purchases.
Note: it typically works like a debit card, not a credit card. So your payment won’t push through if there are insufficient funds!
When you sign up for a Medicare Advantage plan with a Flex Card, you may claim your card at their office, or it may be delivered to your address. Often you can activate your card by calling your insurance company or using an online portal.
How often your insurance company loads your card varies. Some insurance companies will load it every quarter, while others give you a bulk amount for the whole year. Some Flex Cards don’t carry over the remaining balance to the next year/quarter, so make sure to use it up!
Your Flex Card should outline what you can and can’t use it for. They’ll also outline the accepted clinics and retailers that you can use the card with.
If you try to use your Flex Card for unqualified purchases or in an unapproved retailer, it will typically be declined. We listed the most common uses for Flex Cards above, but ALWAYS read the terms and conditions to find out what you can and can’t buy with your Flex Card.
Can You Save Money With a Flex Card?
Usually yes, but you must use it whenever possible before it resets. Otherwise, you can end up losing out on money with your Flex Card.
Again, your Flex Card balance typically resets — it won’t usually carry over to the next year or quarter.
For example, let’s say your Flex Card gives you $125 every quarter. In that quarter you visit an eye clinic and pay $50 using your Flex Card, but don’t use your Flex Card on anything else.
The next quarter your balance resets to $125. It won’t add $125 to the $75 you didn’t use the previous month. So you essentially waste $75.
That’s why it’s typically a good idea to try to spend all of it before the reset – even if you don’t need the items.
Remember! Your Flex Card doesn’t give you free money, even though it might feel like it. Instead, you enroll on a Medicare Advantage Plan that offers a Flex Card — it’s one of the benefits for you to use.
Are Flex Cards a Scam?
No, Flex Cards are legitimate, but there are many scams and misleading advertisements associated with Flex Cards.
Insurance sales agencies sometimes run television ads saying things like, “You can get up to $3,000/year with a Flex Card.” They often advertise this as free money that you are missing out on if you don’t sign up.
Some insurance agencies do this to try and get seniors to switch insurance providers. However, the offers of things like $3,000/year usually have so many qualifications that they are almost blatant lies.
Realistically, you can expect around $500/year from Flex Cards, and up to $1,500 if you are on Medicaid or have a chronic illness, but it depends on the plans available in your area.
Scammers from other countries also use the promise of Flex Cards to steal money from elderly victims. Remember, insurance agents are prohibited by law from cold-calling potential clients. If someone calls you first selling a Flex Card – or if someone asks for your Social Security number or bank account number in exchange for a Flex Card – that’s most likely a scam.
Stay vigilant, especially during the open enrollment period. This is when a lot of false promises regarding Flex Cards are made.
The good news is that by reading this article, you’re equipping yourself to not fall for these scams!
Pros and Cons of Flex Cards
Pros of Flex Cards
Flex Cards may:
- Help with dental, eye, and hearing services
- Help with non-prescription drugs
- Be flexible and cover several other purchases
- Give you a nice boost of money to spend
Original Medicare and most Medicare Supplement (Medigap) plans don’t cover dental, eye, and hearing services. This is one of the biggest surprises to many seniors who sign up. That’s why Flex Cards might come in handy when you need regular checkups like these.
Another surprising thing is that most Medigap and even prescription drug plans (Medicare Part D) don’t cover over-the-counter drugs. Having a Flex Card may help you cover these.
Flex Cards are also… well… flexible. Aside from the services and medicines above, they may also cover medical devices, assistive devices, qualified co-pays, and, in some cases, even groceries and utilities.
Finally, Flex Cards are convenient. When used properly, you may get a nice boost of money to spend every quarter. It isn’t actually free money, but it sure feels nice when the deposit comes in!
Cons of Flex Cards
The cons of Flex Cards include:
- Limited Options
- False Advertisements
- Not Free Money
The main problem with Flex Cards is that you can typically only use them in approved retailers and clinics. If there are no network retailers and clinics in your area, it’s essentially useless to have a Flex Card. That’s why it’s critical to check what you can use it for first before choosing a plan with a Flex Card, especially if you have a preferred clinic or retail store.
