medicare savings tips

9 Ways to Save on Medicare Expenses

Medicare Savings Tips

1. Reduce your monthly Medicare premium

Reviewing your monthly Medicare premium is an excellent place to start when saving on your Medicare expenses. Based on your Medicare coverage, there may be ways to reduce your overall monthly premium expenses.

Medicare-eligible individuals generally get free premiums for Medicare Part A and pay $174.70, in 2024, for Medicare Part B. However, there are options to reduce your overall premium expenses to minimal or no costs beyond the Part B premium.

For example, there are many Medicare Advantage HMO and PPO plan options available for a $0 monthly premium.

If you pay a monthly premium for your Medicare coverage, call (623) 223-8884 today for a free, no-obligation quote to reduce your premium.

Need Help Deciding The Right Medicare Coverage For You?

  • Free, unbiased service
  • Compare all major plans and carriers
  • Local, licensed insurance agents with 25+ years of experience
Speak with a local licensed insurance agent
David Luna Co-founder and
Licensed Insurance Agent
(623) 223-8884 (TTY: 711) M-F 9am - 5pm
There's no obligation to enroll

2. Consider a Medicare Advantage Plan

If you haven’t enrolled in a Medicare Advantage Plan before, this is another consideration to reduce your overall healthcare expenses. Medicare Advantage Plans are typically less expensive than Medicare Supplement Plans and have the potential for improved coverage.

Medicare Advantage Plans are a type of Medicare coverage contracted by a private party for Medicare Part A and B coverage. You can find Medicare Advantage Plans with monthly premiums starting at $0 per month.

It’s important to note that most Medicare Advantage Plans include prescription drug coverage and other extra benefits that can lead to additional savings. These can include dental, vision, and hearing coverage – which aren’t covered by Original Medicare.

3. Reduce your copays and coinsurance

It is always a good idea to explore your options when evaluating your Medicare copays and coinsurance coverage. Not all plans are equal regarding your in-office doctor payments and prescription coverage.

Medicare copayments are often a percentage or flat rate for all healthcare services, including in-office doctor visits, prescription coverage, outpatient services, and surgery. Coinsurance is typically a percentage of the Medicare-approved cost of your healthcare services that you pay after plan deductibles.

With both copayment and coinsurance fees, there is a range of coverage and costs depending on your Medicare plan.

Let us help you find the most cost-effective Medicare Advantage or Prescription Drug plan that best meets your health needs and budget. Speak with a local licensed agent at (623) 223-8884 or search online for your Medicare plan

4. Review your prescription drug costs

Prescription drugs are a high cost to many consumers – including Medicare-covered individuals. Different prescription drug plans or Medicare Advantage plans may cover your medications at different rates.

Exploring plans that cover all your medications at the lowest rate is a great way to start saving. For example, there are five tiers of prescription drug coverage with Medicare plans – ranging from low-cost, generic medication coverage to high-cost, specialty medication coverage.

Easily search for plans that cover the prescription drugs that you rely on and discover the lowest cost. Or call (623) 223-8884 to have a local licensed agent find the best plan for your needs.

Agent tip:

“Medicare Advantage plans have additional benefits that could save you money on out-of-pocket costs for dental, hearing, vision, the gym, and more.“

5. Check eligibility for Medicare Savings Programs

Are you eligible for extra financial help or Medicare Savings Programs? These special programs are designed to help supplement your Medicare expenses and can be of great value to you.

Many people qualify for cost relief through Medicare Savings Programs, and the online application process is simple. If you are eligible, you may be entitled to a Special Enrollment Period (SEP), which means there’s a potential to save even more by choosing a new Medicare plan.

Typically, individuals who qualify for extra financial help from the State will pay less for their generic and brand-name medications. Individuals who are eligible for a Medicare Savings Program (MSP) may receive payment assistance with their Part B premium, deductibles, coinsurance, and copays.

If you’re unsure if you qualify for Medicare Savings Programs, call (623) 223-8884for a free consultation. A local licensed agent will help you select the right Medicare coverage, including prescription benefits. 

6. Get Medicare coverage with extra benefits

Specific Medicare plans offer extra benefits, and finding the right one can help save you money. These benefits include additional coverage for fitness, well-being, and other healthcare services.

For example, Medicare Advantage plans may offer an allowance for hearing aids, glasses or contacts, and over-the-counter health products. You can also find plans that include routine dental, hearing, and vision services.

Most Medicare Advantage and Medicare Supplement Plans also offer a gym membership – at no cost to you. If you are paying significant out-of-pocket costs for these benefits, finding a Medicare plan that covers the benefits you care about will help you save money.

7. Get Medicare coverage for chronic conditions

If you experience a chronic condition, you may be able to save money on your regular medical expenses by finding the right Medicare plan that covers your chronic conditions.

As we age, it’s common to become more vulnerable to chronic conditions like diabetes, COPD, and chronic heart conditions. Some insurance carriers offer plans specially designed to treat and control these conditions, which can ultimately lower your routine medical expenses.

By selecting the right Medicare coverage tailored explicitly for chronic conditions, you’ll be able to get cost savings for medications and supplies associated with your health situation.

8. Reduce costs on medical services

Saving money on routine medical services is a great place to start when reducing your Medicare expenses. Did you know the price you pay for a procedure may differ depending on where you receive your care?

For example, an urgent care facility’s cost will generally be less than an emergency room visit. The same is true for outpatient procedures in a surgery center versus at a hospital, which would be more expensive.

Being aware of your treatment options and receiving your medical services can make a big difference in the overall expenses. Also, knowing how each Medicare plan covers vendors or healthcare providers can be the difference between a reduced negotiated rate and full-price fees.

Need Help Deciding The Right Medicare Coverage For You?

  • Free, unbiased service
  • Compare all major plans and carriers
  • Local, licensed insurance agents with 25+ years of experience
Speak with a local licensed insurance agent
David Luna Co-founder and
Licensed Insurance Agent
(623) 223-8884 (TTY: 711) M-F 9am - 5pm
There's no obligation to enroll

9. Choose a value-based provider

We all want value when it comes to quality healthcare. Value-based providers are focused on outcomes, not services performed. Some value-based medical providers have shown the ability to reduce healthcare costs by as much as 30%, and consumers share those savings as well.

It’s important to remember that savings with value-based providers may not be immediately apparent, and the impact of value-based care is through a long-term relationship.

Looking for ways to save on your Medicare? A local Connie Health agent can review these 9 ways to save with you. Simply call (623) 223-8884 so we can help you begin saving today. 

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Read more by David Luna

I am a Spanish-speaking Arizona Life and Health Insurance Licensed Agent and have been helping people with Medicare since 2005. I am a Marine Corps Veteran & former police officer. I enjoy watching football and basketball but hold family time in the highest regard.

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