Medicare Cost Reduction Checklist
Medicare costs can add up, but many people miss opportunities to save money. Use this checklist to ensure you're taking advantage of all available savings.
Check Eligibility for Assistance Programs
These programs can save thousands of dollars annually.
Apply for Extra Help (Low-Income Subsidy)(Important)
Saves up to $5,000+/year on Part D costs. Income limit ~$22,590 single, ~$30,660 married.
Check Medicare Savings Program eligibility(Important)
Can pay your Part B premium ($174.70/month). Apply through state Medicaid office.
Look into State Pharmaceutical Assistance Programs
Some states offer additional prescription drug help.
Research pharmaceutical manufacturer programs
Many drug companies offer assistance for their medications.
Check veteran benefits
VA coverage can supplement Medicare at reduced or no cost.
Optimize Your Plan Choice
The right plan can save significant money.
Review your plan annually during AEP(Important)
Plans change every year - your current plan may no longer be the best value.
Compare total costs, not just premiums
A $0 premium plan may cost more in copays and coinsurance.
Match plans to your actual healthcare usage
Don't pay for benefits you won't use.
Consider Medicare Advantage Part B premium reduction
Some MA plans "give back" part of your Part B premium.
Evaluate Medigap vs. Medicare Advantage trade-offs
MA may have lower premiums; Medigap may have lower total costs if you use care frequently.
Reduce Prescription Drug Costs
Medications are often the largest Medicare expense.
Ask about generic alternatives(Important)
Generics cost 80-90% less than brand-name drugs with same effectiveness.
Use preferred pharmacies
Your Part D plan has preferred pharmacies with lower copays.
Consider mail-order for maintenance medications
90-day supplies often cost less per dose than monthly fills.
Review your Part D plan's formulary
Your drug may be on a lower tier in a different plan.
Ask your doctor about therapeutic alternatives
A different drug in the same class may be on a lower tier.
Maximize Preventive Care
Covered at 100% - use these benefits to catch problems early.
Schedule your Annual Wellness Visit
Free yearly health assessment covered by Medicare.
Get recommended screenings
Mammograms, colonoscopies, and other screenings are covered at 100%.
Stay current on vaccinations
Flu shots, pneumonia vaccines, and others are covered.
Use covered chronic condition management
Diabetes supplies, cardiac rehab, and similar programs.
Pro Tips
- •Extra Help alone can save $5,000+ per year - apply even if you're not sure you qualify.
- •Many people eligible for assistance programs aren't enrolled - an estimated 2 million for Extra Help alone.
- •The new $2,000 Part D out-of-pocket cap in 2025 will help those with high drug costs.
- •A free plan review can identify savings you might miss on your own.
- •Keep records of all healthcare spending for tax deductions if you itemize.
Find Out How Much You Could Save
Our free review identifies all savings opportunities for your specific situation.
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