How Do I Lower My Medicare Costs?

There are several ways to help manage and lower your Medicare costs. If you have limited income and resources, assistance programs may help. The Extra Help program can reduce Part D premiums and drug copays, and Medicare Savings Programs can help pay your Part B premium and other costs. It is worth checking whether you qualify, since many people who are eligible never apply.

On the prescription side, using generic medications when available, comparing Part D plans for your specific drugs, using preferred pharmacies, and considering 90-day supplies can all reduce what you pay. Choosing the right type of plan for your health needs also affects your total costs.

Reviewing your coverage every year during open enrollment is one of the simplest ways to avoid overpaying, because plan costs and benefits change annually. A licensed Medicare advisor can help you compare plans and check whether you qualify for assistance programs, so you keep coverage that fits your budget without sacrificing the care you need.

Beyond plan choices, staying on top of preventive care can help you avoid larger expenses down the road, since many screenings and an annual wellness visit are covered at no cost to you. It also helps to keep your income information current, because IRMAA surcharges are based on past tax returns and can sometimes be appealed after a major life change that lowers your income.