Frequently Asked Questions
How can I lower my Medicare premiums?
The most effective ways to lower Medicare costs are: applying for Extra Help if your income qualifies (saves up to $5,300/year on drugs), comparing and switching Part D plans annually during AEP (saves $500–$1,500/year), using generic drugs and mail-order pharmacy, choosing Medigap Plan G over lower plans for predictable costs, and appealing IRMAA if your income has recently decreased.
What is the cheapest Medicare supplement plan?
High-Deductible Plan G is the least expensive Medigap plan with comprehensive coverage. You pay a lower monthly premium but are responsible for a $2,870 deductible before Medigap kicks in. For healthy seniors who rarely need care, HDPG can save $600–$1,200 per year compared to standard Plan G — while still providing catastrophic protection.
Does Medicare have any free programs for low-income seniors?
Yes — Medicare Extra Help (Low Income Subsidy) provides free or nearly free prescription drug coverage for eligible seniors. The Medicare Savings Programs pay Part B premiums and sometimes Part A premiums for very low-income seniors. PACE provides comprehensive care at minimal cost for dual-eligible seniors in qualifying areas.
Can I switch Medicare plans to save money?
Yes — during Annual Enrollment Period (October 15–December 7) you can switch Part D plans, switch between Medicare Advantage plans, or switch from Medicare Advantage to Original Medicare. You should compare plans every year because costs and coverage change annually. Using Medicare.gov Plan Finder takes 15 minutes and can identify plans that save you hundreds.
The average Medicare beneficiary overpays by $700–$2,000 per year — not from fraud, but from simply not using available cost-saving strategies. These 10 approaches can be implemented by any Medicare beneficiary and require no special circumstances or complex planning.
10 Cost-Saving Strategies
1. Apply for Medicare Extra Help
If your income is below ~$22,590/year (single) or ~$30,660/year (married), you may qualify for Extra Help — saving up to $5,300 annually on Part D drug costs. Application is free at ssa.gov/extrahelp and takes about 30 minutes. This is the highest-value action for any qualifying senior.
2. Switch Part D Plans Every October
Your Part D plan changes its formulary and copays every January. A plan that saved you money last year may cost you significantly more this year. Spend 15 minutes on Medicare.gov Plan Finder each October, enter your medications, and switch if a better plan is available. Average savings from switching: $400–$800/year.
3. Use Generic Drugs and Ask for Therapeutic Alternatives
Generic drugs are chemically identical to brand-name drugs and cost 80–85% less. Ask your doctor: "Is there a generic alternative for everything I'm taking?" Also ask about therapeutically equivalent alternatives — drugs that treat the same condition but are on a lower tier of your Part D formulary.
4. Use Mail-Order Pharmacy for Maintenance Medications
Mail-order pharmacy typically provides a 90-day supply for the price of a 60-day supply on maintenance medications (drugs taken daily for chronic conditions). Savings: $200–$600/year depending on your medications. Call your Part D plan to set up mail-order delivery.
5. Check GoodRx Before Every Prescription
GoodRx negotiates discounts at pharmacies that are sometimes lower than your Medicare copay. Always check the GoodRx price before filling a prescription — for some drugs, paying cash with GoodRx is cheaper than using Medicare. Note: GoodRx amounts don't count toward your Part D deductible or the $2,000 annual cap.
6. Use Your Medicare Annual Wellness Visit
The Annual Wellness Visit is completely free and is the gateway to other free preventive services. Use it every year. At your visit, ask which cancer screenings you're due for — colonoscopy, mammogram, lung screening — all covered at $0. Catching problems early saves enormous costs later.
7. Consider High-Deductible Medigap Plan G
If you are generally healthy and rarely need hospitalization, High-Deductible Plan G premiums are $40–$70/month — vs. $150–$200/month for standard Plan G. You pay the first $2,870 of costs yourself, then Plan G covers everything. Healthy seniors save $800–$1,500/year with HDPG while maintaining catastrophic protection.
8. Check Medicare Advantage Extra Benefits
If you have Medicare Advantage, call your plan and ask specifically: "What extra benefits am I entitled to that I may not be using?" Many plans include OTC allowances ($25–$100/month for health items), dental benefits, gym memberships, and food allowances for chronic conditions. Many members never claim benefits they've paid for through premiums.
9. Appeal IRMAA After Income Decreases
If you retired, divorced, lost a spouse, or had any significant income reduction recently, file Form SSA-44 to appeal your IRMAA surcharge. IRMAA is based on income from 2 years ago — if your income has dropped substantially, you may be overpaying hundreds per month in surcharges that can be reduced immediately on appeal.
10. Review Medicare Savings Programs
The Medicare Savings Programs (Qualified Medicare Beneficiary, Specified Low-Income Medicare Beneficiary, and Qualifying Individual programs) pay Part B premiums and sometimes Part A premiums for seniors with limited income and resources. QMB also eliminates most Medicare cost-sharing. Apply through your state Medicaid office — eligibility thresholds are higher than many people expect.
- Check Extra Help eligibility first — it is the highest-value action for qualifying seniors
- Switch Part D plans every October — this single action saves most seniors $400–$800/year
- Use GoodRx as a price check before every prescription fill
- Request mail-order for all maintenance medications
- Use your free Annual Wellness Visit every year
- If income decreased recently, appeal IRMAA immediately with Form SSA-44