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How to Lower Your Medicare Bills: 3 Money-Saving Steps

Review your coverage during fall open enrollment, run your prescriptions through the Medicare plan finder, and ask about Extra Help and Medicare Savings Programs. Three steps that can reduce what you pay for Medicare. This is general information, not financial advice.

What you'll learn

Review every fall. One. Review your coverage during open enrollment each fall, from October fifteenth to December seventh. Plans change their costs and drug lists every year. The plan that fit you last year may charge you more this year, so compare before you renew.
Check your drugs. Two. Run your exact prescriptions through the plan finder on the official Medicare website. It shows your real yearly cost with each plan. Switching to a plan that covers your drugs, or asking your doctor about generics, can lower what you pay at the pharmacy.
Ask about help. Three. If money is tight, ask about programs that help. Extra Help lowers drug costs, and Medicare Savings Programs can cover your premiums. A free local counselor through your State Health Insurance Program can check if you qualify.

Full transcript

One, review your coverage during open enrollment each fall from October 15th to December 7th. Plans change their costs and drug lists every year. The plan that fit you last year may charge you more this year, so compare before you renew. Two, run your exact prescriptions through the Plan Finder on the official Medicare website. It shows your real yearly cost with each plan. Switching to a plan that covers your drugs or asking your doctor about generics can lower what you pay at the pharmacy. Three, if money is tight, ask about programs that help. Extra help lowers drug costs and Medicare savings programs can cover your premiums. A free local counselor through your state health insurance program can check if you qualify.

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