Or
Get your free, no obligation consultation Talk with a local expert now  | 623-223-8884 (TTY: 711)

9 Ways to Save on Medicare Expenses

Medicare costs can add up quickly, including charges for different premiums, coinsurance, copayments, and prescription drugs. With so many different healthcare costs, it's important to evaluate your Medicare coverage to determine your Medicare saving options. 

Thankfully, there are a variety of different Medicare coverage options available, which can help you save. Here are nine ways to save on your monthly and annual 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 $144.60 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, In Maricopa County, there are many Medicare Advantage HMO and PPO plan options available for $0 monthly premium. If you pay a monthly premium for your Medicare coverage, contact one of our Medicare Advisors today to get a free no-obligation quote to reduce your premium. 


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 ranging anywhere from $0 to over $80 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.  


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 when it comes to 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 individual needs to reduce your copayments – contact one of our Medicare Advisors today.  


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 of 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. 

Add your prescription drugs in our tool to find the lowest cost!


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 a great value to the consumer.  

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 $3.60 for generic drugs and $8.95 for a brand name medication. 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, contact us today for a free consultation to 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 vision, hearing, and dental 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 chronic conditions, 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, being aware of how each Medicare plan covers vendors or healthcare providers can be the difference between a reduced negotiated rate and full price fees.


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.


Next Steps

Find the right plan for you

Choose a plan type, add your doctors, prescriptions and benefits you care about to get a personalized recommendation.

See plans

Get your free consultation

Our local licensed advisors will help you find the right plan and answer all your questions. There is no obligation to enroll.

Request a call

Have questions? Our team is here to answer!

Our local licensed advisors often help consumers save on their healthcare costs. Get your free, no obligation consultation.

Call us at 623-223-8884 (TTY: 711)

Request a call