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How to Save on Medicare Costs

What are the biggest factors affecting the cost of Medicare coverage?

The type of coverage and the plan you choose are the biggest factors that will affect the cost of your Medicare coverage. If you don’t have group coverage through an employer or union, you should sign up for Parts A and B, as well as a Part D plan, as soon as you are eligible. Signing up late for Part B or Part D may result in paying a penalty.
Part A Hospital insurance + Part B Medical insurance + Part D Prescription drug coverage = Part C Medicare Advantage
Part A
Hospital insurance
Part B
Medical insurance
Part D
Prescription drug coverage
Part C
Medicare Advantage

Can I afford Medicare coverage on my income?
Yes. There are several different financial assistance programs available to people who qualify based on income and asset requirements. These programs are designed to help people pay for premiums, deductibles, copayments, coinsurance and even prescription drugs.
Medicare Savings Programs Medicaid Extra Help
Premiums, deductibles, copayments, coinsurance – for Part A and Part B Home care, nursing home care, some prescription drugs – for low-income, low-asset individuals Premiums, deductibles, copayments – for Part D

Can I save money by going without Medicare coverage for a while?

The longer you wait to enroll in Medicare Parts B and D, the more you could pay in late-enrollment penalties, especially if you don’t have other group coverage. Even if you aren’t subject to a penalty, it’s still a good idea to enroll instead of trying to go without coverage. Medicare Advantage plans may also be an option to help protect against any unexpected health problems. This is because they come with a limit on the amount you pay in a year for covered medical expenses.

Are there other ways to save on prescription drug coverage?

If you have a Part D plan or a Medicare Advantage plan that includes prescription drug coverage, check which pharmacies are in your network. Some plans include preferred pharmacies that may offer lower prices on your prescription drugs.

What else can I do to save on health care?

Your whole health includes far more than what happens inside a clinic or hospital. It’s important to check available benefits once a year to see what other types of local or federal programs you qualify for. These programs offer help paying for heat, electricity or the cost of food. You can also learn about more services that go beyond traditional health care by contacting your insurance provider.

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MR265 7/2021