How Can I Reduce My Medicare Premiums?
Medicare is a federal health insurance program for people age 65 and older, as well as people with certain disabilities. Medicare Part B and Medicare Part D both have monthly premiums, which can add up, especially for people on a fixed income.
There are a few ways to reduce your Medicare premiums:
- Delay enrollment in Medicare Part B. If you are still working and have health insurance through your employer, you may be able to delay enrollment in Medicare Part B without penalty. However, if you go 63 days or more in a row without creditable coverage or other Medicare drug coverage, you may have to pay a late enrollment penalty if you sign up for Medicare drug coverage later.
- Enroll in a Medicare Advantage plan. Medicare Advantage plans are offered by private insurance companies and typically have lower premiums than Original Medicare. However, Medicare Advantage plans may have higher deductibles and coinsurance costs than Original Medicare.
- Apply for Medicare Savings Programs. Medicare Savings Programs are designed to help people with limited income and resources pay for their Medicare premiums and deductibles. To learn more about Medicare Savings Programs, visit the Medicare website or call Medicare at 1-800-MEDICARE (1-800-633-4227).
Here are some additional tips for reducing your Medicare premiums:
- Shop around for Medicare Advantage plans. Medicare Advantage plans are offered by private insurance companies, and their premiums can vary widely. It is important to shop around and compare plans before you choose one.
- Consider enrolling in a Medicare prescription drug plan. Medicare prescription drug plans can help to reduce your out-of-pocket costs for prescription drugs. You can compare Medicare prescription drug plans online through Medicare’s website.
- Take advantage of preventive care. Medicare covers many preventive care services, such as cancer screenings and flu shots. Taking advantage of preventive care can help you stay healthy and avoid costly medical problems down the road.
Reducing your Medicare premiums can be a challenge, but it is possible. By following the tips above, you can save money on your monthly Medicare premiums and out-of-pocket costs for medical care.