4 Ways to Save on Medicare Costs
Medicare offers financial protection to the millions of people aged 65 and older who use it in the face of rising health care costs. But the cost of premiums, deductibles and other out-of-network expenses can still cut significantly into your finances. In 2025, non-profit health policy organization KFF estimated that 7 million people with Medicare spend more than 10% of their income on Part B premiums alone.
As the cost of health care continues to increase, you may be wondering how to save on Medicare costs. Here are four ways to trim costs.
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1. Review your plan each year
Drug prices and plans change each year. While your current plan may be the best or most affordable option this year, that may not be true next year. Medicare’s open enrollment period is Oct. 15 through Dec. 7, giving you the opportunity to compare plans and switch to a better one.
The Medicare.gov Plan Finder tool can help you pinpoint affordable plans to help cover your drugs and prescriptions. Search your zip code to see your options.
2. Seek financial help
Low-income older adults may be eligible for financial assistance.
The Extra Help program helps eligible people with limited income cover the cost of Medicare Part D prescription drug coverage, including premiums, deductibles and copayments. According to Medicare.gov, you’ll automatically get Extra Help if you get full Medicaid coverage, help from your state paying your Part B premiums or Supplemental Security Income (SSI) payments. However, you can also apply for Extra Help if you don’t receive it automatically if your income falls below a certain limit determined by the government (these limits can change each year).
You can also apply for Medicare Savings Programs through your state for help paying hospital insurance (Part A) and medical insurance (Part B) premiums, deductibles coinsurance and copayments. Some people also qualify for both Medicare and Medicaid at the same time.
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3. Look beyond Original Medicare
Original Medicare includes Part A and Part B. But with that plan, there’s no yearly limit on what you may pay out of pocket. Enter Medicare Supplement Insurance (Medigap) and Medicare Advantage Plan.
Medigap can help you lower how much you have to pay for Plan A and Plan B services. Medicare Advantage Plan is a plan from a private company that you can use to cover most of your Part A and Part B benefits, and usually also includes drug coverage (Part D). You'll have to buy these plans, but depending on your situation, they may help you save.
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4. Take advantage of all benefits
Be sure to review all your plan’s benefits to make sure you’re getting the most out of your health insurance program.
For instance, while Original Medicare doesn’t cover gym memberships or fitness programs, some Medicare Advantage Plan, Medigap and other Medicare health plans might. You may also be able to get telehealth covered, which can help you save on travel costs.