Tips for Saving Money on Medicare

Medicare is a government-funded health insurance program that provides coverage for millions of Americans, but it can still be expensive. If you're on a fixed income or just looking to stretch your budget, here are some tips for saving money on Medicare:

Review Your Coverage

First and foremost, it's important to make sure you have the right coverage for your needs. If you have Original Medicare (Parts A and B), you may want to consider adding a Medicare Supplement (Medigap) policy to help cover out-of-pocket costs like deductibles and copayments. If you have Medicare Advantage (Part C), be sure to check your plan's network of doctors and hospitals to make sure you have access to the care you need

Shop Around For Prescription Drugs

Prescription drugs can be a major expense for Medicare beneficiaries. To save money, you can use the Medicare Plan Finder tool to compare prices for your medications at different pharmacies. You can also ask your doctor if there is a generic version of your medication available, as these tend to be cheaper than brand-name drugs.

Consider a Medicare Part D plan

If you have Original Medicare and don't have creditable prescription drug coverage through another source (such as an employer plan), you may want to consider enrolling in a Medicare Part D plan. These plans offer coverage for prescription drugs and can help reduce your out-of-pocket costs.

Take Advantage of Preventive Services

Medicare covers a wide range of preventive services, including annual check-ups, vaccines, and screenings for things like cancer and diabetes. By taking advantage of these services, you can potentially catch health problems early on and avoid more costly treatments down the road.

Look Into Extra Help

If you have limited income and resources, you may be eligible for extra help with Medicare costs. The Medicare Savings Programs can help pay for your Medicare premiums, deductibles, and copayments. You can also apply for assistance through the Low-Income Subsidy (LIS) program, which can help pay for your Medicare Part D premiums and deductibles.

Use In-Network Providers

If you have a Medicare Advantage plan, it's important to make sure you use in-network providers to get the most out of your coverage. Out-of-network care can be more expensive, so try to stay within your plan's network whenever possible.

Take Advantage of Discounts

Many pharmacies and healthcare providers offer discounts to Medicare beneficiaries. Be sure to ask if any discounts are available when you receive care or fill a prescription.

By following these tips, you can potentially save a significant amount of money on your Medicare costs. To learn more about how to save on Medicare and compare plan options, click on the offers below to get started.