Medicare premiums can add up quickly, especially if you’re enrolled in multiple plans. The good news? There are smart ways to lower your costs. Below are five practical tips to help you save on Medicare premiums, and with the help of Medicare Info, you can connect with a licensed insurance professional who can guide you through your options and make the Medicare buying process easier.
1. Request a premium review from Social Security.
If you’ve experienced a life-changing event such as retirement, reduced work hours, or the loss of a spouse and your income is now lower than it was in the past two years, you may qualify for a reduced Medicare premium. It never hurts to ask for a re-evaluation.
2. Consider a Medicare Advantage plan.
If you’re enrolled in Medicare Part B, switching to a Medicare Advantage plan may help lower your overall costs. Some Advantage plans even include a built-in premium reduction, which can add up to meaningful savings over time.
3. See if you qualify for a low-income subsidy.
Low-income subsidies can significantly reduce Part D premiums and out-of-pocket prescription drug costs. If you have Medicaid, you automatically qualify, but even without Medicaid, you may still be eligible based on your income level.
4. Deduct eligible medical expenses on your taxes.
Certain medical expenses may be tax-deductible if they exceed 10% of your adjusted gross income. Keep in mind that you’ll need enough deductions to itemize rather than take the standard deduction, but this strategy can help offset healthcare costs.
5. Use your Health Savings Account (HSA).
HSA funds can be used tax-free to pay for Medicare Part D and Medicare Advantage premiums. While HSAs can’t be used for Medigap premiums, they’re still a powerful tool for covering many qualified medical expenses.
Still not sure which Medicare plan is right for you? Connect with a licensed insurance professional from Medicare Info and get personalized help finding coverage that fits your needs and your budget.