How to Control Your Costs Medicare is not free health insurance, and most people who enroll will owe some, if not all, of the following costs: monthly premiums, yearly deductibles, coinsurance, and copayments. Here are some of the top tips for saving money on your Medicare expenses: - Shop around before you enroll. Comparing Medicare plan options is one of the most important steps in the decision-making process. Shopping around can help you find a plan that meets not only your healthcare needs but also your financial ones. For example, some Medicare Advantage plans are premium-free, which can help reduce how much you're paying each month.
- Enroll on time. Medicare charges a late enrollment penalty for Medicare Part A, Medicare Part B, and Medicare Part D. In most cases, these penalties are permanent, meaning you'll owe an additional amount each month for as long as you're enrolled in Medicare. Understanding Medicare's deadlines and applying on time can help you avoid paying more than you need to.
- Apply for financial assistance programs. Medicare savings programs (MSPs) can help cover Medicare Part A and Part B premiums, as well as other plan costs. Medicare Extra Help is a financial assistance program that helps cover Medicare prescription drug plan costs. Medicaid is a federal and state program that offers healthcare coverage to individuals, including those on Medicare, who have an income that falls below certain limits. And you can always reach out to your local social services office to see if there are financial assistance programs specific to your state.
Almost all financial assistance programs rely on your income to determine how much help you need. Once you've enrolled into a financial assistance program, you'll want to make sure to update your income if it changes significantly — especially if you're left struggling to pay for your medical expenses. In our next email, we'll teach you how to find the best specific plan for you. Until tomorrow,
The Healthline Team | 
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