Another con is the false advertising surrounding Flex Cards. This isn’t so much to do with Flex Cards, but it’s one of the reasons why so many people are frustrated with it. However, since you’re here reading this article, you should have realistic expectations for a Flex Card.
Lastly, it’s important to know that Flex Cards do NOT give you free money. Because the deposit comes automatically, it might give you the impression that you are getting paid for free. Remember, you enrolled in a Medicare Advantage plan that offered the Flex Card — it’s one of your benefits!
Now for the big question:
Should YOU get a Flex Card?
The answer depends on your specific situation and the specifics of the Flex Card.
It’s VERY important to make sure your Medicare Advantage plan is tailored to YOUR needs. Again, you should never get a plan just because it has a Flex Card.
That’s why we highly recommend talking with a licensed insurance agent before enrolling in a plan.
Note: need help finding the best plan fit for you?
Call or text us at +1 877-360-6565 (TTY:711), or use the chat widget at the bottom right of your screen.
Comparing Flex Cards With Other Financial Tools for Seniors
Groceries: Flex Cards vs SNAP
If you need help buying groceries, you can also look into the Supplemental Nutrition Assistance Program (SNAP). SNAP benefits, also called “Food Stamps,” are provided by the Federal Department of Agriculture. It’s primarily targeted at low-income households.
Like Flex Cards, SNAP Electronic Debit Cards (EBTs) work just like debit cards. You get a set amount each month (roughly $230) that you can spend on healthy grocery items.
SNAP has minimum working hour requirements. However, these don’t apply to people over 60 years old, making it a great option for seniors with low income.
Each state has a different set of rules on who is eligible for SNAP. Generally, people who are at or below 130% of the poverty line qualify. To find out if you are eligible, contact your local human services office!
The Differences:
- SNAP is free for anyone who qualifies. Flex Cards with grocery allowance come from Medicare Advantage plans that you enroll in.
- SNAP has a national average of $230 for a household of 1. Flex Cards with grocery allowance typically range from $250 – $1,500/year, with the average giving roughly $500/year.
- SNAP is for groceries. Flex Cards can typically be used for other health and wellness products and services.
- SNAP is an anti-hunger program. Flex Cards are an addition to some Medicare Advantage plans.
Medicines: Flex Cards vs Prescription Drug Plans (Medicare Part D)
Prescription drug plans (Medicare Part D) are an optional add-on for people with Original Medicare that covers over-the-counter drugs. People who choose to get a Medicare Supplement Plan (Medigap) usually also enroll in a Part D plan.
Part D plans are also included in many Medicare Advantage plans, which means your Medicare Advantage plan with a Flex Card could also include a prescription drug plan. You can use both of these financial tools to your benefit.
Prescription drug plans usually have four tiers of coverage:
- Tier 1: Generic prescription drugs – low copayments
- Tier 2: Preferred brand-name prescription drugs – medium copayments
- Tier 3: Non-preferred brand-name prescription drugs – high copayments
- Tier 4: High-cost prescription drugs – highest copayments
However, they do NOT cover over-the-counter drugs.
That’s why when you pair your prescription drug plan with a Flex Card, you may be able to get all your medicinal needs at a very low price!
Depending on the terms of your Flex Card, you might even be able to use it for the copays for your prescription drug plan.
Note: keep in mind that Flex Cards typically only work for drugstores approved by your insurance provider. Make sure to check where you can use your Flex Card for over-the-counter drugs!
Conclusion: Enhancing Senior Healthcare with Flexible Financial Solutions
Flex Cards are not the greatest thing since sliced bread. Nor are they your one-way ticket to financial freedom in your senior years.
However, they could be a very useful financial tool that you can take advantage of.
Too many people sign up for Medicare Advantage plans without using them to their full potential. That’s why it’s SO important to know how these things work.
So if you find a Medicare Advantage plan that works for you – and it offers a Flex Card – make sure you use it! And if someone is bothering you to sign up for a policy with a Flex Card, make sure you explore your other options first.
And if you need help choosing a Medicare plan, reach out to someone from the PlanFit team and we’ll help walk you through the best plan for you.